We recently used an Orange Key to set up an ING Direct Tax-Free Investment Savings Account (TFSA) in my wife’s name to use as our emergency fund and saving for annual expenses like Christmas gifts and property taxes. We decided to use ING Direct for three reasons:
- Unlike some other banks, this is a TFSA with no fees
- The current 2% is a great rate compared to most other banks’ high interest savings accounts
- Using an Orange Key (35090351S1) gave us a free $25 when we opened the account
ING Direct Orange Key: 35090351S1
TFSA with no fees
Some banks have TFSA accounts with either administration fees or withdrawal fees. We chose ING Direct because they have no fees. This is especially important in these early years of the TFSA since the fees could wipe out any tax savings from the interest on a relatively small balance.
High interest rate
While a couple years ago, I wouldn’t be calling 2% a “high interest rate”, in the current economy this is about as good as it gets for a savings account. While everyone loves their low mortgage lending rates, the low interest rates have a negative effect when you’re trying to save money and earn interest on it. That said, ING has a good track record of providing one of the best interest rates at any point in time, so I’m hoping to see this rate increase eventually and stay ahead of the competition.
ING Direct does also offer a Tax-Free Guaranteed Investment (GIC) with up to 3% interest. While this account didn’t suit our needs since we plan to access the money, it could be a great way to set up a GIC ladder inside your TFSA.
Orange Key for a free $25
Being able to use an Orange Key for a free $25 helped to break the tie between ING Direct and Ally, which is another good choice for a TFSA, also with no fees and the same interest rate. Once you have your own account, you also get an orange key to refer friends and family and not only do they get $25 added to their ING savings account, buy you will get $25 as well!
If you want to sign up for a TFSA at ING Direct, you can use Orange Key 35090351S1 to get a $25 added to your account for free! Once you sign up, just send them a cheque for you initial deposit of $100 and once they finalize your account you’ll have an extra $25 added. The Orange Key is also good for accounts outside of a TFSA, including high interest savings accounts, GICs, and mutual funds.
ING Direct - TFSA With No Fees,Related Posts:
Tom Drake is the owner and head writer of Canadian Finance Blog.
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Wait – If I recall my ING policy correctly… don’t YOU also get $25 for each user that signs up with your orange key?
Yes I do. I hinted at that in the orange key paragraph that the referrer gets $25 as well.
I’ve been pretty open that I do make money from this blog. However, I won’t promote something if I don’t think it’s a good product. In this case, we have the TFSA account and are very happy with it.
I’m a new and happy customer of ING as well.
Opening an account was quick and easy. Transfers in and out were fast too.
Great idea to promote your Orange Key…!
Sounds like a sweet deal to me. When ING opens in UK (If ever) I will be looking at them for an account I think.
Thank you for taking the time to spread the word about TFSAs to Canadians. We think this is what smart Canadians are and will be doing in the future to save for all types of reasons. We try hard to exceed our customers expectations and provide great value always – every time. Thank you for pointing this out to your readers. I am grateful. Thank you again.
And yes, if you refer others to ING Direct we love helping you save even more by paying referal fees … to YOU!. Peter.
President’s Choice Financial also offers no fee banking. I’ve been banking with them for over 5 yrs now and I’ve had nothing but positive experiences.
Active orange key: 35561445S1
Please use to earn $25 bonus. I did!
http://www.ingdirect.ca/referafriend/
Get a $25 bonus with this key:
33063495S1
Here’s an Orange Key freshly released May 20, 2011. 35882197S1
If you have your paycheque direct deposit set up with the first deposit made before July 31, 2001, ING will give you $100.00! It’s true!! Plus you’ll also get $25.00 for using my Orange Key.
Thanks,
Don
Here is another active orange key
35850412S1
Enjoy!
Hey all prospective INGers. From now until the end of December you will get a $50 bonus! That’s double the original bonus. Just use this code 35090351S1 and deposit at least $100 and you will get $50 FREE! Thanks! http://www.ingdirect.ca
New Key, 16182697S1 50$ bonus limited time then 25$
Hey all prospective INGers. From now until the end of December you will get a $50 bonus! That’s double the original bonus. Just use this code 38956648S1 and deposit at least $100 and you will get $50 FREE! Thanks! http://www.ingdirect.ca
Excellent Post!!!
I opened my account and nearly fell off my chair when I say the $50 posted….you have to keep the funds in the account for 30 days ( which I planned to do anyway!!)
Updated key : 39058867S1
Hi all! On top of the bonus 50$ until the end of December, by arranging for an automatic deposit of your pay or pension in a Thrive chequing account, ING Direct gives you 100$! http://www.ingdirect.ca/thrive
Use this key and get started! 16777264S1
Hello,
A new active key as of Feb 2012:
36078226S1
36078226S1
36078226S1
thanks,
s
ING rocks!
Brand new key as of March 2012:
39347159S1
Brand New Code May 8th 2012..39445017S1
Trying to save up to move back to the city where there are better jobs for me, My 2 Daughters the Wife and Myself would greatly appreciate your help. Thanks