ING Direct Announces THRiVE!

by Tax Guy - Burlington Accountant on March 9, 2011 Print This Post Print This Post

I just received an e-mail not long ago from ING Direct announcing their new THRiVE chequing account.

If you have an ING Direct account, you probably know that the only way to deposit or withdraw from ING is through a bank-to-bank transfer. No more.

With the new THRiVE chequeing account you can deal directly through ING. The new ING account is similar to the PC Financial accounts but with the service and high(er) interest ING has traditionally paid on their balances.

Features of ING’s THRiVE

  • On-Line Banking. ING is one of Canada’s first on-line banks and has led the way on this arena.
  • No fees. You can deposit, transfer or withdraw without transaction fees. You’ll get your first set of cheques free and your monthly statement is always free.
  • Pays Interest. The account does pay, but don’t expect the same rate as on their Investment Savings Accounts. At the time of writing the ISA if paying 1.5% while THRiVE is paying only 0.25% for balances under $50,000 and 1.1% over $100,000.
  • Free ABM access through the Exchange network.
  • No fee Whoops! Overdraft Protection.  They will cover you for up to $250 of overdraft for 30 days without interest or fees.
  • Mobile banking.
  • Free e-mail money transfers.

In my opinion, PC Financial has been the major player on the on-line bank arena in Canada. They have been widely successful in offer their accounts, loans, and mortgages through CIBC and with kiosk locations in Lowlaw’s chains.

The THRiVE chequing account will mean ING Direct is now a viable alternative to PC Financial and Ally in terms of product offerings.

Check Out THRiVE

I already have a savings account at ING and I’ll open a THRiVE account and see how it goes. If your thinking of making a switch to a no-fee on-line bank, give ING Direct’s THRiVE a view.

About The Tax Guy...

Dean Paley CGA CFP is a Burlington accountant and financial planner who services individuals and business owners locally, nationally and internationally. Dean has appeared in the National Post, Toronto Star and Metro News.

To find out more, visit Dean's website Dean Paley CGA CFP or connect via Twitter @DeanPaleyCGACFP.

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