31 August 2015

ING Direct makes a virtue out of small vices

05 July 2012  |  7573 views  |  0 cash

ING Direct in Canada has released a novel mobile banking app that tells users how much they could save by skipping occasional indulgences and everyday purchases.

Called Small Sacrifices, the new tool graphically shows users the financial gains that could be made over the long and short-term by foregoing their daily, weekly and monthly spending on non-essential items by redirecting that money through incremental deposits into an assigned savings account.

Peter Aceto, president and CEO, ING Direct says: "Small Sacrifices is there to help Canadians make small choices throughout the day to put that extra few dollars aside instead of spending it on lunch or dinners or another cup of coffee."

Customers key in how much money they spend on targetted indulgences, and Small Sacrifices creates a chart showing how much that weekly amount would grow to in the near term (five years) and long term (25 years).

A poll of 1000 Canadian commissioned by the bank showed that many respondents admit to spending as much as $35 a week on non-essential purchases, or "spending vices" like lunch out, coffee and lottery tickets.

Says Aceto: "By cutting back on what seems like small everyday spending, Canadians can easily save thousands of dollars to meet their savings goals, like retirement, a new home or a vacation."

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

16 November, 2011
17 June, 2011
04 May, 2011
26 August, 2010
26 October, 2009
02 July, 2009
26 November, 2008

Related company news

Your browser is unable to support Flash files.

Top topics

Most viewed Most shared
Android Pay could launch this week
6605 views comments | 26 tweets | 22 linkedin
SunGard system glitch causes havoc for BNY...
6391 views comments | 13 tweets | 12 linkedin
FIS opens Indian financial inclusion lab
6039 views comments | 14 tweets | 2 linkedin
Kenya's NIC Bank links to Twitter and What...
5791 views comments | 27 tweets | 15 linkedin
Wirecard bids for Worldpay - Bloomberg
5240 views comments | 10 tweets | 7 linkedin

Featured job

up to £95K base, £190K OTE, benefits
London, UK

Find your next job