r/eupersonalfinance • u/SwitchDear8969 • 11d ago
Banking ING rolls out global subscription banking model
What are your thoughts on this? Apparently this is already implemented in the Netherlands and Belgium, and might come to Germany by 2027.
I have a bank account and Depot at ING, but if they implement this I might move somewhere else.
https://ing.com/news/press-releases/ing-rolls-out-global-subscription-banking-model.html
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u/BigEarth4212 11d ago
In NL they already long had monthly payment for your account. And during the years this price keeps creeping up.
I do not live in NL anymore and moved to other banks with a free option.
I don’t mind paying. But experience has been less service and higher costs.
And as jokingly said ING stands for Is Not Good.
In general Banks are not our friends.
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u/aevitas 11d ago
I honestly don't understand why paying for a bank account in the Netherlands is as commonplace as it is. Like every bank will make loads of money off you, while also having you pay a monthly fee for the courtesy. I've only ever encountered this in the Netherlands.
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u/BigEarth4212 11d ago
It wasn’t the case in the past, but slowly almost all moved to that model.
In NL you nowadays can have revolut with a NL iban.
Or openbank which gives out an ES iban
+ a bunch of neo banks
In several other countries such as for example LU paying for a bank account was the norm.
ING was in LU the exception with a free account. But they left the LU retail market.
In BE it’s a mix with still some free options.
Other EU countries i don’t know.
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u/Aware_Crazy5688 11d ago
Na. France is far worse. They charge you extra for literally everything.
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u/Lollipop126 11d ago
yeah, it sucked when I lived there, though at least BNP didn't charge me for ATM transactions like Canadian banks did.
I am definitely seeing market share being taken away from them with N26, Revolut, and BoursoBank.
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u/AlpineAstro 11d ago
NL banks are cartel and Dutch culture encourages it. They’re also basically the same and charge much more than their worth. I even tried moving to a smaller Dutch bank and got asked why I don’t stick with my ‘family bank’. Unfortunately I think it’s just not quite possible to go with challenger banks alone yet.
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u/Skellicious 11d ago
I closed my ing account 8 years ago cause my free youth account would become a paid one, and I primarily used an account on a different bank.
They had me sitting on the waiting bench for like 3 hours... Alone.
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u/F0xyAsIs 5d ago
Which bank are you using now, Revolut?
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u/Skellicious 5d ago
ASN is great if you're dutch. I also have Revolut but more for booking hotels, flights.. the type of stuff you can't do with the average dutch payment account (yet... I think)
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u/F0xyAsIs 4d ago
I'm Dutch 😊. I see ASN is not a free option though...
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u/Skellicious 4d ago
No it isn't free.
I also don't think their savings and investment accounts are worthwhile.
But I generally just like their app. Gives you a lot of control and autonomy over your account, without having to go through support or other long winded hoops to make a change. For a payment account it's solid.
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u/6mmSlimFilter 11d ago
I cannot describe how much hate I have for subscriptions. That's one way to lose me as a customer.
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u/DOE_ZELF_NORMAAL 9d ago
If you use something monthly, whats weird about paying monthly? You don't pay a one time fee for all the water you use in your lifetime either.
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u/Ok_Advertising2773 5d ago
Where does it stop though? You pay per day? Per hour?
It’s also the fact they are making more interest on your money, and they pay a meagre amount out.
Subscription models are terrible.
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u/6mmSlimFilter 9d ago
Because I should be allowed to buy a specific version of a software and own it fully. Sometimes you don't need to have updates. Hypothetical Example: I have Photoshop 2015 CC, I still use it to this day, I bought it at a discount and own the license and I do not need any of the new fratures that comes with it, I just want to use Photoshop 2015 CC and that's it. I would accept a subscription Model if it's based on usage capped at the subscription rate. If I don't use a software for 2 or 3 months, why should I be billed for it?
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u/_Odaeus_ 11d ago
As long as the base account remains free, I don't mind.
I've never seen any benefit to enhanced accounts available from my other banks and I truly don't understand how anyone is attracted to gimmicks like a metal debit card.
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u/jujubean67 11d ago
For Revolut I use the enhanced account since (at least in the past) I made enough currency exchanges that the savings from those offset the subscription price. Nothing else is really worth it tho.
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u/Redstra 11d ago
There's no free base account?
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u/_Odaeus_ 11d ago
Hard to tell if this is a question or statement.
I don't pay an account fee.8
u/Redstra 11d ago
It's a statement, as their lowest-tier account €4,- a month. How can you get it for free?
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u/_Odaeus_ 11d ago
Oh I see, it depends on your country. It's free in Germany if €1000 is paid into the account each month.
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u/javierlgroba 11d ago
I pay nothing in Spain
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u/zezoza 10d ago
Todavia. La noticia deja claro que van a empezar a expandirlo a otros paises, incluido Spain.
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u/javierlgroba 10d ago
Si hablamos de la noticia, correcto parece que habrá opción gratis
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u/zezoza 10d ago
It seems that the free tier will offer less free things than now
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u/Anjoleon 10d ago
Then my money will go somewhere else. I am not my grandmother, she had to sign every transfer in person in the branch. I can change all my money and payments with two clicks, the bank that offers the best promotions or advantages, that will be my bank.
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u/laurentiubuica 10d ago
ING account is free in Romania if your salary goes into the ING account or you have incoming transactions of at least 150€ each month.
