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I’m sure you’re thinking of a few things. We all know money doesn’t grow on trees – what a concept that would be! But it doesn’t. And yet we continue to spend. It is astounding in fact how much we do. Our lives have become so busy that we don’t stop to check where our money is going. Think about it. Think about the number of transactions happening daily in our malls and main streets across the country or even online; the volumes are quite staggering. But also think about the extra costs here and there. Millions of these transactions cost Canadians more than we think, or see on our receipts. They add up and slowly chip away at our Savings and affect our financial security. They impact our freedom to make choices.

In fact, Canadians pay an average of $185 a year in fees just to maintain a simple chequing account. That’s $185 that isn’t going towards retirement savings; isn’t going for diapers; isn’t going towards our children’s school supplies or even for a night out. And it definitely isn’t going towards your well-needed vacation. For most of us, we pass our imposed transaction limit and start paying a fee for every cheque, online transaction or bank withdrawal, each and every month – year in and year out.

Why is this a big deal? A chequing account seems like such an ordinary part of our everyday lives. But that’s exactly the point. Chequing accounts are used by millions of Canadians for daily transactions. And like taxes, Canadians have grown accustomed to paying fees to use them. Your money should be working for you and not working to pay fees and service charges. That’s the big deal. Getting nickeled and dimed for just going about your everyday banking will affect your financial security. Everything adds up. You have the responsibility to know how your money is being spent and to make it work as hard as you do.

This is why, today, August 18, 2010, ING DIRECT announced the upcoming launch of the THRiVE Chequing Account – the first chequing account made by Savers for Savers! And it’s like no other chequing account in Canada. THRiVE Chequing Account is a true game changer. It redefines what Canadians should expect – even demand – from a chequing account.

THRiVE Chequing is an online no-fee daily chequing account that actually pays you interest on every and every hard earned dollar. THRiVE is designed to save time, save money and make our lives simpler. You can deposit, withdraw or transfer your money for free. You can pay your bills, email money to a friend or if you really need to - write a cheque. For free. No transaction limits. No fine print. Ever. You can also withdraw and deposit at over 2400 ABM’s across Canada – again, with no fees. See a trend here?

The feature I like the most is our personalized email alerts which notify you, for free, of transactions such as withdrawals, deposits, when a bill has been paid. Would you still buy those expensive shoes if you knew your balance before walking into the store?

Making waves in the Canadian banking industry – doing things differently – isn’t new for ING DIRECT. So why did it take us 14 years to do it? The answer is easy. To be a product worthy of wearing the orange colour, it needed to save you money, save you time and make your life simpler. And that’s exactly what our THRiVE Chequing Account delivers. In 1997 we brought Canadian Savers real choice. Today we’re bringing you freedom. We’re providing you a way to take back your $185, and break the cycle of needless, unfair fees that have become the norm year after year.

So stop paying to use your money and start thriving!

To learn more about the THRiVE Chequing account or to register for the preview, visit www.your185.ca

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From United Nation surveys to informal news reports, Canada has always been recognized as one of the best places to live in the world. And that’s no surprise. We have a free and open society that, most of the time, provides a balance between our personal wants and the needs of our greater community.

Many define “their freedom” as the ability to do whatever they want – from the simple decision of choosing what type of car to drive to the more serious of voicing support for a preferred political party or cause, or having the freedom of religion to safely and openly express our beliefs. I can understand wanting the freedom to express your beliefs, but I want to challenge the more simple idea that our ability to buy what we want is also a key factor in defining our freedom.

There is no doubt that having the money to buy what we want feels good. In fact, there are many studies that demonstrate that shopping can create similar feelings within us as certain drugs. Hey, we’ve all experienced the compelling urge to buy something special for ourselves – something to pick up our mood when we’ve had a bad day, or to celebrate when something has gone well.

Like most drugs, the feeling may be wonderful for a short time (so I’ve been told), but when the buzz wears off (or, in the case of a purchase, the newness) it doesn’t feel quite as good, does it?

