To skip the review and go straight to the ING orange key $25 referral bonus, click here.

Recently, I was surfing the net doing research on high interest tax free savings accounts and when I came across ING Direct, I noticed that they are offering a sign up bonus of $25 when depositing $100 initially (click here for coupon code, or keep reading below).  So I thought, what the heck, I’ll sign up for an account and review the service for MDJ readers, and the $25 sign up bonus doesn’t hurt either.

What is ING Direct?

ING direct is an online bank (covered by CDIC)  similar to the PC Financial high interest savings account.  That is, you do all your basic banking elsewhere, but you can transfer money back to forth to ING’s savings accounts to take advantage of their relatively competitve interest rates.

Account Offerings


This is a regular savings TFSA, not like a trading TFSA like what some discount brokers offer.  In addition to regular savings TFSA, they offer mutual fund and GIC TFSAs.

Childrens Savings Account (CSA)

A really neat feature with ING is their Childrens Savings Account.  This account is offered for existing ING customers with children.  Basically, it allows a high interest savings account for the child while having it linked to the parent account.

High Interest Savings

ING’s high interest account is similar to the PC Financial account except with a slightly higher interest rate.  This is the account that I opened to claim my $25 freebie.

The Fees

As far as I know, there are no fees when banking with ING direct.

The Sign up Process

I must say that the account setup was painless and relatively quick.  All they needed was basic personal info along with basic banking info from which the client will be transferring money from.  After that, a personal cheque needs to be mailed in to verify banking information.  From the beginning to end, the whole process took about 3 business days, with about 20 minutes worth of “work”.

$25 ING Direct Signup Referral Bonus

In order to get the $25 ING Canada freebie,

  1. Start your application.
  2. When the form asks, use the orange key code 38980411S1 (newApril 2012)
  3. Deposit at least $100 with your initial bank verification cheque .

After your account is opened, you’ll notice the $25 bonus appear in your transaction history.  Note that the code above is good for 50 uses only, so use it while you can.  I don’t expect it to last long.

Final Thoughts

As I already have a PC Financial high interest savings account that I use often, my initial reason for opening the ING Direct account was for the $25 freebie which took 20 minutes of my time.  However, after seeing their offerings, and their higher interest rates, I may use this account as my “fun money” account.

Anyone else with ING Direct?  What has your experience been like?

If you would like to read more articles like this, you can sign up for my free weekly money tips newsletter below (we will never spam you).


  1. Gerry on August 17, 2009 at 9:18 am

    For personal cash savings, ING is great. Their rates beat the big banks all the time and moving money around has been hassle free. A typical cash transfer takes 2 business days. Their mortgage service was helpful the last time we renewed at a big bank. We had an approval in hand from ING within 24 hours of signing up. Took that to TD and got a much improved renewal offer.

    RSPs accounts and TFSAs have also been quite simple with them. Make sure you send in the beneficiary declaration forms for your accounts though. ING’s phone attendants claim that they won’t deal with estate executors holding a will. I’m not sure if they can do that legally (probably not), but the beneficiary form is quick and simple.

  2. Kevin on August 17, 2009 at 10:11 am

    I find ING to have excellent service, and the 3% TFSA can’t be beat.

  3. Caitlin on August 17, 2009 at 10:29 am

    I love my ING account too! I’ve always had excellent customer service, and it’s easy to use.

    What I found was the best thing, when I was just starting out on the road to financial independence (ie people who are trying to start their emergency fund but may be tempted to use their savings to buy the latest cool gadget or whatever) is that since it does take a couple days to get your money out, you are much less likely to spend it! You can easily get to your money when you need it, but the “hassle” of waiting a couple days makes it so much less likely you’ll withdraw the money for stupid frivolous reasons.

  4. Victor on August 17, 2009 at 11:00 am

    I’ve been a happy customer with ING for years and years. I find the website really friendly, and I love that you can give custom names to all your accounts for specific goals. I wish PC Financial would do this! Their interest rates are usually higher than the big banks and tied with PCF, but lately they’ve even been beating PCF by nearly double!

  5. Alexandra on August 17, 2009 at 11:01 am

    I love my ING account, and have always found their customer service to be top notch – a big difference from the usual bank service I received from other banks. The fact that the banking is FREE is even better,

    I just also opened an account for my daughter – hey an extra $25 can’t be beat.

  6. Riscario Insider on August 17, 2009 at 11:52 am

    ING Direct is fine if you can do without physical locations. If you want something *now*, forget it. Why can’t transfers be instant?

