ING Sucks … Right?

Hey Scott,

I have been with ING for a long time and they have been reasonably good to me. However, it seems like they have aspirations to become like the Big Four and bastardise their products. Who do you think is a good alternative to ING in 2025?

Lenny

Hey Lenny,

You are 100% right.

The "little orange card that could" started out simple and generous: park your cash, earn a solid rate, no fees. We loved them because they weren't like the others.

But bankers will banker. Just like my dog Lucky has an instinct to herd anything that moves, bankers have an instinct to turn your money into their money. They look at customer deposits and think: "If we just shave a bit off the rate, add a few conditions, most people won't notice … and we'll make millions more this quarter."

That's what ING has done. Same with UP Bank. For years UP was brilliant – cool technology, no fees, even "happy hour" cash giveaways on Friday nights. Then Bendigo's bankers saw the numbers, and they got UP their customers!

That's the playbook. Every. Single. Time.

So what's the answer? 

Stop looking for "the one" and start playing the field. I don't stay loyal to any bank anymore, and neither should you. My cash is split between high-interest online savers (whoever's tarting themselves up with the best rate) and listed cash ETFs I buy through no-cost brokers.

The trick is staying nimble. When a bank tightens the screws, you move your money.

Scott