# ING's 2.5% Saving's Sale



## Echo (Apr 1, 2011)

Not an April Fool's joke:

Between April 1 – June 30th, 2013, ING is offering 2.5% on new deposits to any ISA, TFSA and RSP account. This offer is open to new and existing Clients. Note: This has to be new deposits… you can’t just go switching money around between ING savings accounts.

Details: www.ingdirect.ca/sale


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## heyjude (May 16, 2009)

I put $5500 into my TFSA using this offer. It is a 90 day GIC which will mature this month. I plan to roll it over to my ING Streetwise account within the TFSA.


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## Four Pillars (Apr 5, 2009)

I really don't see the point of these super-short term offers. Does anyone think they are worthwhile? 

If it's interest you want - why wouldn't you just pick one of the institutions that offer a higher interest rate all the time?


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## My Own Advisor (Sep 24, 2012)

I'm with you FP, these short-term offers annoy me. 

It's a good deal however for those who don't have any short-term savings fund and they're looking to start one. Thanks for sharing Echo.


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## Hawkdog (Oct 26, 2012)

The short term offers are likely used to bring in new customers and to some extent to get existing customers to put their TFSA money in their ING account.
Its a marketing ploy.


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## mind_business (Sep 24, 2011)

I've never dealt with Canadian Direct Financial, so this is not an endorsement. I just saw them advertising a 1.9% Keyrate Savings Account. Might be something to check out. 

https://www.canadiandirectfinancial.com/Personal/Rates/index.jsp


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## Four Pillars (Apr 5, 2009)

My Own Advisor said:


> I'm with you FP, these short-term offers annoy me.
> 
> It's a good deal however for those who don't have any short-term savings fund and they're looking to start one. Thanks for sharing Echo.


But why is it a good deal in that case? I would think everyone would be better off going with an institution that pays a higher rate on an on-going basis.


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## NorthernRaven (Aug 4, 2010)

If you are adding new money from outside to a regular ING ISA (as opposed to TFSA/RRSP), you may want to confirm that you will get the bonus interest. If you look at section 6 of the Terms and Conditions for the promotion, ISAs are listed as a valid destination for internal transfers in (a) and (b), but part (c) regarding external transfers explicitly drops the ISA as a valid target account. There have been a couple of people who have checked with ING and been told that external->ISA is eligible, but I'd want written confirmatiion that the terms are incomplete if I was going to take them up on this. Restricting things to sticky "locked-in" TFSA/RRSP would be par for the course.


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## Koala (Jan 27, 2012)

These short term offers annoy me to, but I did the math and it's worthwhile for me to move over my money for 3 months. I already have 2 online banks, 2 B&M banks, and a cc at a 3rd and I don't want another account. When I opened the 2nd online bank account, it was because it was consistently offering a good rate compared to others at the time. If it was only .25% difference, I might not bother, but this is a whole 1% higher than what I'm currently getting.


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## Koala (Jan 27, 2012)

NorthernRaven said:


> If you are adding new money from outside to a regular ING ISA (as opposed to TFSA/RRSP), you may want to confirm that you will get the bonus interest. If you look at section 6 of the Terms and Conditions for the promotion, ISAs are listed as a valid destination for internal transfers in (a) and (b), but part (c) regarding external transfers explicitly drops the ISA as a valid target account. There have been a couple of people who have checked with ING and been told that external->ISA is eligible, but I'd want written confirmatiion that the terms are incomplete if I was going to take them up on this. Restricting things to sticky "locked-in" TFSA/RRSP would be par for the course.


It's been changed and now states
New contributions and transfers from another financial institution to an eligible ISA, RSP ISA or TFSA

I saw it as well, before the ISA was listed.


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## brad (May 22, 2009)

This is actually good timing as many people (myself included) have their tax refunds set up to be automatically deposited to their ING investment savings account (ISA).


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## fraser (May 15, 2010)

We are in the process of leaving ING and have already dropped Ally. We did not like the decrease on their respective savings account. Have moved over to Peoples and to Canadian Direct
Both of these institutions offer a substantially higher rate, even with the 2.5 benny for new accounts. We only use them for savings.


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## Echo (Apr 1, 2011)

It looks like PC Financial is getting in on the act with a 2.6% short term interest rate promo - http://www.banking.pcfinancial.ca/a/products/RatePromo2013.page


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## Greenback (Mar 16, 2013)

hmmm my credit union is across the street from a superstore.
Might have to take a walk over there.


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