Over the years of talking to fellow Canadians, I have seen how consumerism has taken away some of our freedom instead of providing the happiness and fulfillment many of us look for in our daily lives. I also want to clarify that I’m not talking about buying the basics needed for your everyday existence such as food, housing and clothing. I am talking about buying items that are beyond our means and that are not critical. For example, having a roof over your head is important. Having a sexy car or that 60 inch flat screen television isn’t.

So what happens when we spend more than we make? Well, research indicates that a major worry for many Canadians is retirement. How much will I need? What should I invest in? How long will I live?

Part of the worry comes from a feeling of lack of control, not feeling confident when trying to plan for the future, and the uncertainty of what could go wrong between now and that day – retirement day.

People used to look forward to retirement and planned for busy times of travelling, visiting family, and maybe even going back to school. But those plans seem less possible these days.

So do we just live in fear and worry? No, I believe that finding that freedom isn’t difficult and that most Canadians are more than capable to make financial decisions on their own. I also believe that when they do, they’ll feel much more confident about their future and a happy retirement.

Picture it like this: consumption and over-spending are like a jail cell that keeps us from our freedom. And our worries about our future – the future of our families – are the bars on the jail cell. We can see through the bars but our fears and worries hold us back from living a beautiful life. Our fears and our worries also stop us from living with a feeling of true freedom.

But there is a way out of the cell and you have the key. The ‘key’ to that door is living a lifestyle that is financially conservative and in control. It means saving today, systematically planning our saving and investing, avoiding high service fees, and no more superfluous spending. Once you take control which you can start today, you’ll begin to feel better about your financial future.

Spend thoughtfully, not impulsively. Keep your debt down and pay it off as soon as you can. Take control, stop worrying and be free.

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The media is filled these days with G20 stories about traffic nightmares in downtown Toronto, a fake lake, and fences being built to manage the expected surge of protestors. But when I think about the G20, I think about you, our customers. I think about some of the real issues at stake at this meeting, and the fact that action plans decided by world leaders could have a very real impact on your family’s finances. To be honest, I also think about why the meeting will cost $1.1 billion. But mostly, I think about the impact on our customers and all Canadians.

The debt crisis in Greece and the European Union’s attempt to stabilize it are a key issue. In fact, the World Bank has warned it could spark a second recession. Many world leaders now fear a second wave of financial instability – a so-called “double-dip” that might see things temporarily get worse before they get better.

For our customers, these macro issues have much more of an impact on your family finances than stories about spray painted bus shelters or massive lines of security guards. Those make good visuals for television, but the real issues in our global economy aren’t quite as sensational, even though their potential impacts are much more meaningful.

For example, one issue on the table at the G20 is the global banking tax proposal. Anything that could increase the cost of borrowing for consumers is not something ING DIRECT could support, and in fact the Canadian government, as the G20 host, does not support the banking tax. This is a great show of leadership on the world stage for Canada. But analysts are predicting that some form of a banking tax will likely be introduced in the US and in several debt-laden European countries.

The story for Canadian consumers has been a good one so far this year. Our economy grew 6.1 per cent (on an annualized basis) in the first quarter of 2010, its largest quarterly growth figure in a decade. The Canadian economy is expected to grow 3-3.5 per cent in 2010. More people are working, salary increases are back for many workers and housing values have started to rise again. These are all good indicators for the household finances of Canadian consumers. Let’s hope the media covering the G20 focus on the important issues and financial considerations Canadians face day-in and day-out. They are too important to be overshadowed by fireworks and spray paint.

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Life happens so fast that we often don’t realize how much our lives have changed in the past 10 years. The world is evolving at the speed of light (or at least feels that way sometimes) – especially in the area of technology with exciting advances being made every few months (if not hours!).

