ING customers to face significant price hikes in upcoming changes
In a move that may impact some customers, ING has announced a fee increase for its Girocard service, effective from December 1, 2024. The new monthly fee will be 1.49 euros, an increase from the current 0.99 euros. However, the change does not apply to the "normal," free Visa-Debit card that comes with an ING account.
Despite the price hike, ING remains an attractive option compared to direct competitors like DKB. The main difference between ING's Girocard and the free Visa-Debit card is the acceptance in Germany, as some stores only accept classic EC cards for cost reasons, but the number of such businesses is decreasing.
For those who meet the conditions, ING's Girokonto remains a good and cost-effective option. If you have a regular monthly deposit of at least 1,000 euros or are under 28 years old, you can enjoy no monthly fees. A Visa debit card is free with the account, but an optional Girocard costs €17.88 annually. Free cash withdrawals are possible within the Eurozone, and ING has over 1,000 own ATMs offering free withdrawals; fees may apply at other ATMs or outside the Eurozone, including a 1.99% foreign currency fee for transactions outside the Eurozone.
The overdraft interest is 9.64%, which is in line with market standards. It's important to note that investing, as warned by BaFin, can quickly lead to losing all one's money, and the increased fee for ING's Girocard service may impact the overall value of the service for customers, and they may want to consider how it compares to other banks' offerings.
Comparatively, ING is competitive but not the top-ranked in independent comparisons. The C24 Smart and Consorsbank Girokonto are currently ranked better, with the Norisbank Top-Girokonto, DKB (in the Aktiv variant), and Santander Bestgiro also highly recommended. Some competitors offer zero monthly fees without a minimum deposit requirement, or additional incentives like account switch bonuses (e.g., C24 Smart offers 75 euros for switching).
Customers should compare carefully based on their individual banking needs and usage habits. The German stock market, meanwhile, had a significant rally on Wednesday, potentially poised for a +42% increase. However, it's important to remember that investing always carries risks.
[1] Source: BÖRSE ONLINE Girokonto Vergleich (as of mid-2025) [2] Source: ING Bank Germany [3] Source: ING Bank Germany's official website
1.Despite the increased fee for its Girocard service, ING's competitive finance options still make it an attractive choice for some customers, especially when compared to direct competitors like DKB.2. For those who qualify, ING's Girokonto offers a good and cost-effective option, with the possibility of no monthly fees if one has a regular monthly deposit of at least 1,000 euros or is under 28 years old, making it a viable choice in the business sector.
