The Juice - From ING DIRECT - Spring 2009
  The Juicy Bits In This Edition
 
• Unwrap something new to enjoy everyday
• The truth about bank fees
• Things to consider as a de facto
• I’ve got one because...
• Saving in the wake of the GFC
• Budget renovating tips from Better Homes and Gardens
 
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A Better Deal For Everyday Australians

  
I'd like to congratulate the millions of Australians out there who are getting seriously angry about bank fees (we hear you).
Did you know, there are hundreds of different bank fees that can chip away at your hard earned savings?
Sure, it may be a little bit here and a little bit there, but at the end of the day – IT’S YOUR MONEY. And by the end of the year all those bits add up to big money.
There are a billion reasons (amazingly, that's the amount of dollars Australians paid in bank fees last year) why customers need a better deal.
INTRODUCING ORANGE EVERYDAY  
That's why we're so excited about our new Orange Everyday transaction account. We've put a lot of effort into making it just right for you.
As our valued customer, we're offering Orange Everyday to you first. So read all about it and join the fight against fees.
I hope you enjoy all the great stories in this issue of The Juice.
Don Koch's Signature  
Don Koch CEO, ING DIRECT
 
Orange Everyday is a fully fledged transaction account with all the features you'd expect, and it actually pays you!
If you're unhappy with your bank take, take, taking when you use your everyday transaction account, now you have a real alternative.
  • No monthly account keeping fees
  • Free use of every ATM in Australia when you withdraw $200 or more
  • A 50c bonus payment every time you use EFTPOS to make a purchase and get $200 or more cash out
  • Instant access to your other linked ING DIRECT accounts
  • A Visa Debit Card to access your money anywhere Visa is accepted and EFTPOS is available
  • Free unlimited ING DIRECT online transactions such as BPAY® and Pay Anyone
  • Online bank cheques
 
 
 
  • A $20 bonus when your first salary deposit is received
  • Another $20 bonus when you make your first purchase with your Orange Everyday Visa Debit Card
  • Plus another $20 bonus when your first Direct Debit is withdrawn!
      Hurry, these bonuses will only be available for a limited time.
 
 
  To apply 'Login' to your account and click 'My Applications'.
Or for more info, 'Login' and click 'Everyday' in the top menu.
  Important Information: The $20 bonus payments are for a limited time and can be changed or withdrawn at anytime at our discretion. BPAY® is a registered trademark of BPAY Pty Ltd ABN 69 079 137 518.
 
           
The full facts behind bank fees were laid bare in May 2009 when the Reserve Bank released its annual Banking Fees survey. The survey revealed that over the past year, Australians paid over $1 billion in exception fees alone.
Not only that, but fees are rising at 8% a year, a figure well above the current inflation rate. 		     
 
 
  To see what you're really paying (and any strings and catches) on your transaction account, why not ask yourself a few questions:   
 
 
  • Do I get charged a monthly fee?
  • To avoid these fees, do I have to deposit a certain amount or maintain a certain balance every month?
  • Do I get charged for using other bank's ATMs?
  • Do I get slugged a dishonour fee when I overdraw my account?
  • Are there strings or catches when using my account? Aaargh!
  
 
  At ING DIRECT we believe everyday banking should be free and that your money should stay in your pocket. You can read more about the Banking Fees survey on the RBA website, or find it in our 'News Room' at ingdirect.com.au/newsroom-fees (PDF 28KB).  
 
 
  WE'RE MOVING IN AS PARTNERS
  Matt Sinnamon, our Head of Legal and Compliance at ING DIRECT highlights a few basic points to think about when entering a de facto relationship.
“It can be an exciting time when you’re first moving in as partners. Whilst you never intend for a relationship to end, by moving in together you should consider the legal consequences for your personal or shared assets and finances, if things don’t work out.
In most instances a de facto relationship is defined by a party cohabitating for at least 2 years on a genuine domestic basis. If anything should happen to the relationship, partners may have the right to pursue an adjustment in property interests after this time.
De factos can enter into Financial Agreements that deal with the division of assets and liabilities in the event of separation in the future. This allows greater control for both parties to decide
 
how their assets are to be divided, rather than the courts. It may be especially worthwhile doing this if you:
  1. Intend to invest in a valuable asset, either with or without your partner.
  2. Or your partner fall pregnant.
  3. Are about to come into money by way of gift or inheritance.
  4. Decide to enter into a business with your partner or if you are prepared to guarantee a debt for your partner.
To know more about your rights or Financial Agreements contact a Solicitor.”
Important information: This information is of a general nature only and does not constitute legal advice and should not be relied upon as such.
         