    There used to be a physical branch in downtown Toronto, which was convenient (allowed instant deposits). That’s gone. They also had an ATM that dispensed $US (not sure if that’s gone too).

  7. LJD on August 17, 2009 at 12:12 pm

    I am intrigued, but have already maxed this years $5000 into PC and I hear they have a $50 “transfer” fee… whu? Does that mean I can’t transfer my own money where I want?

  8. FrugalTrader on August 17, 2009 at 12:14 pm

    You can transfer money in and out of your account to a designated bank account for free. However, they probably have the fee for transferring accounts out entirely to another institution.

    If it were me and looking to change banks/accounts, I would simply withdraw the money out of ING before the end of the year, and deposit into another institution in the new year to avoid over contribution.

  9. Paul on August 17, 2009 at 12:19 pm

    I’ve found ING to be excellent. I use their indexed fund trading accounts. Not quite as cheap as a TD e-Series account but a lot less time and energy required.

    Full disclosure: MJD(and anyone with an account) make the same $25 when someone opens an account using our personal referral codes. It’s win-win really. You can refer people yourself once you have an account using your own referral code.

  10. FrugalTrader on August 17, 2009 at 12:22 pm

    For now, other referral codes will not be accepted. However, I may open it up for reader codes in the future.

  11. Rob M on August 17, 2009 at 12:38 pm

    FT: I think that it is a little less than clear that you are receiving a signup bonus for people using your referal code in the above blog. This is the first time I have been disappointed while reading your blog.

    “I noticed that they are offering a sign up bonus of $25 when depositing $100 initially (with coupon code, see below). ”

    You imply this is a coupon with a limited availability of qty of 50 (50 * 25 =$1250 for you, I thought the limit was $2000? but I digress). Over all I think that implying that it is a coupon (with a limited time offer) and not a referral link with cash compensation to yourself, was a little less than honest with your readers.

    Just my $.02 on the subject.


  12. Rob M on August 17, 2009 at 12:41 pm

    Oh an for your readers, I have been using ING direct for a couple of years now, and I think it is great. Good interest rates, no fees, quick transfers, ATM card if you need instant cash (but not what I use it for), automated savings plans made easy. US$ savings, etc…


  13. sharp21 on August 17, 2009 at 12:42 pm

    I’ve had one for years & have always had good luck with it.
    You can make $13 for everyone you refer as well, but most everyone I know is on it!

  14. FrugalTrader on August 17, 2009 at 12:43 pm

    Rob, you are right, I will change the post to include a disclaimer. To my knowledge, there is a limit of 50 uses, at least that’s what ING tells me.

    However, ING is a legit company with a great track record, not a spammy affiliate signup. If you notice, the companies with affiliate links that I recommend are products that I use as well (ie. Questrade). The $25 is a freebie to those who sign up regardless of what I get in return.

  15. Rob M on August 17, 2009 at 12:57 pm

    FT: BTW, I don’t begrudge you for getting the referral bonus, I just thought it was appropriate to tell your users that you receive the bonus. All in All ING is legit, they do have a great track record, and you don’t get any SPAM from them. I totally endorse your recommendation of them.

    Thanks for updating the post. :)


  16. Tucker Wright on August 17, 2009 at 1:15 pm

    ING Direct is the onyl account i use and trust. I have reseached PC finacial as you have discussed it a few times and looks like a quality service also.

    i would estimate 75% of my clients use ING direct in some fashion and everyone loves it!

  17. Garbor on August 17, 2009 at 1:54 pm

    It may not be obvious because I know a few friends that weren’t offered it when they signed up but you can get an ING bank card to use at any bank machine for those people that want access to their money right away. You just have to ask for it and they’ll send one to you.

    They don’t like to offer people this because the account isn’t designed to be used that way. You only have to pay bank machine service charge– ING charges you nothing.

  18. McGoo on August 17, 2009 at 2:14 pm

    I have used ING for a few years now, excellent service and very user friendly. I also have my mortgage with them and they give me the best rate, no hassles & great flexibility on prepayments. They are one of the few companies left that actually come as advertised. At the end of 2008 they also had a promotion on TFSA that would automatically convert over a new savings account to a TFSA and any interest gained (taxable) during the remainder of 08 would be paid back to your new TFSA in 09.

    I use PC & ING for all my banking. No reason to pay another bank for doing the same thing (& less) with my money!

