ING Direct: 2.5% 90-Day GIC + $25 Bonus When You Open a RSP or TFSA Account (For New Clients Only)

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If you have money idle in your account, you might want to look into this GIC option currently available at ING Direct. For a limited time, ING Direct has a 2.5% interest 90-day GIC.

You can choose to put this GIC towards your Retirement Savings Plan (RSP) or put it in a Tax-Free Savings Account (TFSA). If you put your GIC in a TFSA, you can withdraw funds and re-deposit that amount the following year in addition to your annual $5,000 contribution limit. Unlike RSPs, your TFSA contributions are not tax-deductible. Click here to learn more or get more insights from our Forum. The 2.5% GIC offer is available until February 29.

Right now, ING Direct also has a promotion for new clients. If you open a RSP or TFSA account with ING and deposit $100 or more, you can get a $25 bonus. This bonus, unfortunately, is offered to new clients only. Click here to get more info from our Forum members.

Get this deal

Source:

Coolisme via the Hot Deals Forum

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- cartfan123
- Yeah that's pretty sweet for a 90day TSFA GIC. I just bought one off your tip. Thanks
  
  May want to make sure you 'redeem principle & interest' if you don't want to roll it in 90days when the rate may be back to normal (lower).
- intelmic
- Thanks.
  
  But fyi, the regular rate for a RSP / TFSA account is 2.00%.
  So you only gain 0.50% over what you would have gain by staying in a regular RSP / TFSA account. (And that 0.50% gain is only over a quarter of a year...)
- faithfulness
- Here: http://www.ingdirect.ca/savehappy/index.html
  
  Rate until February 29, 2012.
- intelmic
- Dummy question here:
  
  I have 3,000$ in my TFSA account (#1) and want to open this TFSA 90 day GIC. (#2)
  
  I set up so that #1 is debited and #2 is created with money from #1.
  
  I just want to make sure this creation of #2 is not considered using new money from 2012 (and contribution room)?
- Coolisme
- As long as you're using TFSA money to buy a TFSA GIC, it is NOT considered as part of the annual contribution. The example you gave is perfectly fine. I've done it many times myself with RSPs into RSP GICs and TFSA into TFSA GICs.
- smackioio
- Don't forget that you can make a 25$ bonus when using an Orange Key. Only if you are not an existing ING client, of course (valid only for new customers).
  
  ENjoy!
- Tha_Doggg
- So how much money can you transfer from the TFSA to the 90 day GIC without incurring a penalty? Also, at maturity the money gets transferred back to your TFSA, correct?
- RobMyaz
- So how much money can you transfer from the TFSA to the 90 day GIC without incurring a penalty? Also, at maturity the money gets transferred back to your TFSA, correct?
  as much as you currently have in your TFSA. If you have 10,000 in there right now, you can put all 10,000$ in this GIC. As long as you stay under the "umbrella" of the TFSA, you are OK.
- ultracrt
- You may redeem the GIC before the end of the term, but if you do so, you will not receive any interest.
  
  Do it only you are 100% certain you do not need that money within the next 90 days.
- crownme
- Awesome - thanked!
  
  Stupid question but I just wanted to make sure - can I give an Orange Key to a person with the same address?
- ShopperfiendTO
- Also, at maturity the money gets transferred back to your TFSA, correct?
  You have to set it up to do this when you make the purchase/transfer. More discussion (esp. starting at post #20):
  
  http://forums.redflagdeals.com/ing-r...5-a-1126193/2/
- Seifer
- Awesome - thanked!
  
  Stupid question but I just wanted to make sure - can I give an Orange Key to a person with the same address?
  Yes you can
- qewcool
- as much as you currently have in your TFSA. If you have 10,000 in there right now, you can put all 10,000$ in this GIC. As long as you stay under the "umbrella" of the TFSA, you are OK.
  your maximum TFSA contribution from 2009-2012 (ie now) is 20K (5K per year) so the maximum you can put into the 90 days GIC should be more around that number than 10K.
  
