UpBank vs ING – Which Digital Bank Should You Choose?
Digital banks have gained significant popularity in Australia in recent years, with UpBank and ING being two of the most prominent options. Both UpBank and ING offer a range of financial products and services, but which one is the best fit for you? In this article, we’ll compare UpBank and ING and highlight some of their key differences to help you make an informed decision.
- UpBank is a digital bank that was launched in 2018 by Bendigo and Adelaide Bank. It offers savings accounts and transaction accounts, and it prides itself on being a customer-focused and innovative bank.
- They offer a variety of features and tools to help customers manage their finances, including real-time spending notifications, savings goals, and round-up savings.
- This bank is also committed to sustainability, and it has a feature called UpTree that plants a tree for every 5 transactions made using a UpBank card.
- ING is a global bank that was founded in the Netherlands in 1991. ING Group has a presence in over 40 countries, including Australia. ING launched its Australian operations in 1999, and it has since become one of the country’s leading digital banks.
- It offers a range of financial products and services, including home loans, credit cards, personal loans, insurance, savings accounts, and transaction accounts.
- It is known for its competitive interest rates, customer-friendly policies, and commitment to innovation. ING also has a network of branches and ATMs spread across Australia.
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UpBank vs ING: Differences
- Ownership: UpBank is owned by Bendigo and Adelaide Bank, while ING is owned by ING Group. This difference in ownership may impact the culture and direction of each bank.
- Product Offerings: While both banks offer a range of financial products, UpBank is focused on savings accounts and transaction accounts, while ING offers more diverse products, including home loans, credit cards, personal loans, and insurance.
- Interest Rates: UpBank’s savings account offers a higher base interest rate than ING, but ING offers bonus interest rates for customers who meet certain criteria, such as making a certain number of transactions each month.
- Fees: UpBank’s transaction account has no monthly account fees, while ING charges a monthly fee for their Orange Everyday transaction account. However, this fee is waived for customers who deposit at least $1,000 into their account each month.
- Customer Support: Both banks offer customer support via phone, email, and live chat. However, ING also has a network of branches and ATMs that customers can use.
UpBank vs ING Australia: Table of Differences
|Differences between UpBank and ING||UpBank||ING|
|Ownership||Owned by Bendigo and Adelaide Bank||Owned by ING Group|
|Product Offerings||Savings accounts, transaction accounts||Home loans, credit cards, personal loans, insurance|
|Interest Rates||Higher base interest rate||Bonus interest rates for meeting criteria|
|Fees||No monthly account fees for transaction account||Monthly fee for Orange Everyday account, waived with monthly deposit of $1,000 or more|
|Customer Support||Phone, email, live chat||Phone, email, live chat, in-branch, ATMs|
Which Bank to Choose?
Deciding between UpBank vs ING ultimately depends on your individual financial needs and preferences. If you’re looking for a bank that specializes in savings and transaction accounts and has no monthly account fees, UpBank may be the right choice for you. On the other hand, if you’re looking for a more diverse range of products, including home loans, credit cards, personal loans, and insurance, and value having access to physical branches and ATMs, ING may be the better option.
Both UpBank and ING are reputable digital banks that offer competitive rates and services. It’s important to do your research and compare the benefits of each bank before making a decision. Regardless of which bank you choose, you can be assured that you’ll have access to innovative digital banking tools and good customer support. Visit ThinkMoneyTrader for more financial bytes like this.