  19. GlobaLInvestors on August 17, 2009 at 3:10 pm

    Before one starts loading their money into ING’s ‘internet’ bank, there are few things one should know:
    ING is a global Corp headquartered in Holland (They have weathered financial meltdown although their assets and shares have gone (see It is a leading Dutch firm with tremendous capabilites offering everything from banking to insurance – ‘Intact’ (foremer ING Canada) is a one of the leaders and largest retail property and casualty insurers in CDN).
    Your deposits in Canada are SAFE up to $100.000. (which is fairly standard in the developed countries).
    Their TFSA offers a decent deal and thier goal-getter options helps to develop a habit of saving. I found it handy for short-term, but if you are moving into a more serious investments ING online banking is limited in both scope and options.
    Lastly, although their interest rates are competitve, they are not ‘bullet-proof’; if you keep money outside TFSA or RRSP you WILL have to pay tax (depending on the amoutn you hold) upon withdrawal; essentially, its pretty much a saving vehicle similar to ‘money-market’, which should be seen as a pit stop to load your money before you make mind where you want to grow your money for a long-term.
    As for ORANGE KEY, (I have to congratulate FrugalTrader for promiting his # as every approved referal earns him cash …) EVERY ONE gets their OWN orange key # and can start making small bucks (if you have time and a long list of friends which are not that tech-savvy as you); so GET YOUR OWN # …

  20. Jim Tsai on August 17, 2009 at 3:39 pm

    ING Direct is also offering an incentive of $25 bonus to open up a Children’s Savings Account. Here is how:

    1. You must have an account with ING already.
    2. You must be the legal gardian of the child (child must be 18 yrs or younger).
    3. You must have the child’s S.I.N.
    4. Call ING direct and open up a Children’s Savings Account.
    5. Deposit $100 into the account.
    6. ING will give you the $25 bonus in Sep.

  21. Ms Save Money on August 17, 2009 at 8:11 pm

    That’s a pretty good deal to start saving for the little ones.

  22. Amit on August 17, 2009 at 8:30 pm

    I have been an ING Direct happy customer since 1999 both in USA and in Canada. It’s the best internet bank there is. I am happy at their secure login features that other banking institutions lack, and I am very happy at the speed of their servers, their less usage of unnecessary images make the page loading time a very good experience compared to say, ICICI Bank. Also, when transfering money from them to another bank or vice-versa, the money always arrives within 2 days or 3 at the most which is quite good. Taking money out from my ING Direct RRSP for downpayment on my house was also seamless.

    I have just had trouble applying for mortgage through them as their form remembers my 2 year old history and doesn’t let me correct the information that’s outdated now – it doesn’t even let me change my address. So, needless to say I am getting my mortgage needs from somewhere else. But for everything else ING is the best. In USA they have even tied up with Sharebuilder and every trade is $4. I wish they could offer something like this in Canada so that we can get away from the monopoly of Questrade as the only discount broker. I am hoping that once that happens at least the customer service will be much better than QT.

  23. Love Graphics on August 17, 2009 at 8:47 pm

    Definitely worth checking out ING for there low interest rates, and this is nice to have the $25 referral offer if its still available. Thanks for this in-depth review FrugalTrader.

  24. Paul Scott on August 18, 2009 at 10:20 am

    I have been with ING for 5 years + and only have good things to say.I use the
    high interest savings,TFSA,RGIC & also have a company savings.We deposit
    our monthly GST amounts into a savings account and make a few $’s
    in interest over each quarter.This works for us because GST doesn’t require monthly remittance on our business.
    They are relatively fast with getting the $’s to me when asked & in fact I often use the feature which allows you to pre date your remittance request.If I need the funds on the 15th I simply go into the system on the 10th(example) and ask for the transaction to happen on the 15th.

  25. InstruMike on August 18, 2009 at 3:05 pm

    I’ve been with ING for a few years.They have a good web site and a toll free number if you need to talk to an operator.The only problem that I’ve had is a fishing scam email that looked like ING but the email was asking for my username and password. I didn’t give it to them and forwarded the email to ING. Shortly after that they emailed all clients about the scam and increased their website security. So I’m happy with that.

    The children’s savings account sounds interesting. I wonder if you can open a TFSA for a 2 year old? I opened one for my wife to increase our TFSA to $10,000. If I can open one for my child that would give our family $15000 TFSA per year.

  26. FrugalTrader on August 18, 2009 at 3:10 pm

    Mike, afaik, TFSAs are for “adults” 18 and over.

  27. InstruMike on August 19, 2009 at 2:52 pm


    I’ve looked into it further and you’re right about it being for 18 and over.