Did you know that a hundred years ago the telephone was being marketed as the new marvel of the century? And that in 1910, many homes were being wired so the homeowners could use amazing new inventions like vacuum cleaners and washing machines. Yes, that was only a hundred years ago. Today we have email, Twitter, and Facebook. We watch television on our computers, or we just check out YouTube. And getting lost is almost impossible if you have a GPS in your car.

As we all get carried up and away, with the waves of progress there are times when a change is worth noting.

On March 24th, ING DIRECT launched Mobile Banking applications, which will allow our customers to Save Anywhere™ using their mobile device. The day was celebrated with over 300 Clients, partners, staff and leaders in the field of social media who all joined us at the Kool Haus (The Guvernment) in downtown Toronto. This venue, which has played host to major artists like Stone Temple Pilots, was transformed into a party that was bursting with orange pride – from the orange-themed food and drinks to the lights and displays. In one corner of the room guests were able to follow attendees’ Tweets (www.orangetweets.ca), shown on a large screen, and on the other side they could watch the funny teaser videos that went up on YouTube.

David Bradshaw, Head of Sales and Service, played emcee for the evening and kicked things off with a thanks to everyone for attending. I took to the stage and faced an enthusiastic crowd who were all busy tweeting, cheering, and happy to be part of this incredible launch. As one person tweeted – “no other bank holds a party like ING DIRECT!”

The evening was topped off by a performance by Canadian artist, LIGHTS (winner of the 2009 Juno Award for Best New Artist) who impressed the crowd with her amazing voice as she performed her hits backed up by two band mates.

The evening ended with a small gift for everyone as they exited, picking up their custom made t-shirt that they had ordered when they arrived.

We hope that you take a moment sometime this week to download the application for your mobile device. ING DIRECT believes in making banking easy, simple and accessible. It isn’t just about saving money; we also want you to save time. And as the first bank in Canada to provide access for both iPhone and BlackBerry users, we want to ensure that all of our customers have access, if possible.

Like catching the crest of a wave, our goal is to move boldly forward to provide Canadians with all the tools they need to manage their money. In a February Globe and Mail article, Bob Hedges (managing partner at Boston-based consulting firm, Mercatus LLC) commented on Mobile Banking, "We're at the tipping point in terms of adoption," and "Over the next five years this will become more important than online banking."

We’re not sure if it will overtake online banking, but we are confident that, like the telephone and vacuum cleaner in 1910, Mobile Banking will help Canadians save time and money, anywhere, anytime. My thanks again to all who attended and I encourage you all to download the apps and start saving your money, as well as your time!

DOWNLOAD MOBILE APPS

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Because ING DIRECT offices are located across Canada – from Vancouver to Montreal – we don’t get the chance to get together that often. Even in Toronto, we have two offices which are close to each other, but still separated by enough of a distance that you don’t get to see some colleagues for weeks.

But even though we are separated by geography, we are all connected in our dedication to our work, to providing you the best products with no fees or minimums, and to bringing the power of saving to all Canadians. And we do this best when we get together at a Rally to celebrate.

We did this recently, and let me tell you it was big! ING DIRECT employees came together as a team to reflect – together – on where we’ve been and where we’re going. I personally believe that you learn from the past by honouring the hard work and dedication of everyone who contributed to your current success.

For myself, the journey started with Arkadi Kuhlmann, current CEO of ING DIRECT USA. He was my inspiration for joining ING DIRECT, as the 8th employee.

Time Magazine called Arkadi Kuhlmann “ING DIRECT’s Man on a Mission.” He helped create the idea of a direct bank because he was annoyed by the entrenched, homogenous practices of old-style banks and felt there was no consumer choice in the marketplace of a different, more cost-effective way of banking. He felt, as we still do, that old-style banks fail to offer true value or promote savings and that it was ridiculous for customers to have no choice but to pay astronomical bank fees. And, Arkadi believed that it wasn’t too much to ask that a real person answer the telephone.

He had a vision for a new kind of bank… a vision that really captured my attention… a vision every employee shares in their work each day for ING DIRECT.

