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Thread: ing direct

  1. #1
    Smart Canuck kris10's Avatar
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    i hope this is ok to post on sc. i understand if not.

    i just really wanna reccomend ing direct to everyone! i just signed up n i'm making nice interest!! tax free savings accounts are at 3% and regular savings accounts at 1.20ish% last i checked. you can easily transfer your money back and fourth from your regular bank account and ing direct because they are like linked once you send your cheque in. there are NO FEES either.

    so example if you have 5000 in savings invested then you can earn 12.50 in interest per month on a tax free savings account at 3%
    10000 would be 25.00.
    1000=2.50
    well a lot more then most banks anyway.

    plus if you have an orange key,send in $100 + for initial deposit then you get $25 bonus just for signing up plus whoever u refer that signs up ad uses your orange key you get $25 again,up until you reach 2000$. if anyone wants my orange key you can message me,IF you are interested.or you can google to find one to.
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    34591328S1 Sign Up at ING Direct With This ORange Key To Receive Free $50


  2. #2
    Fictional Ruler of ?? puddin57's Avatar
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    Does ING Direct require a minimum balance?

    MissBobloblaw RULES
    and so do my new GREEN shoes

  3. #3
    Hmmmmm
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    ING is usually deleted as spam on SC. It is a referral program like any other. But many people come on and lie about that fact, we got fed up, and that is why you don't see any ING threads.

  4. #4
    CaNewbie
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    You could earn way more than 3% through a mutual fund based TFSA. It may sound good and steady, but in the long run you could earn way more...

  5. #5
    Financial Advisor ashedfc's Avatar
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    Inflation will reduce the value of your money. Bank of Canada inflation target is 2%.
    Your TFSA at 3% is actually 1% in real return.
    Imagine if you grow your money at 1% (Net of inflation), the purchasing power of the money is not changing significantly.

    For shorter duration (like 3 months, 6 months, 1yr)- Its OK.
    But over the long term, there is significant erosion of value in your TFSA Account.

    Bank & Credit Unions all over Canada do not recommend higher growth options, because of their internal risk management & liability concerns. They just offer 2-3- whatever % GIC.

    Have you ever looked at an 8% TFSA (using a series T-8, which gives you growth & income both at the same time). Here is another option -

    http://www.theglobeandmail.com/globe...mary/?id=64568


    ASH
    www.edfc.ca

  6. #6
    Smart Canuck mulock's Avatar
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    People should not use a TFSA as just a savings account with petty interest rates of 1-4%. Instead, use your TFSA for investing. If you're wise, you can make FAR more. I bought $5000 of BMO stock with my TFSA in January 2009 when the stock was at $26/share. If you look today, it's close to $60/share...so just over $6000 in profit from that choice in just a year. That's how it's done.

  7. #7
    Smart Canuck kris10's Avatar
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    i'm nervous about stocks and that kind of thing,i would love to but i'm just not a big risk taker with my money. But i have still been seriously considering stuff like that lately...you gotta help me pick a good stock then,lol.

    Sorry, i don't mean to bother people,just want to help out. i just think it's good!

    i'm not a whiz at banking so i'm not too sure what you mean by all the inflation talk,lol sorry. All i know is i'm making the max amount of interest ( $25) on my tfsa and i'm happy about it.

    oh and i don't think you NEED a minimum balance...however for the orange key thing to get the $25 you need to deposit a minimum of $100.
    Last edited by kris10; Wed, Mar 10th, 2010 at 12:48 AM.
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  8. #8
    Canadian Guru Woofy's Avatar
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    There is no need to apologize, kris10.

    Savings and investing is a personal thing, and you have to do what you are most comfortable with.

    It's good that you know yourself.

    On a side note though... perhaps stocks make you nervous because you are still not familiar with it. Get familiarized with it, and you might not find it as scary as it seems.

    Just my 2 cents.
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  9. #9
    Financial Advisor ashedfc's Avatar
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    Always diversify your risk. There is risk is doing anything. But doing nothing is the WORST

  10. #10
    Mastermind win-star's Avatar
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    Quote Originally Posted by puddin57 View Post
    Does ING Direct require a minimum balance?

    No minimum balance required



    Kinda off topic:
    If anyone needs an Orange Key Please give me a PM, I am not sure I can post my orange key here.

  11. #11
    Smart Canuck kris10's Avatar
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    i dont think doing NOTHING is the worst. what if i lose everything? that would be the worst to me!!I mean i have a daughter to think about to. i know investing in stocks and that is generally for the longer term and well i guess i don't know a ton about it, i have tried reading it but it is all french to me,lol. i will have to take the time to really read it and get what everything means one day. i am thinking of investing the 1000 we get from the government for the hst thing here in ontario when we get it. I haven't fully decided how yet though.
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  12. #12
    Financial Advisor ashedfc's Avatar
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    Kris10 - you misunderstood my suggestion of doing nothing.
    It was meant for waiting till you get an opportunity. That does not mean one just sits and does nothing. You can always do.
    1. Spending Record & Budgeting.
    2. Income & expense statement (at family level, every family should do this)- If there is surplus then pay your debt or save in a tax efficient way. And if there is deficit, then either increase your income or reduce spending.
    3. Financial Risk management - What worse can happen, which will derail your financial future (like job loss, severe accident, etc. etc.)
    4. Debt management - Reorganize the debts at lower interest (mortgage or credit card or whatever debts are outstanding).
    5. Estate Planning - What if the worst happens, once a person closes his eyes forever, its a nightmare for people left behind. Most canadians have no clue of estate issues (even most bank employees are not aware of estate matters, just working in a bank is not enough).
    6. Investment Planning - People want too much return on investments (Greed is what kills us). Sometimes doing nothing actually refers to Not investing anywhere (Staying in Cash or Cash equivalent). Even if a person does nothing - his money is exposed to the valuation of Canadian dollar (I mean the purchasing power of money).

    Doing nothing is practically impossible - you are still invested in Canadian dollar.

    Hope that clarifies.

  13. #13
    Mastermind win-star's Avatar
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    What about Canadian Tire Financial Services?

    https://www.myctfs.com/

    the interest rate is 1.35% for the savings account

  14. #14
    Financial Advisor ashedfc's Avatar
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    Canadian Tire Financial services, sold their mortgage business to National bank. Their corporate strategy is the focus on retail, & probably they will exit the banking services.
    Are you comfortable doing your investments, where the company is selling its profit making division & downsizing.
    Investments is not just parking your money- its all about growing effectively. At 1.35% return (cost of living commonly called inflation is increasing more than that), so your money will grow less than the cost of living increase.
    This way the purchasing power of your money is actually reducing in value.
    What you can buy today with a $100, Next year you will not be able to buy that with $101.35

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