ING gives advisers access to bank product

TheING Grouphas brought the relationship between its advisory channels and direct banking business closer today after it made its flagship savings account, the Savings Maximiser, available to advisers to recommend to clients.

The adviser recommended account will mirror the existing Savings Maximiser, designed for the group’s direct banking arm ING Direct, but will differ with the inclusion of a 20 basis point commission for planners who successfully market the product to their clients.

The account, which will be available only to the individual and not commercial or business clients of advisers, will also be supported out of the banking group.

ING executive director of marketing Ross Bowden says the move to offer the Savings Maximiser through advisers was a response to growing interest in the account from advisers and their clients.

He says the account will allow some advisers to offer their clients a savings solution for the first time, particularly those clients looking to park money for a period of time while they consider long-term options.

“The Savings Maximiser adviser offering is part of our strategy to provide a comprehensive range of products to enable advisers to provide holistic wealth management solutions for clients,” Bowden says.

The Savings Maximiser charges no bank fees, requires no minimum deposits, has no fixed term and is currently paying a variable rate of interest of 4.50 per cent per annum.

“We’re confident advisers will find the Savings Maximiser a very good option to have available,” Bowden says.