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OfflinePDU
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ING Direct (free Canadian banking with cash incentives) * 1
    #18014020 - 03/26/13 01:44 PM (11 years, 5 days ago)

(FULL DISCLAIMER: I am making this post hoping that you will get an ING account so that i get a referral bonus.


I've recently switched banks after being with RBC for 22 years. Had I known there was a better alternative, i would have switched long ago.

At RBC I was paying $10.95/month ($131.40/year) for a chequing account which gave me:

-unlimited withdrawls/atm transactions

-over draft protection ($4 when used)

In addition, i got a "free" high interest E savings account, and a visa rewards card.

that's about it. It took forever to get through to customer service, I would frequently incur unexpected transaction fee's, and was paying for a service that should be free considering i kept a fair chunk of money in my accounts...

I started researching ways to cut my monthly expenditures, as i was planning on quitting my job. I learned that i could cut down on my banking fee's substantially with ING Direct: Canada.

So here's how it works:

I sent them a cheque linked to my existing chequing account and transferred my money to them. In return I got a $50 sign up bonus for setting up a no fee chequing account. In addition i set up at TFSA, and am about to set up a GIC (earning 2.5% interest over 90 days!)

THRIVE Chequing account

-Unlimited free transactions (debit, online, ABM)

-First cheque book is free.

-interest paying (measly .25%)

-24/7 call in support - fast, no ques or endless menus.

-email alerting: letting you know about the status of your money transfers, etc.

-Free ABM access at most credit unions and on "the exchange" network.

-WHOOPS protection: basically free overdraft protection upto $250 provided that you repay it within 30 days.

-Free email money transfers

-Mobile banking: These guys have a handy app for your smart phone that locates the closest ABM's, lets you switch funds between accounts, transfer money to other people, check your transactions, pay bills, email money transfers, check rates, etc.

To set up:
You sign up online and then mail them a cheque for $100 addressed to yourself, linked to your existing chequing account. This creates a link between your bank and ING. You will receive an email when it has been accepted and then run through a wizard to set up the details of your banking: set up payee's, how you want to be notified, etc.

Other accounts:

In addition I've set up a (free) TFSA paying a competitive 1.4% interest rate.

The great thing about this is - you can keep your "spending money" (which would usually be located in your low interest chequing account.) in your TFSA (as long as you have contribution room) and you can switch it over to chequing live from your smart phone, as you need it. Taking advantage of daily compounding "high" interest, yet maintaining the convenience of a chequing account.

I am about to set up a GIC - until March 31st they are offering a 90 day GIC at 2.5% compounded daily and paid at the end of the term. Even better, there is no minimum contribution AND, should the need arise where i need to take the money out, i can do it for free (while losing out on the interest accrued.) (I haven't been able to find a better deal on a GIC anywhere...)

Lastly - there are referral bonuses given if you get your friends/family/whoever to join. I get $25 if you join, and you get $25 + the $50 sign up bonus.

When your signing up use the referral code: 40308248S1

Let me know and i'll give you a good rating!

Summary:

Anyways, i couldn't be happier;

-I made money cash in hand,
-Banking has become more convenient,
-I am saving money on banking fee's,
-I am producing great interest on my savings, tax free.
-It was all so easy!

For the first time I feel like i am banking with an institution who recognizes that streamlining the process and doing away with brick and mortar stores, and offering the customer incentives for LOANing their money to the bank. Lastly, i am very impressed with ING's customer service on the phone and in person, really fast and concise. NO BS.


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OfflinePDU
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Re: ING Direct (free Canadian banking with cash incentives) [Re: PDU] * 1
    #18014046 - 03/26/13 01:51 PM (11 years, 5 days ago)

FYI - RBC was none to pleased to debate the cost of banking with them vs. ING, they were arrogant enough to proclaim that they are "the best bank in Canada..."

I cannot see how they will be able to compete with a market of young people like me who are tech savvy and budget conscious. The big banks are eventually going to have address these small time internet based banks, i would think.