We started laying the groundwork in 1996, preparing for what would become ING DIRECT, which eventually led to the launch of our “Save Your Money” campaign in 1997 when we officially opened for business offering Canadians a new way to do their banking. That year, we also opened the Toronto Café, the first of our four Cafés. Oddly enough I missed the official 1997 launch. But I had a good excuse. I was getting married that very day!

Our first commercial introducing us to Canadians began with these words: “Out here, you have real power. People compete for your business.”

We talked not about being a bank, but being “something different.” And we introduced our cause - to help Canadians save their money. This was our chance to make a difference.

We started by offering our Investment Savings Account and long-term GICs, but what most people remember is the emergence of our great TV commercials involving Frederic De Groot, who is actually an actor famous for playing a detective on Dutch television.

And we started to grow. We launched our lending program and U.S. dollar savings accounts in 1998. By 2003 we had one million customers, and in 2004 we launched the low-cost “un-mortgage”, a revolutionary way for a bank to view their customer’s mortgages.

Then in 2007, we celebrated our 10th anniversary, but with no intention of slowing down. In 2008, we launched the Streetwise Funds and became the first bank to offer Canadians a Tax-Free Savings Account.

By living our brand every day in every interaction with you, our customers – we’ve become the No. 1 direct bank in Canada, the 7th largest consumer bank and 6th largest mortgage producer in Canada.

And we thank you for this support and success. After all, this is a two-way relationship; one we hope you also feel has enriched your life in a small or big way. You’ve told us you think we are a leader in savings, an innovative company, and a pretty cool bank! We wish you could have attended our rally, but rest assured, your spirits as customers who believe in the power of saving was present.

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On January 25th at the Dark Horse Café in downtown Toronto, over 120 attendees discovered that ‘yes, there is a real person behind the tweets’!

The event was a Meet & Tweet in which we invited everyone in the Toronto area who follow ING DIRECT tweets (mine and also SuperStarSaver) to come down to the café to meet up and chat in person. For many, social media is one of those still undefined and intangible communication tools – but last night we met and talked and tweeted. And it was great!

We chatted about the use of social media channels like Twitter, Facebook and YouTube and how they have changed our lives. During the tweet up we also heard from Matt Hartley, Technology Reporter at the National Post about online savings tools/communities, and from financial blogger Preet Banerjee, who writes for Wheredoesallmymoneygo.com. They talked about the use of social media as part of their work and how they are still exploring its many uses.

For everyone in the room the feeling was one of adventure and excitement since the future of social media is still being explored. I can imagine the feeling would be similar to when the telephone was introduced to homes and communities, letting us communicate faster than traditional written letters. Or take the example of email which evolved in the 60s and 70s from an internal tool used by a small group to its world wide use today.

At the same time it’s hard sometimes to go down a road that is less familiar. There are those who feel it is a waste of time and energy to use social media, especially for a CEO. I guess it’s hard to shake those old banker images but for me, this event was worth any criticisms. ING DIRECT is not your traditional bank, we never have been and we never will be. And if we can reach out to hear what our customers are thinking and saying in a faster way, we want to be a part of that too.

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The "7 second" rule is one of those handy tips to help curb impulse buying. Basically, when you are considering a purchase, pause for 7 seconds while asking yourself, "Do I really need to buy this thing?" Hopefully you'll overcome your impulsive urge to buy and calmly walk away, or consider a less expensive option.

We all like to think that we are rational people who make decisions based on fact, but studies show that we are more often swayed by our emotions and can get caught up in market highs and lows. Take investing in the stock market. We all know the saying "buy low and sell high" but very few people can follow it since it can run counter to what we feel. "I don't want to buy a stock that is going down in price/value…I'll lose money."

The same can be said for Canada's current 'hot' housing market. With historically low rates, many Canadians are keen to refinance or buy a home as soon as possible. This in turn creates irrational behaviour - bidding wars, purchase conditions being waived, houses selling for 10 to 20% over the asking price. Some could call these signs of a bubble, but for me the more troubling aspect is the position many of these new homeowners could find themselves in a few years from now.

