# ING Thrive chequing account bonus



## Echo (Apr 1, 2011)

ING's offering $100 cash bonus when you sign up for a THRIVE chequing account and switch your payroll deposit to that account. http://www.ingdirect.ca/thrive/

The fine print: 

Payroll must be deposited between June 1st, 2013 and September 30th, 2013. Limit of one (1) bonus per Account. Offer available to new ING DIRECT Clients only.


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## bflannel (Apr 21, 2013)

Is it just me or are these ING accounts VERY appealing? Never mind the incentive gimmick, it appears to have my chequing accounts beat. 

Has anyone switched over completely from one of the big five? On one side it seems it would be a little more worrisome and clumsy for everyday use, but on the other side, a little worry and clumsiness could save money! I suppose it would either go horror story or fairy tale.


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## Echo (Apr 1, 2011)

I haven't switched over completely. As you say, it could get clumsy at times when you need to move money around in a hurry. I also have a TD Value account ($3.95 per month - 10 free transactions per month) and keep $1500 in there to waive the monthly fee. 

One issue I've had, for example, is that ING doesn't have a direct bill payment link to pay the Scotia Momentum Visa Infinite (strange, considering they're the same company now). So I have to pay that c/c bill from my TD account.

So it does take some fumbling around from time-to-time, but I don't pay any fees, which is worth it to me.


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## bflannel (Apr 21, 2013)

Echo, do you have an ING account that you use for debit transactions? 

I currently have the TD unlimited account and frequently use my card for 30+ debit purchases a month. I'm okay with it but have been searching around for a new chequing account. ING might be getting my business, will look comparatively at it in a few days.


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## Echo (Apr 1, 2011)

@bflannel - I have ING's Thrive account, which comes with a debit card (free debits), but I use a cash back credit card for as many transactions as I can.

I used to use my debit card for everything (30+ transactions a month) but the fees are just ridiculous. I curbed my debit addiction by switching to the lower fee, lower minimum balance Value account, and then opening up a no-fee chequing account (ING), and finally starting to use a cash back credit card for my every day spending. 

Instead of spending $150+ per year in bank fees, now I get $500+ back in cash back rewards.


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## bflannel (Apr 21, 2013)

I'm wary of the full credit method as I am in and out of areas with no cell/wifi so keeping up on the books is difficult. I think I will be switching to ING Thrive to cut down on the fees my accounts have. Waiving them with a minimum balance is an option but I would much rather use my money for other things.


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## brad (May 22, 2009)

bflannel said:


> Has anyone switched over completely from one of the big five? On one side it seems it would be a little more worrisome and clumsy for everyday use, but on the other side, a little worry and clumsiness could save money! I suppose it would either go horror story or fairy tale.


I've been a happy Thrive user since practically day one, and haven't seen much in the way of "clumsiness." I've encountered only one bill that I can't pay online using Thrive; the only other clumsiness is that the ATM network is limited; you can use any ATM but in order to get free ATM withdrawals you need to use the Exchange network, which is used by a relatively limited number of banks. I do keep a credit union account open for that reason.

The other thing to note is that ING was purchased last year by Scotiabank; all indications are that they plan to maintain ING's fee-free features even after it's rebranded, but of course there's no knowing what Scotiabank will end up doing with it over the longer term.


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## m3s (Apr 3, 2010)

I currently use ING Thrive and TD SS. I prefer to use ING as my primary chequing account because that is that is where my savings are and because the other banks have an archaic tendency to insist you present yourself in person to sign a paper (which involves a flight for me)

The only clumsiness for me so far was when my house sale closed while I was away. The notaire was apparently unable to transfer the funds directly to ING (who knows why.. I get my salary and CRA refunds electronically to ING without a hitch...) Now when I received the cheque, there is absolutely no way TD would cash the cheque anyways without me flying back to Canada and standing in line for them. Remote banking is the norm for ING and they can cash a cheque by mail (hopefully soon by taking a photo in a smartphone app, which USA banks have done for years..) Everyone should be moving from cheques to electronic payments these days anyways

I had a GIC with BMO back when GIC's had decent rates.. this year they mailed me a cheque conveniently missing most of the interest. They refuse to pay it out until I present myself at the old branch I haven't been to in a decade :rolleyes2: At least ING will never ask me to come to a branch...



