Expired Hot Deals

ING 3% rate for 90-Day TFSA GIC

  • Last Updated:
  • Jan 25th, 2010 2:59 pm
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[OP]
Jr. Member
Feb 7, 2003
153 posts
9 upvotes

ING 3% rate for 90-Day TFSA GIC

ING is currently offering 3% for 90-Day RSP GICs and TFSA GICs as well as their TFSA accounts. Much better than the 1.2% they were giving, and sure beats PCF and even Ally's rates.


I've noticed that many banks will pad their interest rates for TFSAs for the new year to try to get you to invest with them, then lower it after only a few days even, but this isn't bad since you can lock it for 3 months.

* Rate as at January 1, 2010 and is available until March 1, 2010. Interest is calculated daily and paid at maturity.

Here's the link:
http://www.ingdirect.ca/rsp/index.html

This is my first deal post, hope it's worthwhile ;)
7 replies
Jr. Member
Mar 10, 2003
143 posts
13 upvotes
Hmm so 90 days at 3%/annum on $5k is $36.99 interest ... wonder what the fee to withdraw is?
Deal Addict
Nov 26, 2003
2510 posts
345 upvotes
Toronto
xsf wrote:
Jan 1st, 2010 2:46 pm
ING is currently offering 3% for 90-Day RSP GICs and TFSA GICs as well as their TFSA accounts. Much better than the 1.2% they were giving, and sure beats PCF and even Ally's rates.


I've noticed that many banks will pad their interest rates for TFSAs for the new year to try to get you to invest with them, then lower it after only a few days even, but this isn't bad since you can lock it for 3 months.

* Rate as at January 1, 2010 and is available until March 1, 2010. Interest is calculated daily and paid at maturity.

Here's the link:
http://www.ingdirect.ca/rsp/index.html

This is my first deal post, hope it's worthwhile ;)
only the RSP 90 day is 3%. the normal 90 day and TFSA 90 Day are 0.5%.

The regular tfsa savings account is 3% for now though. Although i am sure it will change. I would lock it down in a short term GIC if they offered it, but mine is showing 0.5% right now for a 90 day TFSA GIC.
Member
Dec 8, 2008
324 posts
9 upvotes
Toronto
yup. 90 day 3% GIC is only for RSP
Deal Addict
Nov 26, 2003
2510 posts
345 upvotes
Toronto
Dealdood wrote:
Jan 1st, 2010 3:00 pm
Hmm so 90 days at 3%/annum on $5k is $36.99 interest ... wonder what the fee to withdraw is?
ING has no fees to withdraw or move money.

isnt 5000 @ 3% for 90 days $37.50? :P
Jr. Member
Mar 10, 2003
143 posts
13 upvotes
ShylocK wrote:
Jan 1st, 2010 3:03 pm
ING has no fees to withdraw or move money.

isnt 5000 @ 3% for 90 days $37.50? :P
Not if its 3% annual, remember its only 90 days of 365 days, so it is less than the $37.50 you are calculating, unless ING uses a different calculation?

In any case since its only for RSP I say bleh.
Newbie
Jul 8, 2008
9 posts
Surrey, BC
The problem with 90 days is that it expires during a period when most financial institutions are not offering promotional rates. As a result, you'll be stuck with investing into regular posted rates.

My credit union (Community Savings) is currently offering 3% for 3 years. Personally, I haven't seen a better rate for a 3-year term.

You can check out all the promotional rates at https://www.comsavings.com.
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