ING Direct
- Thread starter Hyena
- Start date
I've been with ING for several years, and very pleased with them. You have to maintain an account with a "normal" bricks-and-mortar bank as well, however, and the two will be linked. You can't cash paper cheques at ING, because the whole point of it is that it is a savings bank in the ether. You do everything by phone, which means transferring money in and out, via your "normal" bank.
They do have a couple of ATMS around town, I believe, where you could deposit and withdraw funds. Like a handful. ING is basically a place to park money, at a better interest rate, than a regular bank. Of course, rates these days are insignificant, so that argument doesn't count for much.
They do have a couple of ATMS around town, I believe, where you could deposit and withdraw funds. Like a handful. ING is basically a place to park money, at a better interest rate, than a regular bank. Of course, rates these days are insignificant, so that argument doesn't count for much.
Anyone have good or bad things to say about the banks/trust companies in this link?
http://www.highinterestsavings.ca/chart/
Sold my place, going to park the funds and rent for 3-4 years.
http://www.highinterestsavings.ca/chart/
Sold my place, going to park the funds and rent for 3-4 years.
Presidents choice is also excellent. No fee banking. Access to cibc atms free. Kiosks in grocery stores for when you need a real person. Good online and phone banking. Had them for about 10 years. Zero issues.
ing direct has a checking account called thrive its fabulous. so no you don't have to have another brick and motor bank anymore. and yes you can cash checks with ing direct since they added the thrive checking account.
Then i fail to see the avantage of ING. In fact, i prefer to bank in person, not by phone
or internet, so ING would not work for me.
But I can cash checks at my bank, BMO.
So what does ING offer than makes them better than BMO? Nothing worth speaking of
that i can see in this thread.
No Fees.
I'm an ING customer (savings) but I didn't sign up for Thrive (chequing) account. For that I use Presidents Choice which IMO is better (unlimited cheques, way more bank machines). Unless you need to see a teller, then PC or ING Thrive are no brainers.
I personally think ING is fantastic. I've had savings and investment accounts with them for years, then when the Thrive Checking came out, they invited me and others to give it a try. I didn't really start using it as my main checking account until about 8 months ago. You just make all of your deposits at the ATM. You would deposit a check the same as you would cash. Once you begin depositing money, they will continue to review your account and move you up tiers so you can deposit up to $5000 per week without it being held for 5 days. The phone lines to speak to someone about your account is open 24 hours. They provide 'whoops protection' of up to $240 - kind of like an over draft for payments. If you refer people, they give you $25 in your account and put $25-$50 in their account. They send you a couple of books of free checks. I cancelled my other accounts and I only use ING. Great bank.
Kayla
I too have cancelled my other chequing accounts at TD Canada Trust. ING Thrive is fantastic way to bank. At first you need a bank account from another bank to setup the account. You must write a cheque for a minimum of $1.00 from your other bank and mail it to them. Once the account is setup, you can close your old bank account and use only ING Direct.
It is best however, to keep a savings account at a real bank just because it won't cost you anything just in-case you need to cash a cheque directly or wish to use foreign currency services.
ING Direct Thrive is a no monthly fee free bank account (with no strings attached) and if enough people switch over, the big 5 banks will re-think their strategy.
For savings I use Ally (1.80% and a GIC @ 4.00%)
I just hope that ING will use visa debit just like TD Canada Trust, RBC and CIBC have offered to their customers.
It is best however, to keep a savings account at a real bank just because it won't cost you anything just in-case you need to cash a cheque directly or wish to use foreign currency services.
ING Direct Thrive is a no monthly fee free bank account (with no strings attached) and if enough people switch over, the big 5 banks will re-think their strategy.
For savings I use Ally (1.80% and a GIC @ 4.00%)
I just hope that ING will use visa debit just like TD Canada Trust, RBC and CIBC have offered to their customers.
I use PC Financial for daily banking, you get access to CIBC ATM's, the account is free, you get free cheques, the online banking is featureful and excellent, and their customer service is top notch. I also use them for my mortgage, as they had the best rate at the time. Their savings accounts, though, have sub-par interest rates. The only thing I pay for is EMT, everything else is free.
I have my emergency cash stashed in a high interest savings account. I move it around every year to whoever currently offers the highest interest rate. I have accounts at Outlook, ICICI, and ING, all linked to my PC Financial account--I can use the PC online banking system to move money back and forth. I have not used Ally yet but I have been looking into that as the next place to go, as they seem to often have the best rates. I did consider trying to use People's Trust, but last I checked there was no online banking experience there--you get a higher interest rate, but it's much harder to interact with them. Or at least that was my impression. Telephone / paper mail banking last I looked, which was honestly years ago.
I have never had a really bad experience with any of those organizations. ICICI can be a bit frustrating to deal with on the phone as they are obviously an Indian company, and you get morons on the phone when you call them. However, I was eventually able to do everything I wanted, and ICICI does have physical locations in Toronto now, which is helpful.
Which ATM machines would you use to make a deposit? I don't think ING have their own ATM machines.
They do, just not that many. They have an ATM locator on their website, you can see if any are convenient to you. However I find the combination of PC Financial for daily banking (CIBC machines) plus a completely virtual outfit for savings (e.g. Outlook financial) better.
I too have been with ING for many years now, also with TD. I have the old TD account with no fees for everyday stuff (no longer available) and use ING for savings. Everything on line so again no fees. Works great because they do offer higher interest rates.
I also have the ING Thrive account and find the no fees awesome as well as the overdraft service. In regards to the location of ATM machines, ING belongs to the banks that belong to the EXCHANGE network which includes enough banks that I have had no problem finding a close machine including when I was on business in Calgary, Edmonton, Ottawa and Montreal.
One concern I've had recently is that since ING is European, how solid is it in terms of exposure to the fiasco in Europe? Any financial experts with thoughts on this?
