Online bank ING introduces a new way to put away extra cash

ING will now give their customers the option to set automatic savings triggers help boost their bank balances.

Savings plans can often be hard to stick to, particularly when you need to try and remember to stay on track and schedule in moving money around yourself. But with ING’s new set-and-forget feature, customers have the option be to set rules to put cash into savings at any time — and anywhere — without even thinking about it.

HOW’S IT DIFFERENT TO OTHER SAVING METHODS?

Just as the name suggests, the function allows you to set automatic savings triggers which the you can then link to your everyday routines — and the savings start building up from there.

Rather than having to move money around yourself, this is all about passive saving. The customer’s account can be linked to any of the 600 apps and devices Aussies are using everyday, to automatically transfer a set amount of funds to the ING Savings Maximiser Account.

There are plenty of scenarios where this can work. If you’re a runner or after a new pair of running shoes, you can set up a rule that every time you reach an exercise goal, $5 is transferred automatically into the savings account.

ING has collaborated on this with technology company IFTTT to create new experiences and find ways for apps and our everyday devices to work together innovative ways.

WHAT IF I’M NOT AN ING CUSTOMER?

This new feature is only available to ING customers. If you’re not an ING customer, there are other ways you can maximise your savings using passive methods through various different apps.

How about Digit? This app will look at your spending habits and make small withdrawals that you wouldn’t notice to help you reach your saving goals. The app can also analyse when you can’t afford to make withdrawals — so it won’t withdraw. Which means no charges for exceeding your balance!

Don’t like the idea of an app making withdrawals? You could try Clarity Money — which helps users identify where they might be wasting their hard earned cash on forgotten items like subscriptions and direct debits.

Keen to see how far your money can go? You could try investment app Acorns — it allows you to automatically your spare change across its five diversified portfolios and help you grow your money.

* In highlighting particular offers we are not making specific recommendations as this article does not cover all available products and may not compare all features relevant to you. Any advice provided is general in nature and does not take account of your needs, objectives or financial situation. Individuals should consider their own circumstances, and if in doubt seek appropriate advice, before proceeding.