# ING 3% TFSA rate



## ssimps (Dec 8, 2009)

Lets have a poll on how long they actually keep this rate. 

It will be extra sleezy if they drop it since if you take money out of a TFSA you can not put it back into another TFSA until the next year.


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## bean438 (Jul 18, 2009)

Didn't they do this last year?

I thought that is who those commercials with the kids who can't ride the bike outsie of the tiny square were making fun of.


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## high octane (Jul 21, 2009)

bean438 said:


> Didn't they do this last year?
> 
> I thought that is who those commercials with the kids who can't ride the bike outsie of the tiny square were making fun of.


Last year I made the exact same $100 in ING I would have with Ally during 2009, except I got an additional $70 from the TFSA kickstart where they doubled the interest for 3 months


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## ssimps (Dec 8, 2009)

high octane said:


> Last year I made the exact same $100 in ING I would have with Ally during 2009, except I got an additional $70 from the TFSA kickstart where they doubled the interest for 3 months


This should be added to the finance ministers lists of TFSA tweaks next time he makes them. Either change the rules so that you can move $ between TFSA accounts during a year. Or make it that any TFSA that is a variable rate savings account is not allowed to 'reduce' the interest rate that the account was opened with until the end of the year and without 2 months written notice to the customer. The former would much easier, why is it not this way now anyhow (i.e. being able to move $ between TSFA accounts during the year, why do you have to wait)?

Even in the ING site the small print associated by the * next to the 3% rate says:

* Rate as at January 1, 2010 and (like the weather) is subject to change. 

like they are joking around about the rate change. 

ING used to really sell products that almost matched their advertising about caring about your money and them not just being another 'big bank' that is just trying to take your $. Now they act just as bad as any.

This just makes me sick!


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## high octane (Jul 21, 2009)

I don't understand why people get so spun up over 1%. Lots of things in this world make me sick but ING doesn't come close haha

Like I said ING still paid out more than Ally in last years TFSA, by 70%!!

You can transfer your money to another TFSA and ING is one of the few who won't charge you $50 to do so


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## OhGreatGuru (May 24, 2009)

_Or make it that any TFSA that is a variable rate savings account is not allowed to 'reduce' the interest rate that the account was opened with until the end of the year and without 2 months written notice to the customer._

Not bloody likely. I agree the "introductory offers" on high-interest savings accounts are a marketing ploy. But you can't expect the banks to change these savings accounts into cashable GICs with no penalty for cashing early, which is effectively what you are asking for.


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## ssimps (Dec 8, 2009)

OhGreatGuru said:


> _Or make it that any TFSA that is a variable rate savings account is not allowed to 'reduce' the interest rate that the account was opened with until the end of the year and without 2 months written notice to the customer._
> 
> Not bloody likely. I agree the "introductory offers" on high-interest savings accounts are a marketing ploy. But you can't expect the banks to change these savings accounts into cashable GICs with no penalty for cashing early, which is effectively what you are asking for.


I'm asking for Ethics to be in the banking industry, which, using your words, this is 'Not bloody likely' I guess. However it seems that it is often suggested that the lack of this is what got us in the mess we are in (were in?).


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## ssimps (Dec 8, 2009)

high octane said:


> I don't understand why people get so spun up over 1%. Lots of things in this world make me sick but ING doesn't come close haha
> 
> Like I said ING still paid out more than Ally in last years TFSA, by 70%!!
> 
> You can transfer your money to another TFSA and ING is one of the few who won't charge you $50 to do so


1% is big if you are talking returns of 1 - 3%, 33% - 100% difference. 

I like getting spun up, I also like looking for the best deal, even if all the deals suck.  Like I've mentioned before, I used to LOVE ING, I just find they are becoming more big bank like as time going on; maybe they have to.

More importantly: 

So you can transfer between TFSA accounts within the same year? You just can't withdrawl from a TFSA account and then put money back into it until the next year?


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## HaroldCrump (Jun 10, 2009)

ssimps said:


> The former would much easier, why is it not this way now anyhow (i.e. being able to move $ between TSFA accounts during the year, why do you have to wait)?


Actually, it is already this way.
You can move your TFSA accounts between financial institutions as much as you want, as many times as you want.
Of course they may (and do) charge a transfer fee.
What you cannot do is re-contribute any withdrawals in the same calendar year, if you do not have room to do so.
But all banks in collusion do not make it easy to move registered accounts around.


> ING used to really sell products that almost matched their advertising about caring about your money and them not just being another 'big bank'


LOL, that's always a gimmick by any company that says so (not just a bank).
ING is one of the largest financial institutions (at least in Europe) and they have their fingers in all sorts of pies, not just retail banking.
For them to claim that they are out there "for the small man on the street" and that they are in the business of "caring for your money" is just BS.
For that matter, any company claiming that sounds like BS.


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## ssimps (Dec 8, 2009)

HaroldCrump said:


> Actually, it is already this way.
> You can move your TFSA accounts between financial institutions as much as you want, as many times as you want.
> 
> LOL, that's always a gimmick by any company that says so (not just a bank).
> ...


