If you're looking for a new transaction and savings account or you want an additional account to manage your everyday banking, both ING and Up are good options to consider.
Up is a new digital bank, created by technology company Ferocia and backed by Bendigo and Adelaide Bank. ING is one of Australia's original online banks and offers a range of products but has no branches.
Both offer useful features to help you manage your money. Compare them side by side here to find out which is right for you.
| Up | ING | |
|---|---|---|
| Account type | Transaction account and linked savings account | Transaction account and optional linked savings account |
| Spending analysis and insights |
Transactions in your Up account will list the merchant name, location and logo of the business and time of the transaction. Your spending will be automatically categorised, you'll get a weekly spend figure and you can see real-time reports into your spending. | You can check your transaction history for the last three years, search your transactions by keywords or time periods and select which account balances you see in the app. |
| Payment options |
Up lets you pay with Apple Pay, Google Pay, Garmin Pay, and Samsung Pay. | ING offers Apple Pay and Google Pay. |
| Joint account | You can use Up as a joint account. |
ING's account can be used as a joint account. |
| Domestic ATM access |
You can use your Up debit card at any ATM in Australia. You won't be charged any ATM fees at most major ATMs including Bendigo Bank and the 4 major banks., but you may be charged a fee when using an ATM from a smaller provider (even if you meet the account conditions). | ING's Orange Everyday account will rebate you any domestic ATM fees for up to 5 transactions a month when the account conditions are met (you need to deposit $1,000 each month and make at least 5 purchases on your linked ING Orange Everyday debit card each month). |
| Bill splitting |
Up's conversational payments feature lets you make payments and track history of payments using a WhatsApp-style messaging interface. | You can make payments using the ING app and let the recipient know you've paid them using SMS or email. |
| Savings account | Up offers a round-up feature to help you save automatically and lets you create multiple savings accounts that can be tied to your goals. Currently, a bonus interest rate of 4.1% each month you make 5+ purchases with your linked Everyday Account. Bonus interest is available on balances up to $1M. |
If you link the ING Savings Maximiser to your ING Orange Everyday account, you can earn 5.4% if you deposit $1,000 each month and make at least 5 purchases on your linked ING Orange Everyday debit card each month. You can also set up regular round-ups from your transaction account. The bonus rate is slightly less than Up's rate, but ING pays bonus interested on balances up to $100,000 so we've called this one a tie. |
| Travel benefits |
You won't be charged fees for international purchases online or in-store but a $0 international ATM fee applies. |
There is an international transaction fee of 3% and an international ATM fee of $5 but these will both be refunded as long as you deposit $1,000 per month and make at least 5 card purchases per month that are settled. |
| Security and support |
Lock and unlock your card instantly and contact Up at any time through the app. |
Lock and unlock your card instantly and contact ING at any time through the app. |
| Fees to consider |
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| More |
The transaction accounts from both ING and Up offer convenient features designed to make managing your money easier. However, there are a couple of key differences. For example, Up comes out on top for giving you insights into your money and offering a more diverse set of payment options. Its innovative conversational payments interface also lets you easily manage payments to and from friends.
"I've been with Up Bank for 3 years now and think it's the best bank I've ever used for travelling. I travel a few times a year and Up's zero conversion fees feature has ended up saving me a lot of money. It also offers a pretty competitive savings rate for your spare cash."
Up's savings account offering offers a much lower bonus interest rate of up to 4.1%. To earn this bonus rate you need to make 5 or more t transactions from your Up transaction account.
Up and ING also tied for travel benefits. Up charges no international transaction fees online or in-store but does charge you a $5 international ATM fee. ING does have international fees but these will be waived entirely if you meet the minimum deposit and purchase conditions. So, depending on how you use your account, one of these options should allow you to spend fee-free internationally.
The accounts are both good offerings and the slight differences in travel and savings offerings, as well as ING being available as a joint account, may help you decide between the two. If neither of these accounts sound like they meet your needs, you can compare more digital banks here and more bank accounts from traditional providers here.
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