When you sit down to find out how much 'house' you can afford to buy based on your current income and the expected monthly payment, I recommend you try a different "7 second" rule.

Take that mortgage amount and create 3 other amortization schedules with higher rates. For example, a $300,000 mortgage with a 5 Year Fixed rate of 4.09% amortized over 25 years will have a monthly payment of $1,592. You may think that this is something you can afford. Now raise the rate by 1% to 5.09%, then 6.09% and finally to 7.09% (this should take about 7seconds if you use an online mortgage calculator - give or take a few minutes).

This will give you some perspective of what kind of payment you might be making if the rates go up in the not too distant future.

Think carefully about how affordable the home you buy today will be five years from now. You might want to consider buying less home so that your mortgage is smaller. Stay away from any amortization longer than 25 years so that you can pay down more of the principle and interest. You don't need to be an expert in how amortizations work because these are so easy to find online but they will really help you understand what you will really be paying while you live in that home.

I know it's hard to consider all this when that real estate agent finds you the home of your dreams – but those extra 7seconds could help to keep it a dream home and not a nightmare years from now.

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On November 4th, we had a group of children visit ING DIRECT to take part in Take Our Kids to Work Day – a national event that happens every year. They spent the day visiting our Toronto office along with some hands-on experience in how a Direct bank works. The event helps Grade 9 students get an idea of the types of jobs that their parents do during the day and also provides a glimpse into different departments as well as the skills and education needed to pursue a career that interests them. During the day they were asked a few times – do you know what you want to be when you grow up? Not surprisingly, very few had a clear career goal in mind as they are still learning about the difference between school life and their future work life. I'm sure they will find where their interests and passions are in the coming years and have years of success ahead, but for now they can still enjoy the process of discovery.

Then on November 5th, I gave a speech to 475 business students at my Alma mater, The University of Western Ontario. I chose to share with them my view that the best predictor of one's success in work and life is their passion. If you pursue endeavours you are passionate about, you will likely succeed. To do this, you need to first know what your passion is so that when the opportunity presents itself, you will be ready. I have always believed that the most successful people are those that take the time to discover what they love, their strengths and then build on them to carve out a career path. They are also honest with themselves about what they love to do as opposed to what they think they 'should' be doing. It's not always easy as there is more acceptance and support when a child announces they want to be a teacher, lawyer or doctor and less so if they choose a less travelled path such as circus performer or rock star.

So what is the connection between these two days? Even though I am in the business of banking, a major part of my day is working with people and seeing to it that they are passionate and engaged in their positions here at ING DIRECT. I personally interview each new employee. Although technical skills and education are important, finding a company that you believe in, a company that you are passionate about is a more important predictor of a "new hires" success. This is the foundation for our Orange Culture and as I wrote earlier, this is what makes the people who work at ING DIRECT special which in turn makes ING DIRECT special. Our unified passion ensures that each of our 1.6 million clients feel some of the magic as we strive to exceed their expectations every day.

ING DIRECT recently was voted one of the top 100 employers in Toronto – something that I am very proud of. I hope that next year we will be farther up the list, but in the meantime, we will continue to keep our passion for our business and our customers strong. After all, as Babe Ruth said, "Never let the fear of striking out get in your way."

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We recently did a poll with Angus Reid and also on Twitter asking parents what topic they found hardest to talk to their kids about: sex, drugs, or finances. They said "finances" which was a bit surprising to hear.

I too am a parent to 3 younger children and I am not really looking forward to discussing these topics with my kids, except for finances. I know I have the advantage of working in the field so that gives me the confidence to explain concepts such as interest, saving, investing, borrowing, fees, etc. Since I'm so close to the topic I also know that for a lot of parents explaining finances isn't that easy.

