I was a little bit saddened and worried at the same time when I received a text message from ING Philippines about its exit from the retail banking market last June 24.
“Dear Janice, we regret to let you know that ING has decided to exit the retail banking market in the Philippines. For now, there’s no change to your ING account/s. Your money is safe and you can still access them anytime.
We will keep you updated via our mobile app and SMS. For your safety, pls. remember ING will never ask for account details, or ask you to click on links sent via SMS. Log in to your app to know more. Thank you.”
Even if I’ve only been using the ING Philippines app for less than a year, it’s become one of my favorite online banking apps for many reasons.
First, it’s very simple and easy to use.
Second, I earn higher interest in my ING Save account compared to any of my other traditional bank accounts.
And third, transferring money from ING bank to other bank accounts is free of charge and it’s posted real time.
That’s why it saddened me that I could no longer enjoy these features with ING. However, it’s good to know that I can still use the app until the end of the year, or so I thought.
Today, July 2, 2022, I received another text message from ING Philippines saying that their services will only be available until August 31, 2022.
“In line with ING Philippines retail exit, pls. be informed that these services will only be available until Aug. 31, 2022 and will be discontinued by Sept. 1, 2022: Inward fund transfers, fund transfers between ING accounts, bill payments, debit card services, issuance & delivery, mobile check deposit, and bank certificate requests.
Pls. remember ING will never ask for your account info or ask you to click on links sent via SMS. More info in the app.”
So I guess, that’s it…
It’s time to move on with ING and transfer my funds to another bank account. And that’s exactly what I did today.
Since I don’t have any other digital bank accounts aside from ING, I just transferred my money from ING Philippines to my BPI savings account. And I’m glad the transaction was still as quick and easy as it used to be. Thank you, ING!
Why did I open an ING Account?
At first, I was skeptical about using digital banking apps. But after reading and hearing good reviews about ING, I decided to open an account with them for our Baby #2 Sinking Fund. This is where I set aside some of our money every month for maternity and baby expenses.
Baby #2 is due this month, and it was already my plan to withdraw all the money from my ING account last month. But I thought why not wait until after the end of June so I can still earn interest…
That’s what I did and yes, I still earned interest on June 30.
How much interest did I earn from ING Philippines?
Not much but better than my other traditional bank savings account. My accummulated savings in this account was Php 60,000 and my accummulated interest was Php 560.62 at approximately 2.5% interest rate gross per annum.
|TOTAL INTEREST||PHP 560.62|
While I enjoy the seemingly higher interest I earned from my ING Save account, I also had to consider the cost of transferring money from another bank account to ING which is Php 25 per transaction.
Assuming I transferred money from BPI to ING 14 times, that would be Php 25 x 14 equals Php 350. P560 (total interest) minus Php 350 (total transfer fees) equals Php 210.
So more or less, I only earned Php 210.
Was it good enough?
To be honest, I don’t really mind the interest because the main purpose of this account was only for our short-term baby #2 sinking fund. I’m glad I had the discipline to set aside some money consistently over the last few months for that specific purpose.
The interest was just a bonus. And Php 560 was not bad at all!
I did not put all our Baby #2 Sinking Fund in this account alone. I also placed some amount in other accounts in case the app isn’t accessible when I need it. Remember, there’s risk in everything.
We should always have a backup fund/plan. We should not put all our eggs in one basket. And it doesn’t only apply in big and long-term investment accounts but also in smaller and short-term savings accounts.
Anyway, like I said earlier, I already transferred all my funds from my ING Save and Pay accounts to another bank account, and I’m planning to close my ING account probably by the end of the month.
- To transfer money from your ING Pay account, tap Transfer and provide the needed fund transfer details.
For real-time fund transfer, you may choose InstaPay instead of PesoNet. You can do this by transferring first your money from your ING Save to your ING Pay Account.
ING does not charge fees for fund transfers from your ING account to other banks. Other banks, however, may charge certain fees for transferring funds to your ING account. From BPI and BDO to ING, the transfer fee is Php 25 per transaction.
Visit the ING Philippines website for more info about its retail banking exit in the Philippines.
While it’s sad to know that ING is exiting the retail banking market in the Philippines, there’s nothing much to worry about because you can still withdraw and transfer your money easily and conveniently from your ING account to any other banks. Just make sure to do it by August 31, 2022.
Aside from ING Philippines, you can also consider checking other digital banks in the Philippines including CIMB, Tonik, Maya, and SeaBank. Just make sure to do your research first before opening an account.
While there are conveniences in digital banking — free monitoring of your balances, depositing checks, sending money to friends and family, and earning more interest, remember that it also comes with its own set of risks. So take steps to protect your accounts:
- Choose a banking institution that uses industry-standard security
- Skip public Wi-Fi for private banking
- Change passwords regularly
- Ask for text and/or email alerts
- Never share your OTP or any personal information to anyone
- Never click links from unknown sources
- If in doubt, contact the bank immediately
This way you can enjoy the conveniences of banking online while also keeping your accounts safe.
Do you also have an ING account? What can you say about its exit in the Philippine retail banking market?