ING Direct (Company Overview) - Canadian Mortgage Lenders
ING Direct is an online and phone-banking service based in Toronto, Canada, and has been in operation since 1999. It promotes the fact that since it is an all-digital, branchless company, it can offer higher interest rates on deposits, and lower interest rates on loans. ING Direct offers saving and investment services, checking accounts, and mortgages.
Saving and Investments
ING Direct offers six different types of business and individual savings accounts, with interest rates ranging from 0.75% to 2.0%. Other investment and savings accounts are:
• RSP accounts, with interest rates ranging from 1.50% to 3.50%
• Tax-Free Savings accounts, with interest rates ranging from 1.75% to 3.50%
• Mutual Funds
• Business Accounts, with interest rates ranging from 0.75% up to 3.50%
ING Direct also offers a variety of GICs, including:
• Basic GICs, interest rates up to 3.50%
• RSPs GICs, interest rates up to 3.50%
• Tax-Free GICs, interest rates up to 3.50%
• Business GICs, interest rates up to 3.50%
• U.S. Dollar Business GICs, interest rates up to 2.00%
• Short Term GICs, interest rates up to 1.75%
• RSP Short Term GICs, interest rates up to 1.60%
• Tax-Free Short Term GICs, interest rates up to 1.75%
• Business Short Term GICs, interest rates up to 1.70%
• U.S. Dollar Business Short Term GICs, interest rates up to 1.00%
ING Direct uses THRiVE Chequing, which is an online chequing account that has no fees associated to it. THRiVE Chequing accounts gain interest, and have free $250 overdraft protection. Customers receive free email alerts about when money enters or leaves their accounts, and cash can be accessed free through THE EXCHANGE ® Network.
Mortgage rates range from 3.19% to 4.99% for fixed rate mortgages and start at 2.25% for 5-year variable mortgages. Fixed rates are guaranteed for 120 days. Customers can make single payments of up to 25% of their original mortgage amount at any time, and can increase their monthly payments by up to 25%.
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