The other day, ING sent me a mass-marketing email with the subject line: “Scott, refer a friend and you can both get $100.”
Now, given that my book recommends setting up a couple of ING accounts . . .
And given that my book has sold more than 500,000 copies . . .
And given that ING has just announced it has achieved “a record 50 per cent jump in customers this year” . . .
Why the hell am I even writing this? Why aren’t I sipping a Bacardi in the Bahamas?
Oh, that’s right — old Dumbo here doesn’t accept any kickbacks.
To be serious for a second: I have no allegiance of any kind to ING. My only allegiance is to my readers, and I only recommended those ING accounts because they have zero account fees, zero ATM fees and they pay a (relatively) high rate of interest.
Why am I telling you all this? Because I feel a responsibility to keep these bastards honest. And this week ING announced some changes to the accounts. So I feel it’s appropriate to check them out.
First, ING is offering zero ATM fees globally (speaking of the Bahamas) coupled with the fact that the company already offers the wholesale exchange rate from Visa without a clip — which is why I’ve found I get a better rate than with cards from other banks.
Second, and more importantly, ING also eliminated international transaction fees on all overseas purchases — a saving of 2 per cent. Big news if you buy online (which somebody in my house seems to do quite regularly).
The fine print is that you need to deposit $1000 a month into your account and make five transactions — in other words, make it your everyday account. And why wouldn’t you? It’s an all-in-one ripper: good for everyday banking, good for buying crap online, and good for holidays overseas.
Just do not take the ING upsell on its sleazy new credit card . . . after all, that’s what’s cross-subsidising all this fee-free generosity!
Tread Your Own Path!