Press Release
Canadians Flock to Tax-Free Savings Accounts
More than 100,000 Canadians have opened a Tax-Free Investment Savings Account with ING DIRECT
October 30, 2008, Toronto, ON - In less than a month since its launch, more than 100,000 Canadians have opened a Tax-Free Investment Savings Account with ING DIRECT. ING DIRECT was the first company to launch an early version of the Tax-Free Savings Account, which becomes official in 2009.
In less than a month since its launch, more than 100,000 Canadians have opened a Tax-Free Investment Savings Account with ING DIRECT. ING DIRECT was the first company to launch an early version of the Tax-Free Savings Account, which becomes official in 2009.
"As soon as we found out that Tax-Free Savings Accounts were coming to Canada, we immediately began working on a way to bring the benefits of tax-free saving to our Clients with urgency," said Peter Aceto, President & CEO of ING DIRECT. "We knew our Clients would love the chance to save even more of their money with us, but we've been blown away by the interest in our Tax-Free Investment Savings Account, both by our existing Clients and Canadians in general. The demand has exceeded our expectations. It's been a busy month getting Canadians signed up."
The ING DIRECT Tax-Free Investment Savings Account pays a base rate of three per cent, calculated daily and paid monthly, and an additional bonus interest equal to the interest earned will be credited on December 31, 2008, for deposits of up to $5,000 in the account during the pre-launch period. Money invested in the Tax-Free Investment Savings Account will be deposited into a TFSA on January 1, 2009 where interest earned will be tax-free. There are no fees or minimums associated with the Tax-Free Investment Savings Account.
For more information about the ING DIRECT Tax-Free Investment Savings Account, visit hugthetaxman.ca
About ING DIRECT
ING DIRECT is Canada's largest direct bank with over 1.6 million Clients and more than $24 billion in total assets. ING DIRECT is giving the power of saving to all Canadians by offering high-value, simple products such as high interest savings accounts with no fees or service charges and low rates on mortgages. ING DIRECT has been operating in Canada since 1997, and since that time Clients have earned more than $3 billion in interest. Clients can bank with ING DIRECT 24 hours a day, 7 days a week, at www.ingdirect.ca or by calling
