ING Direct (Canada)
Jul 25, 2001 (Updated Nov 4, 2002)
The Bottom Line Although its a project i think that will mature in time, its worthy of notice. You should setup a account for yourself.
I have been wanting to do this for some time, i use internet banking with my present 'brick and mortar' bank, and it was the next natural step.
Why did i choose ING Direct?
1. Simplicity at its best, you just can't get better. You can use your existing bank account to move money into your new account. The First transaction is ussually done by mail, writing yourself a check, i wrote mine for $2.00 (cause i was still a little sceptical). One difference though, i decided that seeing as i was in Toronto, Ontario anyways, i would show up at the local 'branch'. No, they dont accept cash, they have all the pamphlets you might need for information, real faces to talk to, and 'java' and muffins to-boot. Internet access to do your banking, and even a ATM machine (or 2) to carry on your transactions.
2. Wow, no cost withdraw of my money, this doenst cost me a cent, but only when i use the local ING Direct Machine. (Ussually found at a Local Canadian Tire Store, something like WalMart, only better;) ).
3. Downside is the charges you get hit for at the Interact networks. I don't have the prices in front of me, mainly because i have only just recieved my ING Direct Card. Oh, and another downside... you can't use it like your bank card at your local merchant's.
4. Customer support is awesome, i have never sat on hold with them for more then 5 minutes (and this is MAX.).
5. Savings only :( This is something that i consider to really suck, but I guess that opens a whole new bag of worms for them.
6. Yes, they also have Business Accounts, although you have pretty much the same requirements as a brick and mortar bank, only you also need to have a 'brick and mortar' bank to use to transfer the funds, (must be a business account too)
The setup was flawless, and the customer service was always very helpful, managed to get setup real quick and easy when i got my snailmail notice of the initial ($2.00) deposit.
Oh ya, and dont forget the *high* interest rate you recieve on your cash.
One other thing, they also have a easy 'forced savings' plan, you can setup a daily, weekely, bi-weekly, and monthly payment schedule from your bank account, into your ING account. Even easier to save.
--o-o- November 4, 2002 -o-o--
Have you ever stopped and looked at your brick and mortar bank account statements? How much to you see for interest when you have over $500 in the account for a month or so... Well, I can tell you this now. I have never seen so much interest. Honestly, I have never seen more then 3 cents paid out in one transaction. Guess what, even at 2.75% (Current rates) I have seen more then $4 in less then 6 months. While it may be nothing for most people, the fact that *I* got this, ... Well, I will be saving MORE money in the future, unused funds each month will be moved to INGDIRECT for sure!!