FYI 2 - Wanting to keep my options open, i learned through digging around their website that if i open an investment account with them that i can achieve a "multi product rebate" which will then cover the cost of my chequing account. In the interest of keeping my options open, i will keep these accounts open but empty.

I am astounded that as a long time customer, with a considerable balance in my accounts, RBC never alerted me to the fact that they had a program in place where i would be eligble to receive free or discounted banking services.

BAD customer service, IMO.

But switching over, and getting their services for free in the end is the icing on the cake.


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InvisibleAhab McBathsalts
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Re: ING Direct (free Canadian banking with cash incentives) [Re: PDU] * 1
    #18016063 - 03/26/13 08:07 PM (11 years, 5 days ago)

TFSAs are the best Canadian saving incentive IMO. And much better than RRSPs, especially if you are under 60.

But putting GICs or high interest savings isn't really effective, because you aren't required to declare your interest unless its more than $50 and aren't issued a T5 slip.

generally this would be $50/.014% or $3,571 in saving sitting there.

You are much better to hold some bonds funds or dividend reinvested stocks or trade options in your TFSA so you actually take advantage of the TFSA.


I totally agree that all the big banks are pretty horrible in Canada though.

Most of the advantage of dealing with a brick and mortar bank is meeting with your banker annually and they get to know you so when you apply for a mortgage on your house or business loan or whatever it isn't as nerve racking and you may have a better shot because you don't have to prove your last 3 years of financial activity to a new banker.


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"Nobody exists on purpose. Nobody belongs anywhere. Everybody's going to die."

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InvisibleShins
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Re: ING Direct (free Canadian banking with cash incentives) [Re: Ahab McBathsalts] * 1
    #18016095 - 03/26/13 08:12 PM (11 years, 5 days ago)

bank accounts are usually a rip off.


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OfflinePDU
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Re: ING Direct (free Canadian banking with cash incentives) [Re: Ahab McBathsalts] * 1
    #18016142 - 03/26/13 08:22 PM (11 years, 5 days ago)

Quote:

Ahab McBathsalts said:
generally this would be $50/.014% or $3,571 in saving sitting there.

You are much better to hold some bonds funds or dividend reinvested stocks or trade options in your TFSA so you actually take advantage of the TFSA.





I know this, but haven't got around to actually make it happen yet, if you could point me to some resources to get started, i would be very greatful.

I had $10,000 sitting in savings last year, and made $64 in interest, which i was absolutely not even thinking about, then ended up declaring.

(i was always planning on investing the money, but never got around to it.)

Either way, right now i can put $2000 in the 90 day GIC and i'll get $50 out of it, so i am prepared to do that while i figure out how to invest properly.

Anything is better than nothing, right?

*bad mentality.*


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InvisibleShins
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Re: ING Direct (free Canadian banking with cash incentives) [Re: PDU] * 1
    #18016173 - 03/26/13 08:29 PM (11 years, 5 days ago)

Quote:

competitive 1.4% interest rate.




doesnt even beat inflation.

Quote:

GIC at 2.5%




doesnt even beat inflation either.


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OfflinePDU
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Re: ING Direct (free Canadian banking with cash incentives) [Re: Shins] * 1
    #18016189 - 03/26/13 08:32 PM (11 years, 5 days ago)

I am aware, but..

it's better than nothing, which is what i had before.


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InvisibleShins
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Re: ING Direct (free Canadian banking with cash incentives) [Re: PDU] * 1
    #18016202 - 03/26/13 08:34 PM (11 years, 5 days ago)

you're still netting a negative.

"savings"  accounts are a joke and so are bonds.

those are what banks sell to suckers.


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OfflinePDU
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Re: ING Direct (free Canadian banking with cash incentives) [Re: Shins] * 1
    #18016205 - 03/26/13 08:35 PM (11 years, 5 days ago)

Ok, so help me rectify this then.