  Of course the number could change a bit adding interest and depending on if you had withdrawn some money from the account and not earned maximum interest since when you created the tfsa account.
- tsis3
- Thanks! 2.5% is a pretty good rate nowadays! Thanks!
- Pyro
- as much as you currently have in your TFSA. If you have 10,000 in there right now, you can put all 10,000$ in this GIC. As long as you stay under the "umbrella" of the TFSA, you are OK.
  what if i have the money in the TFSA of another bank? i've got 5 grand in CTFS that i could transfer to ING
- rvs007
- what if i have the money in the TFSA of another bank? i've got 5 grand in CTFS that i could transfer to ING
  You'll have to check with the bank where you have your TFSA to see if there's any fees associated with transferring that money out to a TFSA at another banking institution. Some banks do not charge any fees (like Ally and ING), but some do. Also, it may take as much as 5-7 business days to make that transfer. Also, make sure it is a transfer between TFSA accounts, and not a withdraw/deposit. I had that problem where the bank did it the wrong way and I got hit with taxes by Revenue Canada. Took me awhile to get that sorted out because of the bank's mistake.
- TRK9
- what if i have the money in the TFSA of another bank? i've got 5 grand in CTFS that i could transfer to ING
  CTFS TFSA rate is at 2.75% now, why would you move it to the lower 2.5% at ING? Even before the rate increase, CTFS was 2.5% or higher for most of last year.
  
  Sorry, not trying to hijack this thread, but below are the CTFS historical rates. I think they do charge a transfer fee though, so that's something to keep in mind.
  
  Canadian Tire Financial Services Tax Free Savings Historical Rates
  
  Date Rates
  December 29, 2011 2.75%
  March 31, 2011 2.50%
  December 30, 2010 3.50%
  August 1, 2010 2.50%
  May 7, 2010 2.15%
  January 8, 2010 3.15%
  December 17, 2009 2.00%
  July 30, 2009 1.50%
  July 9, 2009 1.75%
  May 22, 2009 2.00%
  May 1, 2009 2.25%
  April 1, 2009 2.50%
  January 22, 2009 3.50%
  January 1, 2009 3.75%
- bigjee
- Guys whats CTFS.
  
  Can ING and Ally remove a certain amount from your direct deposit account (at another bank e.g CIBC) and put it into your TFSA.
  
  Thanks.
- FiNaL WaR
- Guys whats CTFS.
  
  Can ING and Ally remove a certain amount from your direct deposit account (at another bank e.g CIBC) and put it into your TFSA.
  
  Thanks.
  canadian tire financial services
- rvs007
- Can ING and Ally remove a certain amount from your direct deposit account (at another bank e.g CIBC) and put it into your TFSA.
  You can transfer from any external chequing accounts that you have linked to your ING or Ally accounts. Any transfer this way would be treated as new money so make sure it doesn't exceed your TFSA room for the year.
- rivet
- What happened after the 90 days, they will renew your TFSA GIC at 1.25% rate maybe?
- Coolisme
- What happened after the 90 days, they will renew your TFSA GIC at 1.25% rate maybe?
  Just make sure you set "on maturity" to 'redeem principle & interest' to your TFSA account.
- rvs007
- What happened after the 90 days, they will renew your TFSA GIC at 1.25% rate maybe?
  You have the option to renew at whatever rate is available after the 90 days, or redeem and put back into the TFSA ISA account which is currently at 2.0% (may vary as well).
- bigjee
- Sorry if this is Off topic but here are a few questions:
  
  At this point in time : CTFS TFSA has the best rate vs. this ING short term TFSA or GIC, correct.
  
  And that if you have a TFSA with CTFS then there will be a $50 fee that you pay in order to move funds to this ING short term TFSA or GIC.
  
  Also one last question (since this will be my first TFSA that I open) is the interest paid on $1000 in the TFSA equal to $27.50 every month considering i go with the CTFS rate of 2.75%.
  
  Thanks.
- wlee
- Thanks.
  
  But fyi, the regular rate for a RSP / TFSA account is 2.00%.
  So you only gain 0.50% over what you would have gain by staying in a regular RSP / TFSA account. (And that 0.50% gain is only over a quarter of a year...)
  I think it was 1.50% till last Dec, did BoC raise interest rate recently? anyway 2.5% for 90-day is pretty good, OP thanked!