Personal Finance

ING TSFA down to 1.4%

  • Last Updated:
  • May 23rd, 2012 8:10 pm
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Deal Addict
User avatar
Aug 7, 2010
1127 posts
479 upvotes

ING TSFA down to 1.4%

Are we gonna see another trickle-down effect?
21 replies
Member
Sep 23, 2011
200 posts
22 upvotes
Well, this makes Peoples Trust and Canadian Western Bank at more than 100% above and they have this 3% rate for more than a year. May be ING needs to finance all the incentives...
Newbie
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Feb 14, 2010
26 posts
1 upvote
That rate is just slightly above big 5's. Very disappointing for an online bank.
Deal Expert
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Aug 18, 2005
21223 posts
5939 upvotes
Burlington-Hamilton
Once again, I don't have a problem with this as long as, when rates go back up and people are losing their shirts, there is NOT a bailout for such irresponsible people.
- casual gastronomist -
Deal Fanatic
May 31, 2007
5018 posts
2175 upvotes
This is depressing.. you are losing purchasing power to inflation. I guess paying down a 2% ish mortgage rate is not that bad!!
Deal Addict
Feb 11, 2009
1026 posts
294 upvotes
I'd open a new account at another FI, but that would be yet another account I have to manage. Plus I'd have to fill out one of those forms to do the transfer.
Sr. Member
User avatar
Feb 13, 2009
553 posts
156 upvotes
Montreal
that's why they changed their motto from: save your money to forward banking (wth is that suppose to mean...)
Deal Fanatic
Oct 7, 2007
9404 posts
5374 upvotes
ING has really dropped all of their savings and GIC rates over the past year or so. I think their competitive rates were a big part of what attracted a lot of their customers. I don't think dropping their rates is going to maintain their customer base as "savers" will look elsewhere to get a better rate of return in this extremely low interest rate economy.
Member
Sep 23, 2011
200 posts
22 upvotes
"If you want high saving interest, then get high saving interest"
Member
User avatar
Aug 9, 2007
470 posts
29 upvotes
Ontario
I just got a notification that their Investment Savings Account (ISA) went from 1.35% down to 0.25% .... what is going on at ING??
Deal Fanatic
May 31, 2007
5018 posts
2175 upvotes
It still says 1.35% on their website for ISA.
Member
User avatar
Aug 9, 2007
470 posts
29 upvotes
Ontario
Jungle wrote: It still says 1.35% on their website for ISA.

Weird ... I got an orange alert but when I logged in it says 1.35% still as well. Maybe a sign of things to come? :confused:
Sr. Member
Jul 25, 2010
741 posts
955 upvotes
Vancouver
Interesting thing is that the act of many people leaving ING is probably causing it to get worse and worse.
Deal Fanatic
Mar 24, 2008
6278 posts
2753 upvotes
Toronto
Took all my money out last month and moved it to Ally... what are you going to do? :)
Deal Guru
Aug 14, 2007
12807 posts
3837 upvotes
--
ksgill wrote: Took all my money out last month and moved it to Ally... what are you going to do? :)

I'm leaning my $ with rbc where I have access to it 24/7 and doesn't take x business days to transfer money to/from the account.
Deal Fanatic
Mar 24, 2008
6278 posts
2753 upvotes
Toronto
XtremeModder wrote: I'm leaning my $ with rbc where I have access to it 24/7 and doesn't take x business days to transfer money to/from the account.

Not a bad move at the cost of 0.6% interest.

IMO, most people don't have enough saved to benefit from this extra 0.6% but for those who have a hundred thousand stashed with RBC e-savings at 1.2% vs. 1.8% at Ally, it could make a difference.
Deal Addict
User avatar
Aug 7, 2010
1127 posts
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Apart from the lack of online access, what's the downside of transferring to Peoples Trust (a steady 3% since Feb 2009)?
Deal Fanatic
Apr 11, 2012
5865 posts
3138 upvotes
Winnipeg
komodor wrote: Apart from the lack of online access, what's the downside of transferring to Peoples Trust (a steady 3% since Feb 2009)?

Don't know about PT.
But CDF offers 3% for TFSA and 2% for savings. Comes with online banking too. ask me if you have any question.
Sr. Member
User avatar
Oct 29, 2006
917 posts
632 upvotes
Wpegger wrote: Don't know about PT.
But CDF offers 3% for TFSA and 2% for savings. Comes with online banking too. ask me if you have any question.

Yeah, but they charge $50 to transfer your TFSA out.

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