  28. Martin on September 4, 2009 at 11:33 pm

    Been a loyal customer of ING Direct for many years now. Since signing up I’ve pretty much held all my savings with them both inside and outside of registered accounts.

    Big fan, I don’t have any plans on change that anytime soon even though making money from savings and mutual funds doesn’t seem to be the best at the moment.

    As for the children’s savings account, good idea but not for me just yet. No kids.

  29. Saro on September 5, 2009 at 1:38 am

    I’m almost surprised that this recommendation is being touted around now because ING Direct has kept on giving for several years now. Like most of you, I have been an ING Direct client since 2004 and I am a very happy client. In those days, I used to work for one of Canada’s major banks and referred friends and family to ING Direct – pre Referral Bonus days, mind you.

    However, I am disappointed that they still don’t offer Mutual Funds in Quebec. From what I know, they are in the process of ironing out some licensing issues but the way is long. Also, there have been talks that they will introduce chequing accounts in the not-so-distant future.

    I say, bring it on!

  30. Martin on September 5, 2009 at 4:18 am

    I suspect one of the reasons this is being touted now is because ING recently increased their referral bonus from $13 to $25 back in June.

  31. Rick on September 5, 2009 at 10:17 pm

    Just signed up online, real simple. Thanks for the bonus code from which I assume I’ll get the $25 and I’m glad to be able to give something to you. Your blog is just great!


  32. Cash Instinct on September 9, 2009 at 10:26 pm

    Too bad I already have an ING Direct account and have already referred few friends to it. No free cash for me.

    ING Direct loses me as a customer for regular savings account with their low rates. I understanding this incentive and advertising = lower interest rate, but I prefer to let Achieva get my money at 1.85% instead of 1.05% now at ING. I keep a low balance at ING, hoping ING will react someday.

    On the other hand, I thank ING for having no fees at all on their TFSA for REAL with no fees at all. Hope it will make others think about their fees (Hello HSBC and PC Financial with their transfert-out / close fees).

    NOTE: Kind of off-topic, but if someone from ING is reading: please offer a free-chequing account. This is much due, especially for people in Quebec that do not have access to alternatives such as PC Financial. The fact that Citizen recently shut down their free account gives you a great occasion to offer this service and get many customers that are looking for a new account.
    I hope your “Fee Twitter” application is a prelude to a free checking account. Free debit transactions in US would be great, free transactions in Canada should be a given. Thanks!

  33. Troy on September 11, 2009 at 6:57 pm

    I signed up with the orange key, but noticed they didn’t credit $25 to my account after 5 weeks. I phoned and they said they won’t credit my account unless I provided the person’s name, to go with the orange key.

  34. Joe on September 13, 2009 at 8:20 pm

    Same thing here as Troy. I did not receive the $25 credit either despite using the orange key.

  35. FrugalTrader on September 13, 2009 at 9:25 pm

    Joe, please send me an email ( and I’ll follow up with ING.

  36. Lior on September 19, 2009 at 10:30 pm

    I’ve been working with ING for a while. I have a savings account and a TFSA with them. The sign up process is quick and easy, though I wish there was some kind of way for them to verify the banking information online and have the whole transaction done electronically as oppose to mailing out a cheque. Their customer service is great and the people are always helpful. But it’s not just on the consumer level. I’ve arranged mortgages with ING and their broker team is just as great as their personal banking division – always helpful and easily reachable. I highly recommend them and there are rumours they will be offering chequing accounts late this year or sometime in 2010.

  37. Matt S on September 27, 2009 at 12:19 am

    I think the only purpose of this post is to solicit referrals. Shame on you FT, I feel betrayed after reading your blog for so long!

  38. Victor on September 27, 2009 at 7:21 am

    @Matt S – does it make it better or worse for you if I tell you that in response to the “Note that the code above is good for 50 uses only, so use it while you can. I don’t expect it to last long.” comment, some of us posted our own referral codes. Those were promptly deleted.

    I have to agree with what others have said. This is the first time I’ve been disappointed reading this blog, and I’ve been reading it daily for over a year. It was nice to see the update in response to a reader comment, but really I feel this should have been common sense.

    • FrugalTrader on September 27, 2009 at 8:31 am

      Victor, you have your own blog, would you allow other readers put their affiliate links in your blog posts? As part of our policy, MDJ does not allow external affiliate links/codes within the comments. Having said that, my 50 referrals was burned through very quickly (as I mentioned in the post) and the current code is a reader code, not mine.