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InvisibleShins
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Re: ING Direct (free Canadian banking with cash incentives) [Re: PDU] * 1
    #18016211 - 03/26/13 08:36 PM (11 years, 5 days ago)

invest it in something better, unfortunately in this climate if you aren't speculating and taking risks you are losing money by default.

I personally like commodity related things like metals, energy, and agriculture.


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http://yourlogicalfallacyis.com/

Edited by Shins (03/26/13 08:42 PM)

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OfflinePDU
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Re: ING Direct (free Canadian banking with cash incentives) [Re: Shins] * 1
    #18016386 - 03/26/13 09:17 PM (11 years, 5 days ago)

One of the things that has kept me from going a different route is the fact that i want to keep my money liquid, although could perhaps reconsider since this is a smaller portion. Any thoughts on "short term" investing?


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InvisibleAhab McBathsalts
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Re: ING Direct (free Canadian banking with cash incentives) [Re: Shins] * 1
    #18016409 - 03/26/13 09:22 PM (11 years, 5 days ago)

commodities are fucked right now and copper isn't trending where it should be with the S&P.


PDU: Judging from your GIC or savings account placement, you are likely have a very low risk profile. I'd reccommend an ETF of the broader market such as XIU for the Toronto Stock Exchange 60

or SPY for the US S&P 500.

Also some US names such as GE, or Altria group (philip morris cigarettes) have much better yield and slow and steady capital appreciation.


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"Nobody exists on purpose. Nobody belongs anywhere. Everybody's going to die."

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InvisibleAhab McBathsalts
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Re: ING Direct (free Canadian banking with cash incentives) [Re: Ahab McBathsalts] * 1
    #18016419 - 03/26/13 09:24 PM (11 years, 5 days ago)

In the short term,

I have a shit ton of options for Tesla Motors, as they have some big news coming out Thursday, probably that they hit their quarter's estimates for sales and the stock might break out from its trading range that has been capped at 40.00

Valero energy is a US refiner that is profiting from the glut of supply and lack of pipelines in north america and they report April 30. They should have a nice pop.


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OfflinePDU
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Re: ING Direct (free Canadian banking with cash incentives) [Re: Ahab McBathsalts] * 1
    #18016427 - 03/26/13 09:26 PM (11 years, 5 days ago)

Philip morris was always one of those "sure fire" stocks that i've had in the back of my mind. I even checked it out a little while ago...

Would i be able to buy these through a TD online investing account? Or what would you recommend?

I really appreciate your thoughtful responses, by the way.


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InvisibleAhab McBathsalts
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Re: ING Direct (free Canadian banking with cash incentives) [Re: Ahab McBathsalts] * 1
    #18016428 - 03/26/13 09:26 PM (11 years, 5 days ago)

Big Canadian banks, RBC, BMO, etc also have about a 4.0% annual dividend and make lots of money because they screw most of their customers. :smirk:

But they don't move a whole lot, and the Canadian resource economy isn't looking as strong as the US right now to be honest.


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InvisibleAhab McBathsalts
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Re: ING Direct (free Canadian banking with cash incentives) [Re: PDU] * 1
    #18016438 - 03/26/13 09:27 PM (11 years, 5 days ago)

I trade my stocks through RBC because I do all my banking there, but any of the discount brokerages are comparable.


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OfflinePDU
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Re: ING Direct (free Canadian banking with cash incentives) [Re: Ahab McBathsalts] * 1
    #18016451 - 03/26/13 09:30 PM (11 years, 5 days ago)

I recently quit my job and have nothing but time, you've piqued my interest once again, time to get my nose in the books and figure out how to do this properly.


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InvisibleAhab McBathsalts
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Re: ING Direct (free Canadian banking with cash incentives) [Re: Ahab McBathsalts] * 1
    #18016460 - 03/26/13 09:31 PM (11 years, 5 days ago)

For Canadian banks, I like Bank of Nova Sotcia the best because it has a fairly substantial Latin american exposure, and technically it is supported by its 50 day moving average.