Kids are curious and popular media covers the first two topics in great detail whether in a movie, TV series or online. Although this is not where you want your kids to learn these lessons, at least their exposure to them will force parents to attempt to address them sooner or later. Kids today however, don't really get much exposure to learning about money unless their parents start them off with a piggy bank or savings account and then take the time to explain saving, borrowing, and investing. And I'd bet unless they have a natural affinity for saving money, it's pretty low on their list of favourite subjects to talk about when they get together.

For this reason I feel a personal duty to be an advocate for Canadians to help them feel empowered about their money. Basic banking and investing does not have to be complicated and difficult. Unfortunately, many financial institutions and advisors prefer to keep things complicated so we'll always need to pay for their advice. It does not need to be this way and a bit of education can help you feel comfortable making decisions about your money.

One personal example really drives the point home for me. Take for example how many kids learn about credit. They may be in their first year of college or university and they get their first credit card. In fact, on my first day of university I was given a credit card with a $500 limit. They learn pretty quickly how convenient it is, but, what they aren't always aware of are the implications of carrying a balance, missing payments, or how much interest they pay. For some it becomes a hard lesson in finance if they end up with poor credit which impacts future choices like buying their first home.

We think that learning about finances can start from an early age. That's why ING DIRECT recently launched Planet Orange – a fun and interactive site that helps children and parents learn about saving, borrowing, investing and budgeting. By completing space missions, they earn space money to spend on fuel for their spaceship, decorations and other fun stuff.

The site is free and you can sign up at orangekids.ca to get your child a great start to becoming financially empowered. Mom and Dad may enjoy it too. I highly recommend it (and so do my own kids). And don't be afraid to have that talk – it may be one of the most important ones you have to set your child's course for their financial future.

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The past two years have been unsettling for many Canadians. And even though recovery from the recession is not a done deal, there is hope that the worst has passed. Most of us will reflect on these times and take note of what we've learned – like reassessing our spending habits and what is really important in our lives. If we are fortunate to have not been affected directly, it is also a good time to think about giving back to our Communities.

Over the years, ING DIRECT staff has contributed in various ways, on their own or as a department to raise money for charities and community projects. These events have been very successful and we will continue to provide this support – but this year we also wanted to do something different.

On September 17, ING DIRECT staff participated in our first Orange in the Community event to build a "natural" playground in downtown Toronto.
With assistance from Bienenstock Natural Playgrounds who provided the design and direction, staff shovelled dirt, carried buckets of mulch, scraped paint off old fences, built benches and even brought water for their colleagues. Children in the neighbourhood came out to watch as the park came together with an upside-down tree turned into a play area, a balance beam strung between two huge boulders, a sandbox hemmed in by tree trunks, and slides that fit into the slope of a hill (eliminating the chance that kids could fall from the top, a common playground injury). It also has an area that emits mist, creating a small "cloud forest".

It was an incredible sight to see the more than 400 employees dressed in Orange t-shirts (60 per cent of our Toronto staff!) arrive in the morning eager to meet the 4:30 p.m. deadline. Later in the afternoon Toronto Mayor, David Miller and Councillor Paula Fletcher also joined us with support and words of encouragement.
This was our first Orange in the Community Event and everyone who participated was proud to represent ING DIRECT that day. It if often said that true happiness comes in giving to others – and I think I have to agree. The hard work, along with sore muscles the next day, only brought laugher and smiles.

We plan on making Orange in the Community an annual event. If you are in the Toronto area feel free to drop by the park. If you can't, don't worry. You may see our hundreds of Orange staff in your neighbourhood next year!

Interested in seeing more photos? Have a look at our Facebook Fan Page Photo Album.

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Funny how after 12 years we still get questions like "where are your branches?" My memories of branches (long time ago mind you since I really don't need to visit them anymore) were always of long lines and you only went if you had a special request that couldn't be done online or over the phone.

That is one of the reasons why ING DIRECT never went the route of branches. Instead we came up with what we think is a better alternative: Cafés. In Canada we call them Save Your Money Cafés, and they are located in Toronto, Vancouver, Calgary and Montreal. If you travel outside the country chances are you could come across a similar idea if you are visiting the United States, France, Germany, United Kingdom, Italy, Spain, Austria or Australia.