      As well, as I admitted in the post, I joined ING initially to grab the $25 freebie, and it’s an opportunity for the readers to get the freebie as well the opportunity to refer their friends. If it’s any constellation, I’m keeping my ING account as the experience has been excellent thus far.

  39. Ahmad on September 30, 2009 at 1:13 am

    $1250 (50*25) ING referral bonus in a matter of few days. Looks like blogging is a very lucrative business :)

  40. marc on October 9, 2009 at 10:02 am

    Experts suggest that you open a savings or money market account and try to cover three to six months’ worth of expenses. By instructing your employer to directly deposit a percentage of each paycheck into a high-yield money market account before you have the opportunity to spend it, you are earning interest on that money at an extremely competitive rate and creating a valuable emergency reserve, vacation fund, or future down payment on a car or home.

  41. David on October 10, 2009 at 3:59 pm

    was ING Direct $25 Referral (Orange Key) Bonus program expired recently?

  42. Why I Chose To Open An ING Direct Orange Savings Account on October 12, 2009 at 12:25 pm

    Ultimately, I did decide to open an ING Bank account. It seemed like a no-brainer to me.

    Through using a referral link my friend at work provided, I received the bonus $25 to open my account with an initial deposit of $250 or more. The $25 bonus posted to my account right away (NOTE: this $25 is not available for withdrawal for 30 days though — if that is important to you). The initial transfer from my brick and mortar bank to my new ING Bank account was received within 48 hours.

    So now I am all set to start earning the 1.05% APY interest rate. I plan on using my new ING Bank account as my emergency fund… those funds that won’t be touched unless I abosolutely, positively need to. It will be nice for my savings to earn a higher interest rate vs. previously languishing in the < 1% range.

    I would be happy to forward the $25 referral offer to anyone who is interested.

  43. David on October 12, 2009 at 3:59 pm

    was ING Direct $25 Referral (Orange Key) Bonus program available till today?

  44. FrugalTrader on October 12, 2009 at 10:54 pm

    David, according to my account it’s still available. What makes you think otherwise?

  45. BigJ on October 26, 2009 at 2:04 pm

    Is the orange key above still valid?

  46. FrugalTrader on October 26, 2009 at 2:07 pm

    BigJ, the code above is a new “reader code”, so it should be fairly fresh. Let me know if you have any problems.

  47. Gean Oliveira on October 28, 2009 at 3:35 pm

    Hi FT,

    I opened my account today. Do I have to deposit the $100 dollars first, in order to get the $25?


    • FrugalTrader on October 28, 2009 at 3:53 pm

      Hey Gean, yes you’ll need to send in $100 as your initial deposit. They should have emailed you instructions on the procedure for sending the cheque in. Otherwise, the instructions should be within your account.

  48. FrugalTrader on October 29, 2009 at 8:36 pm

    Guys to be fair to other readers, please do not post your ING codes. I am, however, saving them.

  49. BigJ on October 29, 2009 at 10:32 pm

    Thanks FT! My account is officially open and funded, including the $25! The whole process took 3 days…not bad!

  50. Mike on December 5, 2009 at 11:56 pm

    Hi FT,
    I just recently opened an account, where can I find my orange key?


  51. FrugalTrader on December 6, 2009 at 4:37 pm

    Mike, when you make your $100 deposit, you should see your orange key when you login.

  52. FrugalTrader on December 8, 2009 at 8:35 pm

    Again guys,

    To be fair to other readers, please do not post your ING codes. I am, however, saving them.

  53. Mike on December 10, 2009 at 7:05 pm

    FT, could you check your account? Mine says I get 50 dollars if I refer 10 people, instead of the $25 a piece that I expected

  54. Linda on December 27, 2009 at 12:34 pm

    I stumbled upon this blog when researching discount brokerage websites, and would like to add my 2 cents’ worth regarding ING.

    I have had an account with this “no-frills” bank for a number of years, and was using it mostly as a place to park my savings.

    After the TFSA was introduced in the 2008 budget, I waited for an announcement from my regular bank, as I was anxious to open an account. By late fall there seemed to be nothing in the works, and when I approached a teller some time in October or early November (less than 2 months before the TFSA was to come into effect), she was still unclear on the process, didn’t know if there would be a fee (although she suspected there would be a charge of some kind) and explained that, in any event, I would have to book an appointment to speak to one of their customer service agents (and I use the term loosely).

