Tax-Free Investment Savings Account (TFSA)

The interest you earn in an ING DIRECT Tax-Free Savings Account will not be taxed. This means the power of compound interest works faster to grow your money.

Whether you're saving for a car, a house or a comfortable retirement, a TFSA is a great way to save both in the short and the long term. Thanks to tax-free compound growth, your money can grow faster inside a TFSA than in a traditional savings account.

Let's look at an example. If you deposit $5,000 in a TFSA at the beginning of each year, compared to putting that money in a regular savings account (like an ING DIRECT Investment Savings Account), you can save significantly more in a TFSA over 5, 10, 15 and 20 years.

This chart is for illustration purposes only and is not indicative of future terms. It illustrates the tax savings associated with a Tax-Free Savings Account compared to the savings in an ISA. Interest is calculated daily and paid monthly. The chart assumes the Client invests $5,000 at the start of each year, and no withdrawals are processed. Illustration based on historical interest rates between the period of January 2009 – December 2011, using an average TFSA interest rate of 2%, and Traditional Savings Account interest rate of 2%, to show the tax savings.

Assumes the Client's income is taxed at 32% outside of their TFSA, with interest income taxed annually. Not adjusted for inflation. Actual tax rates and rates of return will vary.

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We pay the kind of interest usually reserved for investments that make you lock away your money at other banks. Our interest rates give you the power to save your money.

A Tax-Free Savings Account (TFSA) is a great way for you to save for your short-term and long-term goals. Whether you're putting money aside for a down payment on a house or saving for a major purchase such as a car or a vacation, your TFSA can help you reach your goal sooner.

See how an ING DIRECT TFSA is a great choice for growing your money faster!

Earn great interest with an ING DIRECT TFSA. For example, if you put $5,000 into an ING DIRECT TFSA every year starting on January 1, 2009, compared to what you would have earned with the Big Banks*, you would have come out ahead in your savings. You never know when those extra savings could be needed, maybe when your fridge or stove needs to be replaced or when your car needs repairs.

This chart is for illustration purposes only and is not indicative of future terms. It compares the interest earned in a Tax-Free Savings Account between ING DIRECT and the Big Banks during the period of January 2009 – December 2011. The chart assumes the Client invests $5,000 each year since January 2009. Illustration based on historical interest rates between the period of January 2009 – December 2011. Average ING DIRECT interest rates: 2009, 1.99%; 2010, 2.20%; 2011, 1.82%. Average Big Bank interest rates: 2009, 1.30%; 2010, 1.29%; 2011, 1.32%. Assumes that no withdrawals have been processed during this period. Does not account for inflation. Interest is calculated daily and paid monthly. For illustration only.

*"Big Banks" refers to Bank of Montreal, CIBC, TD Canada Trust, RBC Royal Bank and Scotiabank.

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Because we know that every penny counts, we don't believe in things like fees or service charges. We also believe that you should get the same great rate on every dollar in your account no matter how much you have to save.

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One of the best features of the Tax-Free Investment Savings Account is the Automatic Savings Program (ASP). You decide how much you want to save on a regular basis and we automatically move your money from your bank into your savings account. It's the easiest way to make sure you maximize your tax-free savings every year. It's so simple. You'll be saving without even thinking about it.

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ING Bank of Canada is a member of Canada Deposit Insurance Corporation, which means your deposits of up to $100,000 are eligible for CDIC deposit insurance. You can rest assured that your hard earned savings are safe with us.

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We're always open so you can bank with us online at any time. Also if you need to talk to someone you can reach us by telephone day or night. Our friendly and professional Direct Associates will be happy to help you.

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Getting started is as simple as writing a cheque made payable to yourself from your current chequing account at a Canadian bank or financial institution. When you send it to us, it will act as your first deposit towards real tax-free savings. Plus, it links your bank account to your new ING DIRECT Tax-Free Investment Savings Account so you can transfer money between your bank and ING DIRECT whenever you want.

Interest is calculated daily and paid monthly. Rates, like the weather, are subject to change.

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