Our Cafés are special because there are no tellers or bank managers. Instead you'll find a friendly Direct Associate who can help answer questions, follow up on a request, or just walk you through a mortgage application. So along with that coffee you can get some one-on-one time with someone who cares about your account and how to best help you.

You may have come across Café staff in your neighbourhood as well at they are often helping out with local community events and supporting charities in their city.

So next time you are in Montreal, Vancouver, Calgary or Toronto visit one of our Cafés where you will experience what it feels like to be in a true savings environment. Our Cafés serve up generous portions of common sense and financial food for thought because learning about money shouldn't be complicated. It should be as easy as enjoying a cup of coffee with friends. Selling is not on our menu, but financial nourishment and being a good neighbour is.

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We recently launched our new Children's Savings Account so that parents can show their children the benefits of saving. To really make this work I believe that children need to learn about finances from an early age.

It could start with a piggy bank or a savings account where they can put aside all or some of the money they receive as gifts. If they are old enough to do chores around the house or babysit and get paid, they can be taught how some of that money can be put away to save for something they really want instead of spending every penny they earn. This can lead up to a lesson in lending and maybe even a bit of education around interest.

Financial planning doesn't have to be dull. You can also make it fun by telling children a story. For example, one of Aesop's Fables is called The Crow and the Pitcher and is an easy way to convey the message of saving to younger savers.

A crow who was very thirsty found a pitcher used to carry water. But when the Crow put its beak inside, he found that only a little water was left on the bottom and he couldn't reach far enough down to get at it. He tried, and he tried, and was ready to give up. Then he had an idea. He took a pebble and dropped it into the pitcher. Then he took another pebble and dropped it into the Pitcher. He kept dropping the pebbles into the pitcher until at last the water came up close enough for him to drink. The moral of the story - Little by little does the trick.

And if your child asks you if the fable is true, you can show them this amazing video of rooks actually using pebbles to get water in a pitcher!

Link to the Video: http://news.bbc.co.uk/2/hi/science/nature/8181233.stm

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A few weeks ago I was interviewed about the value of high interest savings accounts. I did note that we are at "historical lows" and that for some people 1.20% doesn't compare to years ago when we could offer 4% or higher.

Canadians have historically been a nation of savers. This is one of the reasons why our citizens and our economy have been resilient in tough times. In the past few years we have not saved as much as we should have but still well more than our American cousins. Our recent survey supports this, showing that Canadians are saving the same or even more than they did in the past. (link)

Saving, even at the lower rates of today is fundamental to a sound financial household. With saving comes freedom, peace of mind, the ability to think about the future. Canadians need to continue to save. Regardless of rate, savings are safe, guarantee that your return and that your hard earned savings will not be lost. In times when interest rates are low there are a few things you really should consider when thinking about where your savings should go.

Aside from the rate, make sure there are no fees and no minimum balances required. Whether the interest paid is $50 or $500 over a year you are still in a positive position as opposed to leaving your money in an account with fees which could eat at any gains that you make. A high interest savings account can also help you with easy access to funds during these uncertain times or to help you build a nest egg. Think of it as a virtual piggy bank and try to put a few dollars away where you can't access them money easily and can just let it grow.

Share a thought or two with me at chiefsavingsofficer@ingdirect.ca.
Be sure to follow me at www.twitter.com/CEO_INGDIRECT.

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I'm asked the question from time to time:

"Why are you actively participating on Twitter and in Social Media?"

My answer is simple. I want to be part of the conversation and be closer to our Clients by listening to their needs. It will only make us better as an organization. This paid off ten fold this week when we were able to help one of our Clients via Twitter.

