ING Digital Bank Peso Savings Account – MoneySmart Review 2020

ING Digital Bank Peso Savings Account – MoneySmart Review 2020

Opening a bank account these days can be a hassle because of the stay-at-home orders.

Thankfully, digital banks like ING Philippines are offering convenient, branchless ways to do it. Instead of visiting a local branch where you are more likely to be exposed to people, you can do it on a mobile app.

Digital banking isn’t a new concept. We wrote what Filipinos should know about digital banking during COVID-19 and how it can help you make effortless online transactions.

In this article, you will learn more about ING Digital Bank Savings Account’s key features, interest rates, requirements, and more.

ING Digital Bank Peso Savings Account Features

Type of Account Peso Savings Account
Interest rate 2.5% per annum
Welcome offer interest rate 4.0% per annum (promotional period)
Initial deposit Zero
Minimum balance required None
Maintaining balance required to earn interest None
Check deposit Yes (must be below P500,000)
ATM withdrawals Not supported
ATM card  Not supported

ING Philippines launched its digital bank through a mobile app that allows you to create a Peso savings account.

Everything is online. The registration and verification processes take place within the mobile app.

You can receive funds without charges, and there’s no minimum initial deposit required.
There’s no minimum balance for you to earn the interest rate per annum, which is 4.00% during the promotional period (starting 01 August 2019 until 31 July 2020).

One of the unique key features of this digital bank is that it allows you to deposit a check in your account using the mobile app.

Just take a photo of the check (the amount allowed is below P500,000), and the usual clearing is 1-2 business days.

Depositors can also enjoy the features of PESOnet wherein they can transfer money for free to other local banks. InstaPay is only available for receiving funds, as of this writing.

E-statements are also available online within the app. You can generate them instantly at your convenience.

ING Peso Savings Account interest rate vs other banks

ING Philippines has a welcome offer of a 4.00% interest rate per annum for the first three months for first-time depositors. The promotional period is from 01 August 2019 until 31 July 2020.

The rates are also subject to change. The bank will send updates from time to time via SMS. You can also visit the official website.

Once the promo ends, your Peso Savings account will earn 2.50% interest rate per annum. There’s also no minimum balance for you to earn the interest rate, as long as your deposit is below P10,000,000.

Any additional balance on top of P10,000,000 earns 1.00% per annum. Keep in mind that all these interest rates are subject to 20% withholding tax.

The 2.50% interest rate for Peso Savings account is a good offer as most local banks offer interest rates for new depositors that range from 0.10% to 0.50%.

Let’s look at the interest rates of other local banks that we have reviewed so far.

Bank Interest Rate (per annum) Minimum Initial Deposit (depending  on the type of Savings Account)
ING Peso Savings Account
  • 4.00% promotional offer
  • 2.50% (01 August 2020)
CIMB Bank Philippines
  • 0.50% Fast & Fast Plus Account
  • 4.00% UpSave Account
  • 3.10% GSave Account
Bank of Philippine Islands (BPI)
  • 0.25% to 0.625%
P100 – P100,000 +
Banco De Oro (BDO)
  • 0.25%
P100 – P30,000 +
Security Bank
  • 0.10% to 0.40%
P5,000 – P50,000 +
China Bank Corporation
  • 0.125%
P2,000 – P20,000 +
  • 0.60% to 2.04%

What are the requirements to open an ING Peso Savings Account?

If you want to open an account, you can download the ING Mobile app and follow the instructions within the app.

You’re eligible to have a Peso Savings account if you’re:

  • 18 years old and above
  • A resident of the Philippines (Filipino citizens, foreigners with permanent residence, and OFWs)
  • A Filipino national diplomat

Prepare the following documents:

  • One (1) government-issued ID (e.g., driver’s license, passport, Unified Multipurpose ID)
  • One (1) document as proof of address (e.g., recent utility bill, credit card statement, certification of voter’s registration, driver’s license, condominium dues bill)

You can also visit the ING step-by-step guide on account opening here.

Other things you need to know about ING Philippines Savings Account

Once you have created your Savings Account, make sure you undergo the verification process. It usually takes 5-7 business days to verify your account.

You can also follow-up the processing of your account via the ING Mobile In-App Chat or ING Bank Facebook Messenger.

As of this moment, you can send and receive money with the mobile app, but you can’t withdraw your money. It doesn’t offer an ATM debit card. So if you’re after saving more, you won’t be tempted to withdraw your money.

Bills payments aren’t available yet in the mobile app, so if you want this feature, you may want to explore other options for your online transactions. Joint accounts aren’t available as of this moment, too.

There are also daily limits when you send or receive money from other banks. However, sending money between ING accounts has unlimited outward and inward transactions.
ING bank money transfer detailsImage screenshot from ING Philippines

Final thoughts on ING Peso Savings Account

Due to COVID-19 pandemic and stay-at-home orders, online banking is the best option to access banking products and services.

ING Philippines digital banking offers you basic banking services such as sending, receiving, and depositing local checks. All transactions can be done in its ING mobile app.

The 4.00% introductory promo for the interest rate p.a. is higher than the rates most local banks offer. It’s certainly something that can encourage moneysmart folks to save more and take advantage of the offer.

And just like any Peso savings account, your money is insured by the PDIC up to P500,000.

Opening Peso savings accounts through a digital bank is made easy with ING Philippines. So whether the ECQ and MECQ are lifted or extended, saving money will never be a hassle.

What do you think of the ING Philippines Peso Savings account? Do their interest rates look appealing enough for you to open an account?