Who banks with ING? - TranceAddict Forums

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-- Who banks with ING?

Posted by Tudo Beleza on May-19-2003 22:41:

Who banks with ING?

I am currently with BMO super saving program or something, i was debating switching to ING, i was wondering how it is compared to other banks, easy to access money, good interest? Any comments would be appricated.

Posted by AmbiguousBliss on May-20-2003 19:47:

I do.

The interest on the Investment Savings Account (ISA) is unparalleled, as far as I know. Actually, I was just doing some banking on their site and found out that the interest rate on ISA's went up from 2.75% to 3.00% Yay! That's much better than RBC (my other bank).

Some good points:

no minimum balance requirement
no tiered rates
no service charges or fees
access your money by phone (24/7!), internet or ABM
interest is calculated daily and paid monthly
you can save for a specific goal without locking in your money for a fixed term

One thing that does bug me from time to time however, is the lack of the Interac function with the ING card. But that's all part of keeping the costs down, and consquently, the interest rates high. They don't want their clients to be constantly using the ABM card. It's really only there for more emergency-like circumstances.

Some recommend keeping a minimal amount of money in your regular chequing/savings account and the larger portion of your funds in your ISA. It's the same money in the end, but you'd be earning more in interest by doing things that way. That's just an option though. It wouldn't work for everyone.

Mind you, you can't just totally "switch" to ING. You need to maintain a regular account with another major bank, which I wouldn't think of as being a big deal.

Posted by malek on May-20-2003 19:51:

but ING doesn't have any bank machine per se, so do they charge you everytime you take out some money from any ABM (let say royalbank)?

Posted by AmbiguousBliss on May-20-2003 19:56:

quote:
Originally posted by ahlamalek
but ING doesn't have any bank machine per se, so do they charge you everytime you take out some money from any ABM (let say royalbank)?

ING covers up to 4 'ABM fees' per month. That does not however include convenience fees set up by a third party. e.g. - When you go to Canada's Wonderland and try to withdraw money, they tell you about the extra $1.50 - on top of the regular service charge involved with that transaction. That, ING does not cover. Then again, no other bank does! So in that sense, they're better than other banks.

Posted by sohaness on May-20-2003 19:58:

but i think the real question that needs to be asked in regards to ING Direct is, do they save you money?

steve.

Posted by malek on May-20-2003 20:00:

cool!

another small technicality, how do you deposit hard cash or a check? can you also use an ABM?

Posted by AmbiguousBliss on May-20-2003 20:13:

quote:
Originally posted by ahlamalek
cool!

another small technicality, how do you deposit hard cash or a check? can you also use an ABM?

How it works is that you send them a personal cheque with whatever amount you want to deposit on it. They need the info on your cheque (the codes and such) to create a link between your regular bank account and your ING bank account.

The main method of money transfer is either by phone or over the internet. You just call up/log in and tell them how much you want moved from which account to which account and it's done. You can also make deposits through the mail or at an "Infospot" of theirs.

On a side note: You can earn high interest on your retirement funds, and still have the flexibility to move to Mutual Funds or an RSP GIC.

Posted by mr. poopyhead on May-20-2003 23:20:

although their interest rate isn't as high, i say PC banking is the best.... no service fees for anything... you can use interac to buy penny candy (which costs 5 cents these days) and you can use any CIBC bank machine also for no fee...

i haven't looked into it, but my friend says PC has a really good savings account with high interest...

Posted by malek on May-21-2003 00:54:

PC ?!?! which bank is that?

Posted by AmbiguousBliss on May-21-2003 00:55:

quote:
Originally posted by ahlamalek
PC ?!?! which bank is that?

President's Choice.
PC Financial

Posted by dEsidEL on May-21-2003 01:02:

hey Pat .. before u sign up lemme know .. put me down as a referral on an app i give u and i'll put $13 bux in ur account ..

Posted by King_Mack on May-21-2003 20:56:

I'm thinking of switching to ING direct cuz my friend always raves about it

Posted by AmbiguousBliss on May-21-2003 21:01:

quote:
Originally posted by King_Mack
I'm thinking of switching to ING direct cuz my friend always raves about it

Should you end up doing so, let us know how it goes.

Posted by rabbitjoker on May-22-2003 17:43:

I bank @ ING Direct.. It is good, not as good as a money market fund or something, but just to leave cash for a bit - why not.

Save your money.. ING direct.

Posted by dEsidEL on May-22-2003 18:03:

quote:
Originally posted by King_Mack
I'm thinking of switching to ING direct cuz my friend always raves about it

lemme know when u do and i'll give u a referral app so u'll get $13 with ur account openning ..

Posted by AmbiguousBliss on May-22-2003 19:25:

quote:
Originally posted by dEsidEL
lemme know when u do and i'll give u a referral app so u'll get $13 with ur account openning ..

What's with the dude in your avatar, Em?

Posted by dEsidEL on May-22-2003 19:28:

quote:
Originally posted by AmbiguousBliss
What's with the dude in your avatar, Em?

ohz u didn't know about the Starwars boy .. ? he banks with ING too..

Posted by AmbiguousBliss on May-22-2003 19:40:

quote:
Originally posted by dEsidEL
ohz u didn't know about the Starwars boy .. ? he banks with ING too..

...And you gave him a referral application too, huh?

Posted by King_Mack on May-23-2003 19:10:

quote:
Originally posted by dEsidEL
lemme know when u do and i'll give u a referral app so u'll get $13 with ur account openning ..

thank you sir

AmbiguousBliss, Ill let you know how it goes for sure