ING Direct Savings Accounts

[DavidC]

Firstly, the tutorials / information on their site are pretty useless.

I live in Canada, and RBC is offering I think 1.4% on a 1-year GIC, cashable without penalty in 30 days.

ING Direct is offering 3%, temporarily, on their savings accounts, until the end of the year (if they don't cancel it at any time without notice, which they're allowed to do).

Their standard interest rate is 2.6%, and the caveat here is that they only pay 3% on the balance that's over-and-above what you have already had in the account on Aug 31st.

I called them up, and in order to set up an account, you give them a cheque, payable to yourself, and mail it to them. Then when that check clears you call them up and they get some more info. I'll post more as the situation develops (i.e. making standard deposits / withdrawls, any difficulties, etc).

Anyone else have ING direct accounts? I'm curious as to what your experience has been like.

Also, I think it's a little like Neteller, in that it takes a while for the funds to hit your account when you w/d from this bank, as they're wiring the money. Therefore you wouldn't want to do this with part of your poker roll, etc.

ING Direct Canadian savings accounts are protected by the CDIC for up to $100k.

--Dave.