>> You can move your TFSA accounts between financial institutions as much as you want

Thanks for clarifying that; still learning. 

>> any company claiming that sounds like BS

The company I run sells stuff and I take ensuring ethics, promises, and post sales support are #1; I believe that is what has made our business such a success. Our clients see it and experience it. That is a main reason they come back even when there is competition. Our case is likely the minority for sure though.


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## high octane (Jul 21, 2009)

HaroldCrump said:


> For them to claim that they are out there "for the small man on the street" and that they are in the business of "caring for your money" is just BS.
> For that matter, any company claiming that sounds like BS.



LOL yea really

ING does not charge to transfer your TFSA out, unlike the majority who charge $50-$100 to transfer out. This thread is pointless because if the rate drops you're free to leave

I would say they still hold true to not-screwing-people-over-as-much-as-others. Even the coveted PCF charges $50 to transfer a TFSA 

I'd rather trade stocks than savings accts all year


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## ssimps (Dec 8, 2009)

high octane said:


> LOL yea really
> 
> ING does not charge to transfer your TFSA out, unlike the majority who charge $50-$100 to transfer out. This thread is pointless because if the rate drops you're free to leave
> 
> ...


I agree that a main reason I started this thread was because I did not think you could move TFSA $, period, until the next year. So the thread is someone pointless, except it is fun to see how long people think ING will stick to their marketing. 

Now that I know you can move between TFSA accounts, I'll take ING up on their 3% as I want to hold some cash in case of a market drop, and when ING does drop the 3% or their is a market correction, I'll transfer to itrade, for free.


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## Berubeland (Sep 6, 2009)

Use FT's orange key and get an extra 25$


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## ssimps (Dec 8, 2009)

Berubeland said:


> Use FT's orange key and get an extra 25$


Do you need to use it when you open the account? I opened our 2 this afternoon so it maybe too late. Sorry FT (and me).


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## leslie (May 25, 2009)

OK how bout telling us how to generate that "poll" in the OP. Or am I the only dumb one?


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## CanadianCapitalist (Mar 31, 2009)

ssimps said:


> Now that I know you can move between TFSA accounts, I'll take ING up on their 3% as I want to hold some cash in case of a market drop, and when ING does drop the 3% or their is a market correction, I'll transfer to itrade, for free.


I just opened a TFSA account with Ally. Ally also allows moving a TFSA account for no fee. I find Ally and ING to be comparable in their rates.

To be honest I picked Ally because I didn't know ING Direct allows you to move the TFSA account out to another institution. You learn something every day.


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## Sampson (Apr 3, 2009)

CanadianCapitalist said:


> I just opened a TFSA account with Ally. Ally also allows moving a TFSA account for no fee. I find Ally and ING to be comparable in their rates.


Is this a cash account CC? or GIC? If GIC, is it cashable - penalty free (aside from losing promised interest)?


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## ssimps (Dec 8, 2009)

leslie said:


> OK how bout telling us how to generate that "poll" in the OP. Or am I the only dumb one?


When you create a new thread, scroll down to the 'Additional Options' section and there is an Add Poll checkbox (or some wording like that). Then when you create thread, you get taken to a section where you add your poll question and options. 

Wow, it feels weird to be explaining something to leslie for a change; too bad it has nothing to do with investing. maybe someday


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## CanadianCapitalist (Mar 31, 2009)

Sampson said:


> Is this a cash account CC? or GIC? If GIC, is it cashable - penalty free (aside from losing promised interest)?


I opened a cash account but I'll consider their 1-year cashable GIC, which is cashable anytime and pays out the accrued interest if you do cash out. You don't lose interest. However, for the terms that are less than 1-year, you do lose the interest.


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## ssimps (Dec 8, 2009)

CanadianCapitalist said:


> I just opened a TFSA account with Ally. Ally also allows moving a TFSA account for no fee. I find Ally and ING to be comparable in their rates.
> 
> To be honest I picked Ally because I didn't know ING Direct allows you to move the TFSA account out to another institution. You learn something every day.


One + I will give to ING is that when you do transfer funds from them (RRSP or otherwise), the receiving bank gets it very quickly from my experience (within 1 week even for RRSP). I closed an RRSP account at RB and they took 2 - 3 weeks to transfer the funds to the receiving bank. It will be interesting to see how Ally compares on that front.


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## lister (Apr 3, 2009)

ssimps said:


> One + I will give to ING is that when you do transfer funds from them (RRSP or otherwise), the receiving bank gets it very quickly from my experience (within 1 week even for RRSP). I closed an RRSP account at RB and they took 2 - 3 weeks to transfer the funds to the receiving bank. It will be interesting to see how Ally compares on that front.


Yeah my work RRSP account is at RBC. I had to open that because my company won't deposit my bonus directly into my main RRSP account. So that means a fee for RBC, for doing nothing, and a three week long transfer. It's straight cash!!! Why does it take so long?! I'm hoping this year that the deposit will go straight to my main RRSP as the company now banks with them.


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