Monday, April 5, 2010

ING Direct Canada - A Review

I opened a Tax Free Savings Account (TFSA) and an ISA (Investment Savings Account) with ING Direct several months ago.  I've been pretty impressed with their service so far (especially the remarkably simple and easy-to-use website), so I thought I'd offer a review

ING Direct Canada offer a range of savings products that are designed for people who don't want to spend every hour of every day managing their money. The accounts of most interest to ordinary consumers are given below (including current interest rates).
  • Savings accounts
    • Investment Savings Account (1.2%)
    • Retirement Savings Account (1.2%)
    • Tax-Free Investment Savings Account (3%)
    • US$ Savings Account (0.75%)\
    • Business Savings Account (1%)
  • Retirement Savings Plans
    • Savings Accounts (1.2%)
    • Guaranteed Investment Certificate (up to 3%)
    • Short Term Guaranteed Investment Certificate (up to 0.5%)
    • Mutual Fund Account (Income, Balanced, or Growth) 
    • Retirement Income Mutual Fund Account (Income, Balanced or Growth)
    • Loan (4%)
The mutual fund accounts (known as Streetwise funds) are essentially index trackers and invest in a mix of bonds and equities (with different allocations dependent on your risk profile).  The three types of mutual funds are 
  • Balanced Income (70% Canadian Bonds, 10% Canadian Equities, 10% US Equities, 10% International Equities)
  • Balanced (40% Canadian Bonds, 20% Canadian Equities, 20% US Equities, 20% International Equities)
  • Growth (25% Canadian Bonds, 25% Canadian Equities, 25% US Equities, 25% International Equities)
The mutual funds charge an annual management fee of 1% , and are automatically rebalanced every three months. The automatic rebalancing means that if the equities grow in value faster than the bonds, some of the equities are sold and bonds bought to maintain the allocation.  This strategy mechanizes the process of buy-low-and-sell-high (removing many of the emotional influences from investing), and is the primary reason I've invested my monthly TFSA contribution into the Streetwise Balanced Fund (you can arrange a monthly savings plan).

Given that most active managed mutual funds charge upwards of 2%, then the Streetwise Funds offer good value (of course you may find active managed funds that perform better than the Streetwise Funds, but this can often be a tricky affair - most of them perform worse than trackers over the long term). Make sure you read the Mutual Funds prospectus before you invest - you can find them here.

I've already mentioned the website - it's very simple to use and is designed for people who don't want to navigate a cumbersome web interface.  The options are streamlined and focussed. I've never needed to call ING, because I can do everything I want (including moving money into and out of ING from another a bank) on the web.

ING Direct also offer an incentive plan which gives you $25  when you open any account and making an initial deposit of $100 or more.  You need what's known as an ING Direct Orange Key, which you write into the appropriate part of the online application form when prompted.  Here's what to do
  1. Decide which account you want to open (a TFSA is a no-brainer for most Canadians)
  2. Go to and complete the online application form
  3. When prompted in the form, enter the Orange Key 34431191S1
  4. Make an initial deposit by check of $100 or more.
You'll also get your own Orange Key so you can make your own referrals (both you and the account opener get $25 each).  You could make up to $2025 with this incentive referral program (including your original $25).  Here's how it works.

Refer 10 friends - get $25 x 10 + $50 bonus = $300
Refer 20 friends - get $25 x 10 + $100 bonus = $350
Refer 30 friends - get $25 x 10 + $150 bonus = $400
Refer 40 friends - get $25 x 10 + $200 bonus = $450
Refer 50 friends - get $25 x 10 + $250 bonus = $500
TOTAL = $2000


  1. Here's another new key - 35329210S1.

  2. Here's an active orange key, use it when you sign up for an ING account today and get a $25 bonus!! Enjoy :)
    Orange Key: 30684987S1

  3. Who wouldn't want $25 for free?

    Fresh orange key code: 35230095S1

    I'm sure you know the spiel, but just in case: $100 minimum deposit when you open up your ING account, use the above code, then $25 free for you (and me too)! So, thanks in advance and enjoy!

  4. In case all of the above keys are maxed out or if I got your lucky numbers....Open an ING DIRECT account with my Orange Key 35546440S1 and get a $25 bonus!
    ING DIRECT Canada
    When you open an Account with a minimum balance of $100, They'll start you off with a $25 bonus! All you have to do is enter my Orange Key and you're set to save. Win.Win! Thank you in advance! :)

  5. Orange key: 17523700S1
    In addition, when you send me the date that you have received your 25$, I will show you how to enter contests and sweepstakes without taking a 20 min survey.

  6. 35061220S1

    Must deposit $100 or more to get $25 credit!

  7. Hi Fellas,

    Please use this working orange key,

    Orange Key: 35530019S1

    If you are looking for some smart trading ideas for 2011, feel free to consult my blog at:

    Happy new year to you all.


  8. Orange Key earn $25 with me and help me pay for school! 34031851S1

  9. Fresh orange key 27157699S1

  10. Hey everyone,

    If you haven't yet found an active Orange Key, enter 35634386S1.

    Enter this code when signing up for an ING Bank Account and receive a 25$ sign-up bonus!

  11. If you are looking for an ING Direct orange code, here is a new one: 35744098S1

  12. Hello,

    If you needa a newer code here' one that works!


  13. Fresh orange key 27157699S1

  14. This comment has been removed by the author.

  15. Help me pay for school!

    Key: 35859695S1

  16. New orange key! 15836613S1

    ING is the best bank!

  17. The above orange keys have already been exhausted (you can only use it so many times). Here's a FRESH, NEW orange key (created June 16, 2011): 35934724S1

  18. Here is an orange key that's working 35971642S1.

    ING is great!

  19. Our new orange key that's good for 50 referrals:


  20. Here is the latest and newest orange key....
    36027453S1.....happy savings guys!

  21. Brand new Orange Key for your referral:


    So far I'm delighted with the service (chequing and savings).

  22. 33485991S1

    Get a free $25!!!!!! with a minimum initial deposit of $100

  23. 38926765S1

    Just put in $100 and get your own key.

  24. This comment has been removed by the author.

  25. Limited time offer
    Orange key: 35078410S1

    And receive a bonus $50 when you open an account with a minimum $100 deposit.

    Valid only till the end of December.

  26. Overall ING is getting better with the addition of services such as the new thrive chequing account. The best part right now is their promo for $50 when opening a new account. You can get an orange key at

  27. An up to date orange key: 35355532S1

  28. Here's an up-to-date orange key: 39187677S1

  29. Here is an up to date orange keys (see below) that gives you $25 when you sign up. And before Feb 29, 2012, get $100 when you switch your payroll.

    (both works)

  30. I found this one:

    You must open the account with 100$ initial deposit. Insert the code in the orange key section during registration.
    Before Feb 29, 2012, get $100 when you switch your payroll.

  31. found this one:

    You must open the account with 100$ initial deposit. Insert the code in the orange key section during registration.
    Before Feb 29, 2012, get $100 when you switch your payroll

  32. New Orange key: 35679934S1

    Get your $25.00