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InvisibleMagicMyc
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Re: ING Direct (free Canadian banking with cash incentives) [Re: Ahab McBathsalts] * 1
    #18016462 - 03/26/13 09:32 PM (11 years, 5 days ago)

President's Choice also offers free bank accounts in Canada.


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InvisibleAhab McBathsalts
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Re: ING Direct (free Canadian banking with cash incentives) [Re: PDU] * 1
    #18016470 - 03/26/13 09:33 PM (11 years, 5 days ago)

Technical Analysis Explained, by Martin Pring is a good book to discover technical analysis (basically looking at charts)

and even a very generic book such as Stock Trading for Dummies is a good place to start.


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InvisibleAhab McBathsalts
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Re: ING Direct (free Canadian banking with cash incentives) [Re: Ahab McBathsalts]
    #18016521 - 03/26/13 09:43 PM (11 years, 5 days ago)

Also, Watching Jimmy Cramer on CNBC isn't a bad habit, but take his shit with a grain of salt.

Bloomberg radio is ok. I like to listen to it sometimes at work, but it is very repetitive and commercial.


He's got lots of ideas, but anything on TV is dumbed down for the masses, and the best ideas aren't shared as strongly.


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OfflinePDU
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Re: ING Direct (free Canadian banking with cash incentives) [Re: Ahab McBathsalts]
    #18016523 - 03/26/13 09:44 PM (11 years, 5 days ago)

Yeah, unfortunately i don't have CNBC.

I have picked up alot of tips through this forum over the last year, although have been distracted by life and never really followed through.


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InvisibleAhab McBathsalts
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Re: ING Direct (free Canadian banking with cash incentives) [Re: PDU]
    #18016531 - 03/26/13 09:47 PM (11 years, 5 days ago)

its freely available on CNBC.com / latest videos. Today's full episode wasn't out for some reason though. He must have cussed out a sponsor or something.


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OfflinePDU
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Re: ING Direct (free Canadian banking with cash incentives) [Re: Ahab McBathsalts]
    #18016618 - 03/26/13 10:07 PM (11 years, 5 days ago)

Good to know!


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OfflineCannashroom
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Re: ING Direct (free Canadian banking with cash incentives) [Re: PDU]
    #18028349 - 03/29/13 01:16 PM (11 years, 2 days ago)

Had you put all your savings into bitcoin at the start of this year you would have made 5x your money.  I was looking at getting some but didn't bad mistake...

Savings is indeed a joke, inflation is more than interest now.  Furthermore the Harper Government in their newest budget bill has put in a "bail in" clause.  The banks in Canada can now take a cut of your savings like is happening in cyprus.

Bitcoins might drop (or could double again) in the next month, they look over extended.  But I am moving some savings there and some other into silver (already have 200oz).  I also am holding/trading stocks.

Our money is an inflationary scam.  You know what a chart of any fiat currency looks like?  A penny stock scam.  It goes down until zero.  Buy something of value.  Silver is a good bet.

But aside from that RBC sucks.  I am with them currently because it was a bank account my parents set up for me.  But as my savings grow I will move them into a credit union.

Credit Unions are the answer.  If everyone put all their savings into credit unions, the banks would weild no more power.  They only have power because we the people agree to give them our money and take loans.  Banks are failing for making risky investments with their customer's money and get bailed out by taxpayers?  Credit Unions are the solution.  Just people need to wake up to the bank scam.


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"A human being is part of the whole, called by us 'Universe'; a part limited in time and space. He experiences himself, his thoughts and feelings as something separated from the rest -- a kind of optical delusion of his consciousness.

This delusion is a kind of prison for us, restricting us to our personal desires and affection for a few persons nearest us.

Our task must be to free ourselves from this prison by widening our circle of compassion to embrace all living creatures and the whole nature in its beauty.

Nobody is able to achieve this completely but striving for such achievement is, in itself, a part of the liberation and a foundation for inner security."

Albert Einstein

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