Canadian High Interest Savings Bank Accounts

My fiance just opened a TFSA account with ING because we thought that was the highest rate we could get to save up for our wedding in 2011. October 1st is coming pretty fast. Does anyone know what the rate will change from 3.00% to?

I spend a lot of time watching BNN. That channel drove me to distraction with that ING commercial where the two women slam the Banks for their low Interest Rates, etc, & praise ING for its Rates, etc. They ran it at least 10 times a day, to the extent that I sent an email to BNN asking for relief. I couldn't help noticing that last Friday, no ING on BNN. Friday night on this site I read about ING's decrease in Rates. Thanks, guys. I've pulled my wad from ING & gone to Maxa.

J.J.

I always chuckled when I saw ING's ads comparing their interest rates with those at the big five banks. Wouldn't it be more proper for ING to compare its rates with those offered by its peer group, such as HSBC, ICICI, PCF, etc…, instead of those offered at the big, full-service chartered banks? Of course it would; that was a rhetorical question. ING's ads are classic "toss BS at 'em without technically lying" that could be shown in a Marketing 101 class. I pulled all my money out of ING long ago and don't see it going back any time soon.

James said:

I have been going back and forth via e-mail with ING customer service asking why they've lowered their ISA rate twice since the last time the Bank of Canada adjusted the prime rate. They have been giving me nothing but stock, propaganda-style replies and they take their damned time doing it, too. I'm going to call them tomorrow and, if they can't resolve anything to my satisfaction, I'm emptying my accounts with them and moving funds to a higher interest vehicle.

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Exactly what are you hoping to accomplish by contacting them? Why not move your money to a higher interest account right now?

i pulled my money out of ING after I asked to be enrolled in the 3% RRSP 1 year GIC they were offering and they told me it was only for people who moved their RRSP to ING from elsewhere and not existing customers.

So it means if you have been a loyal customer of ING, it actually works against you.