Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
Hi FC.

The only time I made out a payment to ING was for the opening balance for which they didn't specify a minimum amount. I nominated $100. The authorization form for this was seperate from the other one authorizing direct debits from your main bank account.

Since then I have always deposited to my CBA trading account and then transfered to ING. This incurrs some transaction fees but for reasonable amounts of cash the higher interest rate makes up for it.

This is especially true in my case because my CBA CDIA trading account does not pay any interest if your balance is under $5000. The good news is CBA is now offering 15 free electronic withdrawals per month, with no monthly fee, so this setup should become essentially free.

Furthermore, the ING Savings account seems to be a 'regular' bank account complete with a BSB and account number which other entities can elctronically pay into. I think they get around the identification problem by linking only to an existing Australian bank account, and not allowing you to withdraw to anywhere else.
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.