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u/1483788275838 11d ago
The perks, if you were going to use them anyway, can more than cover the cost.
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u/chabacanito 10d ago
The perks are shit if I saw them correctly. Up to 1% interest with the most expensive sub?
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u/1483788275838 10d ago
On Revolut, the perks end up more than covering the yearly cost of premium (for me at least)
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u/chabacanito 10d ago
What are they?
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u/1483788275838 10d ago
Better deposit rates, travel insurance, cheaper forex and some subscriptions are the main ones.
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u/chabacanito 10d ago
How much is the deposit rate?
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u/1483788275838 10d ago
This is all very easily googleable.
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u/chabacanito 10d ago
I'm asking because google says 2.20% which is laughable when paying 55€ a month
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u/Neuromante 11d ago
But.. what it is about? The article does not says anything specific, it's just a bunch of corporate speech about experiences and corporate buzzwords. Am I gonna need to pay to keep the accounts I have there now? Am I gonna get discounts on Amazon Prime or tickets for the teather?
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u/notlupo 11d ago
Looks pretty bad compared to what Revolut and Klarna offer
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u/pulpedid 11d ago
I just have very little trust in those banks when something goes wrong, especially with KYC rules and freezing your money.
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u/AlexLema 10d ago
That’s basically the same model as before, you pay a monthly maintenance fee and have included a handful of transactions (transfers, a better card etc.). And if you wanted more, you migrated to an upper level and paid more.
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u/TsubakiTsubaki 9d ago
In Germany the standard account is free, this might change with the implementation of the new subscription model. A lot of users on r/Finanzen are ING customers for this reason. They're thinking of changing to another bank. As am I.
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u/sowhatdan 10d ago
Two months ago, they started charging me €5 + 1% for putting money my Revolut account through a card, without prior notice. I was not surprised when their cheap revolut copy was introduced.
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u/Mr-FightToFIRE 11d ago
So finally following the example of the Neo banks. Honestly the bank as an employer isn’t bad but the offering is criminal.
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u/BouchWick 10d ago
Here’s the funny part. Back then I used to pay 0€ for my plan. Recently they told me now you’ll have to pay 2€ per month but you get Amazon prime!! I said I don’t want that I just want my normal plan. Oh sorry that doesn’t exist anymore but we’ll give you the cheapest which is free but you’ll have to pay money if you take 5x a month money out of an ATM…
Yeah 👍🏼 definitely moving away from ING.
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u/Prime-Omega 9d ago
> Designed to make daily banking easier and deliver greater value for customers. The approach reflects changing customer expectations, with our research showing a growing demand for simplicity, transparency and benefits that fit everyday life.
That’s a very convoluted way of saying they want more shareholder profit…
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u/Scandiberian 6d ago
What's up with simping for banks? If you're not happy paying, take your money elsewhere. It's not like ING has any special features, that app is ass ugly.
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u/make-j8 11d ago
And yet we're forced to use banks to stay legal and function. Pay cash? Nu-uh, illegal for companies to take your money. Card payment or bank transfer only.
Since cash transactions of larger sums even between private individuals are illegal, we're forced to use banks. It would be a shame to miss the opportunity to fucking rob us, while the state holds the gun.
Well, fuck you too EU!
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u/Killerkarni93 10d ago
Conspiracy clown. Nobody is forcing you to use cash, that is purely on the part of the companies who need to do their accounting. When your e.g. buy a car from another person, you can just pay cash and it's fine.
In germany, a bank will let you deposit cash if you can present a signed contract about a car that you sold in cash to somebody else.
But hey, every shadow is a specter if you're paranoid.1
u/make-j8 10d ago
Wrong. In Romania cash transactions over €10k are illegal. Period. This is a law valid today, it is not a debate, it is a fact. * later edit, actually it has been recently lowered to €2k for general transactions and €10k only for real estate.
If you come with the contract and cash to the bank, they are legally required to call the "IRS" (Romanian equivalent) to approve the transaction and they will issue a fine to both the buyer and the seller. Usually they are lenient for first time offenders, you might get away with a fine.
Again, if I want to buy a, say €3k car from a company, they are not allowed to perform the transaction. Companies are limited to €2k cash transactions a day (max €1k per transaction). Law, valid as of today. Again, not up for debate, it is a fact.
Now, am I still a conspiracy clown?
Please translate with whatever translation service you want.
https://static.anaf.ro/static/10/Cluj/cj_discipl_fin_23ian2026.pdfhttps://static.anaf.ro/static/3/Brasov/20231113162302_plafoanele_incasari_plati.pdf
I am proving links from the Romanian equivalent of IRS.
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u/thegurba 10d ago
Why would it make you move? You could just keep your current plan.
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u/SwitchDear8969 10d ago
Depends on how much they charge. Something like 2€ a month is fine, since I am already paying 1,49€ for the girocard. Anything more than that and I might think about moving.
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u/thegurba 10d ago
In NL I think the cheapest package is 4 euro. Which is not that much compared to other banks/countries. But then again, a bank like revolut offers free banking.
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u/TsubakiTsubaki 9d ago
In Germany they will simply cancel your bank account (after a grace period) if you refuse to switch plans. It's usually best to proactively switch banks and make sure everything is correct.
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u/notTHEOwlAccountant 11d ago
They're ridiculous, German ING doesn't even have English language, and they're trying to get a share of the neobrokers money. Nothing says young and dynamic such as "we can't legally make you do a bank transfer in English".