ING offers banking customers cashback on utility bill payments
There are changes in the works for ING customers who hold an Orange Everyday transaction account.
Chief among these is a new offer of 1% cashback on household utility payments when customers pay their gas, water or electricity bills through an Orange Everyday bank account via BPay or direct debit. However, this will be capped at $100 per-year.
The offer will kick in from December 1, alongside ING limiting its system of refunding ATM withdrawal fees (around Australia and internationally) to the first five withdrawals in the month.
The criteria to receive these benefits as well as the bonus-interest rate on a linked ING Orange Savings Maximiser account will remain the same. Customers will still be required to deposit at least $1,000 into any personal ING account each month from an external bank account (i.e. a salary), and make five settled card purchases monthly.
Household utility bills rising
The cashback offer comes in response to findings in a report commissioned by ING. According to the July survey of 1,011 people conducted by YouGov, 71% of Australian households noticed an increase in water and energy bills over the last three years (despite electricity prices being tipped to decrease from 2021).
Almost a quarter of survey respondents admitted to never comparing utility bills, and 22% said they had never changed suppliers. Head of daily banking at ING, George Thompson said this was a primary motivator for ING’s new cashback offer.
“It’s clear from the research and from what our customers are telling us that utility bills are a pain point but shopping around for a better deal requires time, something many of us just don’t have,” he said.
“We’ve launched this cashback offer as a way to help our customers effortlessly save on their everyday living costs so they can get on with the things that matter most to them.”
According to the research, Australian households are paying an average of $5,472 a year or $456 a month on utility bills.
ING estimates its utilities cashback offer could save the average household more than $50 a year.
If you’re keen to compare bank accounts as well as utility bills, check out our list of the best bank accounts in 2021 and more options below.
Compare bank accounts - last updated 24 April 2024
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