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Who banks with ING?
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| Tudo Beleza |
| 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. |
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| AmbiguousBliss |
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! :happy2: 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. |
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| 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)? |
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| AmbiguousBliss |
| 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! :p So in that sense, they're better than other banks. |
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| sohaness |
but i think the real question that needs to be asked in regards to ING Direct is, do they save you money? :D
steve. |
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| ahlamalek |
cool!
another small technicality, how do you deposit hard cash or a check? can you also use an ABM? |
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| AmbiguousBliss |
| 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. |
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| mr. poopyhead |
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... |
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| ahlamalek |
| PC ?!?! which bank is that? |
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| AmbiguousBliss |
| quote: | Originally posted by ahlamalek
PC ?!?! which bank is that? |
President's Choice.
PC Financial |
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| dEsidEL |
| 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 .. :D |
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| King_Mack |
| I'm thinking of switching to ING direct cuz my friend always raves about it |
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