ING current account facing big changes – what will change from December

Frankfurt am Main. ING is adjusting the conditions for current accounts, securities accounts and checking cards from December 1st. Free account management is also affected.

• New conditions will apply to checking accounts, depots and checking cards from December
• A new income limit will soon apply to free account management
• We present the new conditions and alternatives

ING is changing its General Terms and Conditions (GTC). The new regulations apply from December 1st. The conditions for the checking account are also affected. It can only be used without an account management fee if a certain monthly amount of money is received.

Below you will find a summary of the changes and possible alternatives for customers who will no longer be able to use the account for free from December.

New terms and conditions at ING: These products are affected

ING is currently informing its customers about the planned changes via their personal mailbox. Already from that 9. September this process should start. “When logging into the app or internet banking, customers are directed to the consent form and can easily give their consent there,” a spokesman for the bank tells this editorial team.

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Includes debit card

New conditions from December 1st

The changes affect the ING checking account and the Direct Depot* for securities management. If you want to have a free checking account with ING in the future, you will need a higher monthly income limit than before. Instead of 700 euros, at least 1000 euros must be credited to the account every month.

The bank also adjusts the fees for the checking card and card use in foreign currency. The ING justifies the steps with the changed conditions on the market and the increased costs, which it now wants to pass on to a small extent. But that’s not all.

ING current account and securities account: New conditions at a glance

This applies to the checking account from December 1st:

• In the future, instead of 700 euros, a receipt of at least 1000 euros will be a prerequisite for free account management. Anyone under 28 years of age still does not pay any account fees.
• The optional debit card will now cost 1.49 euros per month instead of 0.99 euros.
• Paying with a debit card in foreign currency is becoming more expensive: instead of 1.99%, a fee of 2.2% of the turnover is due – but at least one euro per turnover.
• For the Visa debit card, payments and withdrawals will in future also be subject to a 2.2% foreign transaction fee instead of 1.99% (at least one euro per transaction).
• Anyone who deposits cash at an ING ATM will in future have to pay one percent of the amount deposited in fees: a minimum of 2.50 euros and a maximum of 7.50 euros. Until now it was free.

According to a ruling by the Federal Court of Justice (BGH) from April 27, 2021, all of the changes mentioned are subject to approval and must be approved by everyone customers and every customer be confirmed in writing or via app approval. About the new ones General terms and conditions inform ING currently in an online article and in the current price and service list. Anyone who does not agree must expect termination. This can be the case, for example, if the new income limit is not reached.

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This is an alternative to ING Smart checking account from C24 Bank*, which is unconditionally free. There is no rule for receiving money or an age limit. There is one for a C24 checking account Mastercard-Debit and optionally a free debit card (EC card). The cashback and the interest on credit balances of 2.25 percent per year are also interesting. That too Bestgiro ​​from Santander* can be used unconditionally without an account fee.

ING direct depot – what will actually change from December

This applies to the direct depot from December 1st:

• Costs for stock savings plans: The savings plan fee falls from the current 1.75 to 1.50 percent.
• Xetra trading venue: The fee increases from 1.90 to 2.90 euros.
• Fund: The trading desk fee is no longer applicable. In the future, there will only be one order fee for fund sales, which consists of 4.90 euros and 0.25 percent of the order volume

The industry magazine Financial tip recommends this ING direct depot* because of the good price-performance ratio. Depending on Investment strategy But another depot could also be interesting. The Trade Republic depot or the depot, for example, score points with low basic fees Free Broker von Scalable Capital*. Both Trade Republic and Scalable Capital offer interest on balances, which can be an alternative to overnight money.

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• Savings plans from 1 euro savings plan rate

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ING adjusts fees: The debit card will soon be significantly more expensive

ING customers with one Direct Depot benefit in part from the new conditions. “With effect from December 1st, the fee for stock savings plans via stock exchange and direct trading will be reduced from 1.75 to 1.50 percent commission of the market value,” explains the bank’s spokesman. The change also applies to existing savings plans.

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But it is also a fact that the conditions, especially for current accounts, are not developing in favor of customers. Who one Receipt of money of less than 1000 euros per month and is older than 28 will have to pay 4.90 euros for their current account in the future. The price even increases to 5.90 euros per month if the account holder has decided on the sustainability extension (Future current account).

At 1.49 euros per month, the debit card will also be significantly more expensive than before. Also the free one Cash deposits via ING machines is no longer applicable. Anyone who deposits around 500 euros into their account from December 1st will have to deduct five euros in fees.

Conclusion on ING’s fee update: Clear recommendation for customers

Our conclusion about the ING update: Customers with at least 1000 euros in income per month are affected new conditions from December 1st not quite as violent. An optional debit card from ING is unlikely to be worth it for many people anyway. Just like the Visa Card, the giro card is a Mastercard debit and is explicitly not a giro card connected to the EC card system. Basically, the Mastercard doesn’t offer much added value and the fee can be saved.

You can find further tests on various products and trends on the Berliner Morgenpost topic page.

ING customers can avoid foreign currency fees with a separate credit card. Bank Norwegian, for example, offers a Visa card with no annual fee that allows you to pay for free worldwide cash can be withdrawn. Those too Barclays Visa* comes with a zero euro annual fee and free international use worldwide. Both credit cards can be kept in balance and offer automatic direct debit.

Anyone who meets the requirements for free account management rarely deposits cash, not necessarily one EC Card needed and the Foreign fees can handle, you don’t have to worry much about the new conditions from December 1st. However, if you do not meet the requirements for free account management and are looking for an unconditionally free account, you will find alternatives on the market and can save the 58.80 euro account fee by switching.

* The article contains so-called affiliate links. The linked offers do not come from the publisher. If you click on an affiliate link and make a purchase via this link, Funke Digital GmbH receives a commission from the relevant online shop. The price does not change for you as a user and you do not incur any additional costs. The income helps us to offer you high-quality, entertaining journalism free of charge.

1. As‍ an ING customer, how do you feel ⁢about the new fee structure ⁣update?‍ Do you think‌ the new ‌fees are reasonable and⁣ justified?

2. How do you currently use your ING debit​ card, ‌and would you‌ consider switching⁣ to ‍a different payment method due to the increased cost?

3. As⁤ someone who ‍values sustainability, what are‌ your thoughts on⁤ the‍ sustainability extension ⁤of the Future current account, and do you ‍think the additional fee is worth it?

4. Have ‍you ⁤ever encountered any issues with ING’s ATM infrastructure or lack ​of‍ support for cash deposits? How‌ important⁤ is ⁢having free cash deposits for​ you?

5. Have you considered switching to another bank ⁢account provider due to⁤ the new fees or for any other reasons? If so, what factors influenced ‌your decision?