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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{ 6 comments }

Sian March 9, 2011 at 1:08 pm

I love Thrive – – if you’re living on the west coast or have esay access to credit unions elsewhere. In Ontario that can be a limiter to getting thrive if you need to deposit cheques! One another thing of note, Thrive gives you your first cheque book free and then charges you. PC Financial provides free cheques and has one of the largest ATM/ABM networks in the country. If you choose Thrive, consider getting your cheques through a service like ASAP cheques. It costs alot less! Hope this helps!

Tax Guy March 9, 2011 at 2:44 pm

@Sian,
Thanks for the info!

Bill March 9, 2011 at 11:29 pm

Glad this is open to all now. I will use PC Financial for my day to day banking (as I have almost since they opened) but will use Thrive to email transfer money – I hate paying the $1.50 fee that PCF charges. Since I have an ING savings account anyways, it is simple to move it over, and email. For free!

$12.50 for 50 cheques is outrageous, though ASAP or alternatives are better (but still cost).

Tax Guy March 10, 2011 at 8:11 am

Bill. I assume the $12.50 refers to the charge for cheques by PCF?

Canuckdave February 11, 2012 at 9:53 pm

39238547S1 orange key for $25 for you and I with $100 intial deposit.

Shawn February 13, 2012 at 3:46 pm

Got my Thrive chequing account with ING and so far very satisfied, got my $25 signup bonus with my orange key, just waiting for the $100 payroll bonus as soon as i get my next pay.

Sign up with my orange key and get a $25 bonus! :

39228750S1

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