    I returned home, went directly to the ING website, and within less than 5 minutes I had opened one of their early, higher-interest, TFSA-in-waiting accounts. No muss, no fuss, no charge. Since I am hoping to hold onto the account for the long term, being among the first out of the gate will probably reap huge benefits for ING.

  55. Shweta on January 4, 2010 at 6:26 pm

    I already have a TFSA account with ING opened last year. If I open another TFSA account and use Orange Key, will I still get $25 dollars ?

    Thanks a lot.

  56. Momof3 on February 23, 2010 at 7:21 pm

    I’ve been researching kids bank accounts for my little ones, and came across this discussion. Can you tell me if this $25 referral bonus is still being offered?

    I do not currently have an ING account, so if I were to open one and get my own orange key code can I then use that to open my 3 kids individual accounts and get them $25 each as well?

    Just a little unclear as to how this works. Thanks!

  57. FrugalTrader on February 23, 2010 at 9:52 pm

    Momof3, i’m not sure the childrens account promo is still going.. however, the $25 bonus for your account will definitely work as the code posted is new.

  58. StephanieR on March 12, 2010 at 6:39 pm

    Gosh, it works. I opened the account, told the guy on the phone the orange key number, and two days later, an extra $25 showed up in my account.

    I now have my own “orange key.” Naturally I am spreading the word.

    Thanks for the excellent tip. That $25 that showed up today was from me!


  59. Antony on April 8, 2010 at 4:15 am

    Very interesting. Can I take this key in reg in bank?

  60. Marcus on May 1, 2010 at 12:13 pm

    Update on ING: I checked my account yesterday (April 30th) and the TFSA Savings Account interest rate dropped to 2%

  61. runeash on May 6, 2010 at 1:52 pm

    I am assuming the money in ING children savings account is taxed at chidrens tax bracket ie I can’t imagine a 3years getting a T5 so for their savings I could start parking money there and not pay tax in my bracket

  62. Brian W on July 5, 2010 at 11:12 pm

    I opened my ING account and within a week had an extra $25 in my account. Thanks for the tip. I have referred several more people there to take advantage of the free money that they are giving away. Oh yeah and their interest rates are very competitive too

  63. rob on August 12, 2010 at 3:53 pm

    I do like their service, and getting money out is quite quick if need-be, usually by the middle of the next day after having requested it, it’s in my account.

    I do have a “bit” of a problem with their very slow “taking” of the money from my bank account.

    When I send my savings, it leaves my personal bank account the next day, but languishes on hold for seven days. Yes they pay interest, which really isn’t my reason for saving it, it’s just to put it away somewhere AWAY from my spending account, but seven days????

    I generally put lots in, but end up taking $40 or so back to shore up groceries or shortages, but always the amount is growing, so it’s a bit difficult when that happens.

    Since we are paid on Thursdays, if I place the money to ING, it’s not usually ready until the following Friday 7-8 days later, thus if I wanted to claw back a small amount, it doesn’t happen until Monday.

    That’s about my only complaint, it really makes no sense it takes seven days to deposit, as a payment to credit card takes about 3-4 at most?


  64. Dan - BankVibe on December 14, 2010 at 7:06 pm

    Some of ING’s savings/checkings account are decent but I’ve been hearing lately that ING’s mortgage dept is understaffed.

  65. Brendan on January 29, 2011 at 3:39 pm

    If I currently have a registered TFSA with TD that holds my traded securities and still has about 9 grand worth of contribution room, can I open an ING high interest TFSA for non trading activities or how does this work? I’m young and really want to maximize my TFSA use.

  66. Ed Rempel on January 30, 2011 at 11:39 am

    Hi Brendan,

    TFSA room works similar to RRSP room. You get $5,000/year and can contribute it to any TFSA, so there should be no problem contributing your extra room. Just be careful with withdrawals, since you only get that room back the following year.

    Just curious – why would you not contribute to your TD TFSA and invest it properly. ING savings is really only for short term or emergency fund uses. It is not a good long term investment return. Is this short term money?


  67. Brendan on January 31, 2011 at 1:55 pm

    Ed tRNA is for your assistance, it is actually long term oriented. I would like to max my TFSA out yearly but after this I was wondering if I could actually have another TFSA such as the ING account open coinciding with my TD?

  68. BenR on February 17, 2011 at 1:04 am

    Im also on ING, with the Thrive checking account, so my paycheck is deposited there, i pay everything from that account also, all without fees.

    Got a basic TFSA with them too for emergencies, also a joint savings account with the GF.