We had a complaint earlier this week, where a Client tweeted that they were having issues with their mortgage. Knowing that we had to act quickly, we connected internally to come back to the Client with a better understanding of what was happening. I'm happy to say that we were able to resolve our Client's problem and that the Client was enthusiastic with our responsiveness and ability to resolve the issue (said from her very own tweets!). By being involved in Social Media and participating in the conversation, we are able to help Canadians ease any stress related to banking.

It's not all gold and glory though – this takes work and commitment. It's an opportunity for us to get closer to our Clients and to provide them with another way to reach out to us.

Keep it coming, Canada. We're listening!

Share a thought or two with me at chiefsavingsofficer@ingdirect.ca.
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These days, when it comes to our money, we all need to take a careful look at what's coming in and going out. Some expenses are obvious: gas, utilities, rent. But some aren't. Some can sneak past your radar, and one of those is bank fees.

During these difficult times, many banks have actually raised fees and service charges. In certain cases, they've even invented new ones. These fees are eating away at Canadians' nest eggs at exactly the moment when saving has become everyone's priority.

Is that right? I don't think it is.

A bank needs to be accountable for what it charges you just like any other business is. Hey, not every fee is unfair. It costs money to provide certain services to bank customers. Fair enough. But fees shouldn't just be a way to get more out of you. There should be a fairness barometer. Is it fair that a single withdrawal can wipe out months of earned interest? No. Is it fair that some banks charge $5 for transferring money out of an account, but then charge you a $20 inactivity fee for not moving money in or out? No.

What is a fair fee? Well, a fair fee is one that you knew about in advance and one where the amount of the fee is reasonable based upon the service you received.

With fees like this, savers can't win. And if savers aren't winning, we all lose.

So what needs to change? Canadians need to be aware and informed about the fees that we are paying. If it is not clear then we need to make sure we as, we understand. And we all need to monitor what we spend and ask ourselves if we're getting good value for it, because we have a role to play as consumers, too. A vigilant and informed consumer is a smart consumer.

If you'd like to be part of the conversation about unfair bank fees, then join us at fairfees.ca and speak up. Let's win the fight for fair fees.

For more information, visit www.fairfees.ca.

Share a thought or two with me at chiefsavingsofficer@ingdirect.ca.
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Welcome to DIRECT Talk! My name is Peter Aceto and I'm the President & CEO of ING DIRECT Canada. DIRECT Talk is a blog that I've created to speak directly to Canadian savers. I want to use this forum to share some of my own thoughts and feelings about issues that are important to all of us striving to be independent and financially 'fit'. To get things started, let me tell you a little more about myself.

I'm a proud Canadian, a husband, and dad to 3 busy youngsters. I joined this amazing team in 1997, when ING DIRECT was being born right here in Canada. If you can imagine, I was employee number 8! As with a lot of us here at ING DIRECT, the chance to be part of this seemed like fate. My orange journey actually began in a mechanic's shop, of all places, where I ran into Arkadi Kuhlmann, our founding CEO. He was the person who first inspired me to become a part of something special - ING DIRECT. Since those first days, we've been on a mission to build a truly new kind of business, and to change the way that banking is done in Canada so that savers can win. It's been a fantastic adventure so far! Along the way, I've worn a few hats during my nearly 13 years at ING DIRECT. I've worked in most areas of our organization, including Legal & Compliance, Risk Management, Operations, Sales and Marketing. That experience has given me a great understanding and respect for the people who make ING DIRECT work and makes me proud to have the job I have today.

I decided to start DIRECT Talk because I believe Canada's savers are at a crossroads. These days, every penny counts. People have more questions than ever about saving and borrowing money, about the costs of banking, and about their overall financial well being. Meanwhile, the banking business just seems to get more confusing, unclear and riddled with surprises. I want to help by offering some inside perspective and clarity, along with some frank opinions about the issues I think Canadian savers care about. I hope you find DIRECT Talk useful and thought provoking, and occasionally even inspiring! I'll certainly do my best to reward your time with every post.

Share a thought or two with me at chiefsavingsofficer@ingdirect.ca.
Be sure to follow me at www.twitter.com/CEO_INGDIRECT.