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ING Direct (Canada)

J

joohang

Lifer
Does anyone in Canada use ING Direct?

I want to open up a savings account because I tend to spend less when I got less money on my chequing account (weird psychology but it tends to be that way).

I should open up an "Investment Savings Account" right?

Also, is there a referral option in ING Direct Canada as well? Since I'm opening a new account, I might as well give some $$ credit to whomever wants to refer me.
 
You can get 2.1% in a ING savings account, or you can open up a 5-year CD at 4.4%. HOWEVER, you can close your CD at any point past 10 days after opening the account, and the penalty is 1/2 of all interest earned. So it's like getting 2.2% on a savings account. This has been confirmed over in the Fatwallet Finance forum.
 
Originally posted by: jumpr
You can get 2.1% in a ING savings account, or you can open up a 5-year CD at 4.4%. HOWEVER, you can close your CD at any point past 10 days after opening the account, and the penalty is 1/2 of all interest earned. So it's like getting 2.2% on a savings account. This has been confirmed over in the Fatwallet Finance forum.
Click to expand...

What happens if I only cash out half of the amount? Does the other half still get 4.4% interest?
 
Originally posted by: joohang
Originally posted by: jumpr
You can get 2.1% in a ING savings account, or you can open up a 5-year CD at 4.4%. HOWEVER, you can close your CD at any point past 10 days after opening the account, and the penalty is 1/2 of all interest earned. So it's like getting 2.2% on a savings account. This has been confirmed over in the Fatwallet Finance forum.
Click to expand...

What happens if I only cash out half of the amount? Does the other half still get 4.4% interest?
Click to expand...
AFAIK, you can only close the account...you cannot take partial withdrawls. You can, however, just put that money back into a savings account at .1% less interest.
 
Take a look at PCFinancial (Superstore one). Rates are comparable I think with no fees at all. And you get to use ANY CIBC/Amicus ATMs.
 
Originally posted by: WobbleWobble
Take a look at PCFinancial (Superstore one). Rates are comparable I think with no fees at all. And you get to use ANY CIBC/Amicus ATMs.
Click to expand...

Are there any referral money or guarantee that my money won't be suddenly gone one day?

I am not sure if access to ATM is a good thing, since the whole point is to prevent myself from taking out money. 🙂
 
Originally posted by: joohang
Originally posted by: WobbleWobble
Take a look at PCFinancial (Superstore one). Rates are comparable I think with no fees at all. And you get to use ANY CIBC/Amicus ATMs.
Click to expand...

Are there any referral money or guarantee that my money won't be suddenly gone one day?

I am not sure if access to ATM is a good thing, since the whole point is to prevent myself from taking out money. 🙂
Click to expand...

It's essentially CIBC without the fees. So do you trust CIBC with your money? 🙂
 
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