Echo said:


> Instead of spending $150+ per year in bank fees, now I get $500+ back in cash back rewards.


I do the same, however be conscious that the merchant fees for credit cards are already baked into the price... So in essence you are just getting back some of the merchant fees.. Great marketing there. Paying in cash should in theory get you a higher immediate discount at least at smaller businesses.


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## Eclectic12 (Oct 20, 2010)

bflannel said:


> Is it just me or are these ING accounts VERY appealing? Never mind the incentive gimmick, it appears to have my chequing accounts beat.
> 
> Has anyone switched over completely from one of the big five?


ING didn't offer a chequing account when I was shopping for one so I went with PCF, well over ten years ago. 

It's probably time to review it again but the last time I wasn't interesting in starting to pay for cheques. Then too since I've had run of the mill banking needs, at times with PCF I've gone three years without any fees.




bflannel said:


> On one side it seems it would be a little more worrisome and clumsy for everyday use, but on the other side, a little worry and clumsiness could save money! I suppose it would either go horror story or fairy tale.


Hmmm ... maybe I'm forgetting something from my last review but what's the worrisome & clumsy part? 

I can see where when ING only offered a savings account that would transfer money over next day - that could be considered clumsy but a chequing account?


Cheers


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## Echo (Apr 1, 2011)

m3s said:


> I do the same, however be conscious that the merchant fees for credit cards are already baked into the price... So in essence you are just getting back some of the merchant fees.. Great marketing there. Paying in cash should in theory get you a higher immediate discount at least at smaller businesses.


The price is the price, whether you pay by cash, debit or credit. I'd rather use the method of payment that pays me back. Why are we playing the violin for retailers? They know how to make money, and if they didn't believe in the advantages of accepting credit cards then they wouldn't take them at all.


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## brad (May 22, 2009)

Eclectic12 said:


> I
> It's probably time to review it again but the last time I wasn't interesting in starting to pay for cheques. Then too since I've had run of the mill banking needs, at times with PCF I've gone three years without any fees.


It's true you have to pay for cheques, but in my case it takes me about two years to go through 20 cheques so the cost is minimal, and you don't have to buy your cheques through ING, you can use one of the cheaper printing services. 

I like it that ING tells you how much you've avoided in fees by switching: in my case it's $402 so far, plus I've earned more than $5,000 in interest since I moved my savings account to ING. I like it.


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## m3s (Apr 3, 2010)

Echo said:


> The price is the price, whether you pay by cash, debit or credit. I'd rather use the method of payment that pays me back. Why are we playing the violin for retailers? They know how to make money, and if they didn't believe in the advantages of accepting credit cards then they wouldn't take them at all.


When you have no choice at the big boxes, I do as well. After a couple Chinese run stores and Euro mechanics scoffing at the plastic, I've gotten into the habit of asking for the cash discount. 3% on the spot is pretty significant markup at a mechanic or big ticket item etc. As I said, ingenious marketing on their part if you believe the retailer absorbs that cost **Owns Visa btw


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## m3s (Apr 3, 2010)

m3s said:


> Remote banking is the norm for ING and they can cash a cheque by mail (hopefully soon by taking a photo in a smartphone app, which USA banks have done for years..)


You can now deposit cheques via smartphones to Thrive, as banks have been doing in the US. How long before the big banks follow suit?


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## Echo (Apr 1, 2011)

I believe the credit unions beat ING to the punch - http://www.thestar.com/business/per...16/credit_unions_ring_in_mobile_deposits.html

It's only a matter of time before the big banks follow suit.


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