3% Interest Rate for ING Direct Tax-Free Investment Savings Accounts (TFSA) until October 1

comment

Here's a good deal for ING Direct customers or people who have yet to open a Tax Free Savings Account -- the ING Direct Tax-Free Investment Savings Accounts has an interest rate of 3% until October 1, 2009. The October 1 end date is listed on the ING Direct homepage inside the flash animation.

Other institutions are currently offering 2% (at best) on Tax Free Savings Accounts, so ING Direct has the edge for now if you're looking to open a TFSA. Don't blindly jump from another institution though -- transfer out fees can run from $25 to $135 for most financial institutions.

Get this deal

Source:

Source: greenteal via the Hot Deals Forum

Comments

Submit a Comment

Add your comment

Connect via

- ShylocK
- Wonder when this kicks in. My TFSA still says 1.35% hopefully soon.
- pipolchap
- I've already sent in the forms to transfer out. oh well...
- BRAISKI
- I just checked mine and its still 1.35%
- andygx
- I just checked mine and its still 1.35%
  current per year interest rates
  3.0%
  since 07/01/2009
  
  I guess it will take effect later today...
- tsatsa
- current per year interest rates
  3.0%
  since 07/01/2009
  
  I guess it will take effect later today...
  I sure hope so.
- superwell
- just opened one up and it's 3%
- cache
- ING Direct now offering 3.00% on their TFSA account until Sept 30, 2009.
  Rate seems to be for all clients, new and current.
  
  http://www.ingdirect.ca/en/save-invest/tfsa/index.html
  erm.. where does it say valid "until Sept 30, 2009"?
- c0deine
- erm.. where does it say valid "until Sept 30, 2009"?
  In the homepage's flash application : http://www.ingdirect.ca/en/, wait for the second "screen"
  
  My account also states 1.35 %, cannot wait for it to take effect!
- thomsonst780
- erm.. where does it say valid "until Sept 30, 2009"?
  if it switches back to that in 2 months it's really not worth it.
- photon
- Is ING direct safe
  
  I was told that ING direct in Europe may have financial problem, it may lead to bankrupt
  
  Any advice
- killer_chan
- +1
  is ing direct safe
  
  I was told that ing direct in europe may have financial problem, it may lead to bankrupt
  
  Any advice
- Waynergy
- How much does ING Direct charge if I switch my TFSA to another bank?
- DragonZealot
- Is ING direct safe
  
  I was told that ING direct in Europe may have financial problem, it may lead to bankrupt
  
  Any advice
  My understanding is that it is CDIC insured.
- cgtlky
- How much does ING Direct charge if I switch my TFSA to another bank?
  Free, no fee switching to other bank.
- breakfasteatre
- One thing i was confused about is what are the limitations of earning tax free interest?
  
  It says up to 5000 in contributions, does that mean tax free 5000 in interest, or that you can have up to 5000 in your account earning 3% interest or that including interest earned, you can only have up to 5000 in your account at a time?
- ZUnit
- you can have 5000 in the account, any interest earned is tax free regardless of the rate.
- MrDisco
- It says up to 5000 in contributions, does that mean tax free 5000 in interest, or that you can have up to 5000 in your account earning 3% interest or that including interest earned, you can only have up to 5000 in your account at a time?
  Too complicated to understand your post. Keep it simple:
  
  Invest up to a maximum of $5000 each year
  Earn interest, capital gains, etc.
  Don't pay any tax on the investment
  Read the government faq: http://www.cra-arc.gc.ca/tx/ndvdls/t.../menu-eng.html
  
  Simple.
- roger12
- AFAIK ING is the only bank which does not charge fees for transferring RRSP or TFSA.
  
  How much does ING Direct charge if I switch my TFSA to another bank?
- chris103610
- imo, this is not worth it to open a new account.
  if you have an ING acount already and do not have a TFSA then there is no point...
  
  lets just say your interest is 1% right now at institution X
  $5000 x 1% = $50/12months = $4.167 every month.
  $5000 x 3% = $150/12months = $12.50 every month.
  
  It is already JULY. Then August, then September... 3 months...
  
  so your interest is $37 tax free compared to $12.50, a difference of $25.
  
  mind you, $25 is a decent amount of money. but is it worth it to open up a new TFSA? that's what you have to ask yourself.
  to some people it is worth it. to others it is not. pick you pony.
  
  and if you already have an ING TFSA, this is HOT
- JJpach
- Any chances other institutions will follow the 3% rate?
- cutesnoopydoll
- Confirmed. 3% at my TFSA, even for current existing client! The rate is higher than most TFSA GIC's rate.
- dinesh_zee
- time to transfer my TFSA from PC Financial to ING... hope there is no transfer fees
- cgtlky
- time to transfer my TFSA from PC Financial to ING... hope there is no transfer fees
  PCF charge $50 for transferring, and I doubt ING will eat that transfer fee.
- jerrysiz
- PCF charge $50 for transferring, and I doubt ING will eat that transfer fee.
  They won't. My brother tried to transfer some of his RRSP money into ING last year and, even though it was a substantial amount, they said their policy was that since they don't charge fees to transfer out of ING, they will not eat the other banks fees when you transfer in. So for those with existing TFSAs at other banks, this deal would cost more in fees than it would make in extra interest. But it's a great deal for those who don't have a TSFA yet or have one at ING already.
- Stock R
- Can you have more than 1 TFSA? Say 1 at ING and another at Bank Z?