You would think that the smaller financial institutions would consistently have the higher TFSA interest rates due to a lower overhead cost of the bank. I guess ING is an example on how when it comes to TFSA rates you just never know. As you can see, the rate has dropped to 1.7%.
Kind of sad to see the rate go this low for ING since it seems like for the better part the main attraction to them is usually the high interest rates.
While the interest rate for ING Direct was the predicted 3% as mentioned in the previous post, I never actually made an official post for it. As well, there was another detail about this financial institution that was worthy of a mention too.
Until January the 31st of this month, if you open up a new Tax-Free Investment Savings Account with ING Direct they will give you $13 for free. The stipulation from what I read is that you need to deposit an initial minimum of $100.
As well, during the signup you need to enter in the promo code or as they call it the “Orange Key” which is “TF13”.
This is also one of the places that indicate they have no fees, so that should be a relief for anyone who is contemplating in putting their money with them.
I almost forgot about ING Direct which is usually a very popular company that a lot of peopled opted to use when it comes to a traditional high interest savings account with little fees.
Its tax free savings account site is apparently hugthetaxman.ca which was interesting I thought. Unfortunately, again there is no real information about the rates until the launch date like most other banks. But from the items that I did read, the interest rate might be about 3% or so.
I know when it comes to paces like these most people don’t feel as secure in placing their money with them compared to the bigger banks. But, I figured that I would create a category for them too as a way to compare everyone once all the details are final.
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