       
For those of you who already have a Savings Maximiser, you know how well it can work for you. And right now you can take advantage of an even better rate.
We’ve made a note of your balance on 3 August 2009. So every dollar you deposit up to $1 million (a lot of money) on top of this balance will earn a variable promotional rate from 7 August until 31 January 2010 (a long time!). And now the good news is that effective 12 October 2009 you’ll be earning an increased variable promotional rate of 5.00% p.a. That’s 1.25% p.a. above our standard variable rate - currently 3.75% p.a.
The rest of your balance will continue to earn our competitive standard variable rate.
The sooner you start depositing, the sooner you’ll start earning higher interest.
   
Important information: The advertised variable promotional rate is current as at 12/10/2009 and will change if the standard variable rate changes. Your Savings Maximiser balance is taken as at 11.59pm AEST on 3/08/2009. From 1/02/2010, the rate that applies to your account balance will be the Savings Maximiser standard variable rate applicable at the time.
 
   In the wake of the Global Financial Crisis, ING DIRECT released its International Savings Census in August. Spanning May 2008 to June 2009, the good news is, Australians are now taking a more practical approach to their finances.         
 

Keep up the saving spirit Australia!

    

      Australia

  • 1 in 10 are delaying looking for a new job
  • 5% have postponed their wedding celebrations so they can save
  • 1 in 3 are travelling less
  • 1 in 4 spending more time with the family
  • 1 in 5 planning to grow their own vegetables

      International

  • In most countries, people have postponed buying a vehicle, home renovation and a house
  • In France, health and fitness is more important than a home or property
  • In Italy, fashion is more important and they would rather sacrifice a vehicle or home before fashion
  • In the USA, 50% have postponed making purchases to save money.
        
Our exciting new iPhone App lets you work out how much you could borrow from us and what your repayments would be, the average house prices in different suburbs and more. Download it free from the 'Apple App Store' or visit ingdirect.com.au/iPhoneapp for details.
       Check out our website's new security information page for our Online Security Guarantee, and tips to protect your money and information.
Go to ingdirect.com.au/securityguarantee for regular updates.		  
 
  
 
   Pop in and see us at the Sydney Home Buyers Home Show for a chat. We’ll also treat you to a coffee and donut! Sydney Exhibition Centre, Darling Harbour (Saturday 31 October to Sunday 1 November 2009, 10am to 5pm).
 
    
 
   We’re so excited to let you know that in September, ING DIRECT was awarded two new CANSTAR CANNEX Five Star ratings for outstanding value – one for Savings Maximiser and the other for Business Optimiser. Widely recognised across Australia, this rating is based on an independent review of over 400 savings accounts and over 500 business banking products.  
 
  
 
   Oops! Under “Pensions Up” we said pensions would rise by “$20.28 per person, per fortnight”. The correct amount was “$20.28 per couple, per fortnight”.
 
 
 
You don’t have to blow the budget to increase the value of your property. Better Homes and Gardens says:

  • stick to your budget and be prepared to compromise!
  • try to incorporate existing fixtures and appliances
  • don’t move the plumbing – it’s expensive
  • laying new tiles over old is cost saving way to improve your floor
  • white accessories are sometimes less expensive than dark ones

In the latest edition of Better Homes and Gardens we offer some renovation tips of our own. To speak to one of our Home Loan Specialists, call 1800 335 592 or talk to a broker.
Care to Share
Any words of wisdom you'd like share with us and our customers? Care to share? Just email your tips, advice or thoughts to us at juice@ingdirect.com.au. We’ll do our best to publish your valuable contributions in future editions of The Juice.
We're all ears!
Here's another juicy savings tip  
    “When our first son was born, we opened up a Savings Maximiser account and planned to put in a dollar everyday. We now put in $20 every fortnight straight from our salary. We don’t miss it and now as he has just turned 5 he has almost $2500. Imagine what he will have in there when he turns 18!”    

Congratulations to Ellen in Victoria. You’ve won $100 in bonus interest for a savings tip that shows how baby steps can make great strides. Keep those tips marching in guys. 		 
ING DIRECT - It's your money
Important Information: Information in this newsletter is current as at 12/10/09 and is subject to change. Whilst information provided by third parties in this newsletter is published with permission, ING DIRECT accepts no responsibility for its accuracy or completeness. The information provided is general information only and should not be considered as a comprehensive statement on any matter and should not be relied upon as such. If your savings tip is selected a tax liability may exist in connection with the prize winning. Your savings tip and name will be published in the next issue of the newsletter. The judge’s decision when selecting a savings tip to be published is final and no correspondence will be entered into. Any advice in this newsletter does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Before making any decision in relation to our deposit products, you should read the relevant terms and conditions booklet available at our website or by calling 133 464. Fees and charges may apply in relation to Orange Everyday. If you have a complaint, please call us at any time, as we have procedures in place to help resolve any issues you may have. Products are issued by ING DIRECT, a division of ING Bank (Australia) Limited ABN 24 000 893 292.