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Discussion forum ING Direct ING Direct Drops Rates

ING Direct Drops Rates
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1:01 pm
February 3, 2009


jeremywong

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ISA rate drops from 2.7 to 2.5
TFSA rate drops from 3 to 2.5

1:19 pm
February 3, 2009


Peter

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Sneaky buggers got me with their promo TFSA rate…

8:50 pm
February 3, 2009


Doug

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Also, of note, ING Groep is selling more of its stake in ING Canada Inc., bringing its total ownership down to only 13.5% from about 70% to raise about $1 billion in cash. ING Canada is its property & casualty insurance business (which also includes Trafalgar Insurance Company of Canada which operates as Grey Power in addition to ING Insurance Company of Canada in Canada) and does not include its ownership of ING Bank of Canada. That will continue to be wholly-owned by ING Groep – for now. Who knows what the Dutch government, as controlling shareholder of ING Groep, will do. :)

Cheers,
Doug

7:51 am
February 4, 2009


Craig

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That's exactly what I thought Peter! I also thought the same thing when I signed up with PC Financial's 3.50% TFSA, stuffed my $5000 emergency fund into it, then watched as the rate plummeted down to 2.55% over less than a month. These buggers know that we're unlikely to withdraw the cash for at least a year because the rules say we can't put it back in again until January 1, 2010. Grrrr!!! Classic bait-and-switch and I fell for it. I would start swearing but then you'll have to waste time censoring my posts.

8:05 am
February 4, 2009


Max

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Oh well, for signing in with their TFSA promo of "6%" for 3 months it still absorb a bit on the low interest TFSA for the next year. So we kind of like had 0.75% more spread on 4 trimesters.

See it like that and you'll feel less angry about ING. If you want to feel less angry about them ;)

My mattress is far more comfy with all my money under it.
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