Ing direct

ING Direct

ING DIRECT is the 5th largest retail bank in Australia, has held an Australian Banking license since 1999 and is wholly owned by the ING Group.

The Bank serves more than 1.25 million customers in Australia and has an AA- credit rating by independent credit rating provider Standard & Poor’s.

ING Bank in Australia follows the concept of branchless banking by conducting business via phone or online in an attempt to keep the company’s overheads low and attract customers with competitive rates.

The Bank has approximately $20 billion in deposits and approximately $35 billion in the form of mortgages in Australia.

CEO Don Koch joined the ING Group in 1999 and was appointed to his current position after various stints abroad including Europe and India.

The ING Group offers banking, insurance and asset management worldwide and has assets in excess of AU$ 2.5 trillion

ING DIRECT offers various savings products for personal banking from:

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  • Day-to-day savings accounts,
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  • Term deposits and
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  • DIY Superannuation accounts (accessible or term deposit) in addition to various home loan lending schemes with
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  • Variable rate loans
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  • Fixed rate loans
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  • Line of credit loans
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  • Lo-doc loans (for self-employed clients f. ex.)
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  • construction and commercial loans

Additionally, ING offers mortgage insurance which will cover up to 30 months of repayments in case of accident or illness.

For businesses, ING DIRECT offers:

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  • Online business savings account (suitable for companies, partnerships and sole traders, non-profit organizations and Trusts)
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  • Business term deposit (currently under terms of 30 days – 2 years at various rates)
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  • Commercial loans / Priority commercial mortgages (Fixed rate loans, variable rate loans and equity loans)
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  • Commercial loans / Commercial property finance (Fixed, variable or combination)

The ING Group also offers further finance products such as:

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  • Investments (Investment Bonds, Investment Trusts)
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  • Superannuation
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  • Retirement options
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  • Life and General Insurance

For the year 2008 (until December 31) ING DIRECT posted a profit of $ 181,989 million, up from $ 171,151 million in 2007.