ING releases “Small Sacrifices” app add-on for Android and iOS

Ian Hardy

July 4, 2012 9:22 am


ING has added a new feature to their mobile banking app for Android and iOS. It’s called “Small Sacrifices” and gives users the ability to visually see how much they can save when they forego “everyday indulgences.” ING states “instead of spending your money on donuts and coffee, what not bank it instead.” Easier said than done. The premise is to save your money and whenever you get the urge to spend, ING wants you to think about where you could be in 5-25 years if you didn’t indulge. Once you log into your account you can select a “small sacrifice” to focus on, then they’ll give you some inspiration by showing you a pretty bar chart of where you could be. The app add-on is free.

Download the app here from iTunes or Google Play

  • TestMe

    ING DIRECT IS MY FAVOURITE!!! :)

    • vn33

      I actually prefer PCFinancial (Loblaws) just because I can use CIBC ATMs without incurring fees. On the other side, PCF does not have a mobile app yet.

    • shutupandtakemymoney

      I switched to ING Direct from PC Financial. I love it too and no regrets! ING online banking > PC online banking.

      However I still keep my PC bank card. Why?
      -Convenient locations of CIBC ATMs for quick withdrawals + $0 fee.

  • ThurnisHaley

    ING Direct Canada is the best everyday banking instiution I have ever had. Though they don’t have a credit card yet.

  • EddieWinslow

    I have been using ING for around 1 year now and I love them. This little app is a great idea.

    If you want to sign up for them use this key: 35864377S1

    when you sign up it gives you 25 bucks free by simply signing up for an account.

  • CWolfCW

    I would love to know what interest rate they’re basing that 5 and 25 year projection as.

    Let’s say we start with a reasonable case scenario where you deposit $1.20 every week, starting from $0 – as opposed to $1.20 everyday (which would amount to $1.20*365*5 = $2190 > $425.10 in 5 years). That would be $1.20*4 = $4.8/month.

    Starting with a principal of $0 and adding $1.20 per week with an annual interest rate of 1.40% (ING’s highest savings interest offered) and interest paid monthly, you would only have: $298.49 after 5 years.

    Let’s say even with best case scenario of having a principal of $0 and adding $1.20 per week with an annual interest rate of 1.40% but interest paid DAILY, you would only have: $319.61 after 5 years.

    If you extrapolate that data to 25 years:

    Monthly: $1,847.12 (You deposited: $1,542.00 of that amount)
    Daily: $1,851.21 (You deposited: $1,542.00 of that amount)

    TL;DR: That projection in the app is utter bs and even if it were true, the amount you would have deposited is not worth the paltry amount of interest you get over 25 years. Learn to invest instead of relying on these ‘marketing’ banks.

  • JC

    I use both PC and ING. PC is for everyday use while ING is more for longer term money.

    As for they motto in foregoing “everyday indulgences”, the notion maybe noble but practicing it is another thing. Getting bagels and coffee in the morning at Tim Hortons may cost more but it’s so convenient when you are in a hurry.

  • haxor99

    ING is no longer a good SAVINGS bank. They have abandoned what made them big. They are now a budget daily banking alternative.

  • Stuntman

    Still no landscape mode. Makes it awkward when using my physical keyboard as it is a landscape slider. Also, not available for my tablet either.

  • DL

    If I give up my smartphone daily indulgence, how do I use the app to know how much I save?