Tuesday, July 27, 2010

Automatic Savings Plan at ING Direct

This morning I programmed a monthly automatic transfer of funds from my day-to-day bank account to my ING Direct account (where I have my emergency fund).

I had noticed that ING Direct was offering an incentive to start one, so I decided to take advantage of this. You have to have an account to even see the offer, so I cannot provide a link for the details. Basically, the offer is:
  • Must be set up before August 16th;
  • Minimum $100 per automatic transfer;
  • Can be monthly, bi-weekly or weekkly; and
  • Must be kept for at least 6 months.

So I set up a $100 transfer every month for the next 7 months. The $25 should be deposited around March next year -- I made sure to print the offer so I can follow up with them if the cash isn't transferred to me at that time.

I wanted to put away more money anyway, as I plan on purchasing a new car next year. So why not get a free $25 at the same time? This promotion yields me about 3.5% of the invested amount ($25 for $700), on top of the small interest paid on the savings account (currently 1.3% per year).


Anonymous said...

wow thanks for the info. we have a lot of money with ing and so I think I'll log in and look for the offer.

larry macdonald said...

I can't find any mention of this offer on my ING account. Just wondering where you saw it on the website. Or perhaps the offer is available only in Quebec?

Frog of Finance said...

The offer was in the form of a message in my message board, once I logged into my account. The message with the offer is dated July 9th.

It's possible this was targeted only at investors in Quebec, but I doubt it. We are usually excluded from many offers (because of stricter "consumer protection" regulations), but seldom have offers that are not applicable to other Canadians.

The Financial Power said...

It was smart that you printed out the offer. There are so many so called offers to get customers and sales.

I do the same thing when something comes up and I have to follow up later. I print the offer. I t saved me thousands when a hosting company double charged me and they changed their offer a month after I signed up.

But I had the printed proof. electronic data can be changed and often "terms and conditions" mention that they have the right to change their offers and terms. Having a printed dated proof is your protection.