Tangerine ING Direct: 2.5% 90-Day GIC + $25 Bonus When You Open a RSP or TFSA Account (For New Clients Only) ING Direct: 2.5% 90-Day RSP or TFSA GIC
get this dealIf 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.
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View allIf 2.5% was the quarterly rate, I would've dumped $20k instantly into that GIC promo..that would be equivalent to 10.38% EAR tax-free right there.
TFSA calculate in calendar year. If you put money now. It will be for 2012 calendar year up to dec 31, 2012.
If I put any money in the tsfa now, it will be counted towards the 2012 tax year, is that right?
Thanks.
"* ING DIRECT 90 day RSP and TFSA GIC rate as at January 1, 2012 and is available until March 31, 2012. Interest is calculated daily and paid at maturity. Early redemption rates apply."
http://www.ingdirect.ca/savehappy/index.html
After 90 days you can just withdraw the money yourself and place it in the regular ING savings account. From there you can then move it back to RBC for free. Be aware if you do this you cannot contribute that $5k back into your TFSA until next year (assuming you've used up all your contribution room).
Yes
1) I have never contributed to my TFSA, so for 2012 I can contribute up to $20K. Correct?
2) I currently have $5K in an RBC Savings account. I have my Mortgage with ING Direct and nothing else.
If I ask ING to take the $5K from my RBC and put it in their current ING promo of 90 days TFSA GIC @ 2.5% and then after the 90 day maturity date ask them to move the principal & interest back to my RBC savings account, will they do this for me FREE of charge?
3) By moving the money back to my RBC SAvings account after the 90 day ING TFSA GIC, does that mean in Year 2013 the maximum i can contribute to an TFSA is $25K (Carry Forward from 2012 $15K + Withdrwal of TFSA form 2012 $5K + 2013 TFSA Contribution Allowed $5K)?
Thank you.
Thanks in advance
They don't.
If you're not already an ING TFSA customer then you have a point, i.e. it may not be worth the hassle and cost to transfer your TFSA to ING. OTOH if you have a TFSA with them and don't anticipate that you'll need the money for 90 days then it's a few clicks to get the 2.5%. Moreover, if you've been with ING for a while you've been able to get double interest for several months every fall on new TFSA money under their Kick-Start Account promotion. Again it's quite painless if you're already a customer.
Note that a 1% higher rate than the competition on the maximum most people are likely to have in a TFSA (in 2012 about $20k) is $200 per year or $50 per 90 days. That's "free" money considering how easy it is to get and that it's tax-free by definition.
Whilst I don't believe ING Direct has any transfer to another financial institution fees (thus making this a lot more attractive than if they did!) - it doesn't quite offer enough to rope me in - especially with the amount of money at stake for the maximum TFSA limits. If I had a chunk of RRSP cash sitting around to hold for a while, or was planning on using my TFSA money to buy a car or something during the summer, then that would work for me.
Thanks.
Geeze, 2.5% TFSA + that 1% transfer bonus, I figure, =6.5% per annum…thats a helluva return for short term
exactly. just be aware of any transfer fees the institution may charge for this 'luxury'
If you do a direct TFSA-to-TFSA transfer to another financial institution, it does not go against your contribution room. Just don't withdraw and deposit the balance yourself. The transfer has to be done by the institution.
Its annualized
The reason the TSX is doing so well is because it is primarily commodities based (copper, silver, gold, oil) Of which - you would have been much better off just buying the commodity than any stock, silver in particular which has gone from a low of $4.20 to a high of $48.48
The TSX is about 13% gold weighted (gold miners)
Your returns on the TSX would be absolutely horrible compared to just buying the gold. That, and as a Canadian you can put Gold in an RRSP for extra extra benefit.
ing-1-bonus-paid-bonus-units-up-100-str ... st14081290
Watch the 10 years return on the SP500 and see if historical annual returns is 10%
Buy and Hold is dead. You have to know when to sell and trade.
Stocks have the amongst the highest returns over the long-term. The big indices like the TSX and the S&P500 have historical average annual returns somewhere around 10% (but of course they are way more volatile, some years they're down, some they're up a ton). Anything with guaranteed returns is barely going to keep your head above water, you have to accept some risk if you want to see your money grow.
-Tim
A bird in the hand is better than....
Where to invest to match the inflation rate ?
the sooner the better.. However you can also save via tfsa or pay out any loans first.. Normally you should expect your salary level to increase over the years and initially you might not use your rsp allowance so that you use it when you fall in a higher tax bracket... But then again...
Yes, Quebec residents can bank there. You can also bank at Achieva Financial, but that institution is not insured by the federal organization called SADC in French. Achieva lets you browse your accounts online and generally offer better interest than ING. They're in Manitoba.
http://www.banking.pcfinancial.ca/a/way ... arges.page
I think if you transfer from PC TFSA, it would count as a withdrawal. If you transfer directly it doesn't count as a withdrawal, but it does cost $50.
Also, is ING's TFSA rate 2% for the entire year (excluding 3 months where it is 2%)? Just did the calculation and I would end up $20 ahead after all fees if I switched to ING.
If yes then they would be one of the few of these high interest banks that are available in quebec (the other being ING).
The rest (ally, PC, CTFS etc) does not offer account services in quebec
EDIT: found another thread about them on RFD and apparently deposit services are available in quebec
peoples-trusts-peoples-choice-savings-a ... -a-720013/
Assuming you still have room in your annual contributions...
I don't know much about them. They are a federally registered bank and, as such, deposits are insured up tp $100K. I use ING as a transfer port: I link my local bank account and my Peoles Trust account to my ING account. Peoples does not offer account handling online, but you can make transfers to your Peoples account from any linked account (like I do with ING). To do transfers from one Peoples account (say savings) to another Peoples account (say TFSA), you need just call their 800 number.Their interest rates have, over the last 2 years at least, been consistently higher than those of ING.
Ouch, $50 fee when transferring out of PC. Guess I'll stay with them for this year and take it out in December.
Yes, I'm pretty sure you can transfer your TFSA balance from one financial institution to another without having them linked. But as mentioned before, the bank may have certain fees associated with the transfer, so you should check.