{"id":4388,"date":"2017-11-05T17:02:00","date_gmt":"2017-11-05T07:02:00","guid":{"rendered":"https:\/\/blog.stillaslife.com\/?p=4388"},"modified":"2018-09-09T08:33:29","modified_gmt":"2018-09-08T22:33:29","slug":"ing-australia-everyday-round-helping-save-spare-change","status":"publish","type":"post","link":"https:\/\/stillaslife.com\/es\/ing-australia-everyday-round-helping-save-spare-change\/","title":{"rendered":"ING Australia Everyday Round Up - Ayud\u00e1ndole a ahorrar su cambio de repuesto"},"content":{"rendered":"

ING Australia<\/a> has recently informed customers of a new savings service called Everyday Round Up,\u00a0which is nearly identical to the Acorns investment model. It\u2019s a great offering that I think will help customers get saving. Is it worthwhile though?<\/p>\n

Before I get into this, I have to note that I\u2019m not a financial planner or adviser and this information is meant to be exactly that, information. It\u2019s written with the goal of helping you understand what this service is and whether it is right for you, but at the end of the day, I don\u2019t know your financial position and only you can make that decision. So this is general in nature and I am in no way responsible for any decisions you make or any losses that it may result in. If you make money though, I\u2019m more than happy to take credit and you are welcome to send me your thanks \ud83d\ude42<\/p>\n

What is it?<\/h3>\n

Everyday Round Up is an optional service for customers that hold both an Orange Everyday bank account and a Savings Maximiser bank account.<\/p>\n

\"In-app<\/a>
In-app notification about the new ING “Everyday Round Up”<\/figcaption><\/figure>\n

The goal is to save the change by rounding up your Orange Everyday purchases to the nearest dollar and transferring the change into your Savings Maximiser account.<\/p>\n

How does it work?<\/h3>\n

Switching it on is as simple as the press of a few buttons in the ING mobile app, and once it\u2019s running your saving begins.<\/p>\n

\"Turn<\/a>
Turn on ING “Everyday Round Up” from within the ING app by tapping the arrow by your ING Everyday account.<\/figcaption><\/figure>\n

 <\/p>\n

\"Select<\/a>
Select Everyday Round Up from the menu that appears.<\/figcaption><\/figure>\n

Once you select the account you want to use to round up from and to, you can choose whether to round up to the nearest dollar or the nearest five dollars.<\/p>\n

\"Tap<\/a>
Tap the + to select what savings account you will be rounding up to.<\/figcaption><\/figure>\n

 <\/p>\n

\"Tap<\/a>
Tap “Select” to choose your round up amount.<\/figcaption><\/figure>\n

 <\/p>\n

\"Choose<\/a>
Choose how much to round up, to either the nearest $1 or $5.<\/figcaption><\/figure>\n

 <\/p>\n

\"Once<\/a>
Once you’ve chosen your round up, tap the save button.<\/figcaption><\/figure>\n

Every time you make a purchase, the difference to the next dollar or five dollars is put into your savings account. Once it\u2019s there, it begins counting towards your balance for interest calculations immediately.<\/p>\n

\"This<\/a>
This is how the round ups appear in your statement. These ones were rounding up to the nearest five dollars.<\/figcaption><\/figure>\n

Interest is calculated daily and paid monthly on the balance of your Savings Maximiser account based on the current interest rate as indicated on the [eafl id=”4400″ name=”ING Bank Savings Maximiser Account” text=”ING website”]. So every cent you add will help you reach your savings goal quicker. This is especially true if you also have more than $1000 deposited into your Orange Everyday account each month so you get the bonus interest on your Savings Maximiser account.<\/p>\n

Is it worthwhile?<\/h3>\n

If you aren\u2019t regularly saving or investing money then this is a great tool to help you towards your savings goals.<\/p>\n

It\u2019s important to remember though that at the end of the day, no matter how much you spend, it\u2019s only going to be a matter of cents that are saved on each purchase if you round up to the nearest dollar, so it will not be a significant amount you save. For comparison, I\u2019ve been using Acorns, which functions on round ups as well, since it\u2019s launch in February 2016 and so far, in 20 months with it rounding up based on every account my wife and I have, including my business account, it\u2019s only invested $3,188. So even putting every purchase you make on your Orange Everyday card, it is still not going to be heaps that you save. The five dollar round up option though is a slightly different story. By using that option you could potentially be saving up to four dollars more for each card transaction, and that can add up quite a bit faster.<\/p>\n

As the saying goes though, \u201cfrom little things, big things grow.\u201d It is important to start somewhere, and if you don\u2019t have a regular savings plan, then this is absolutely a great way to start saving.<\/p>\n

Yes, it is worthwhile if you are not already saving regularly.<\/p>\n

Pros<\/h3>\n