Tax-Free Investment Savings Account (TFSA)
It started with a simple idea: saving money should be for everyone, no matter how much or how little you save. Now with help from the Tax Man, you'll be able to increase those savings by earning high interest – tax-free! All Canadian residents who are at least 18 years old can now save up to $5000 (for all combined TFSA accounts, at any institution) each year. Remember, it’s $5,000 per person, per year.
Your money works harder because you don't pay tax on the interest earned. Add tax-free to the benefits of having an Investment Savings Account like no minimums, no service charges and no fees and you've got a Savings Account that can't be beat.
To learn more about the TFSA, check out our TFSA FAQs.
Take a look at our Top 10 Things to Know about the TFSA before getting started.
Tax-Free
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.
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Great Rate
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.
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No fees, no service charges and no minimum balances
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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Save automatically with an Automatic Savings Program
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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Safe and secure
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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Easy access
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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How it works
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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It's fast, it's safe and it's ridiculously convenient. Or, call us and open an account over the phone.
1-866-700-0314
Open a Tax-Free Investment Savings Account today. We're ready when you are.
Savings Account and GIC rates are annualized and are current as of today's date and are subject to change without notice. Interest is calculated daily and paid monthly in the case of our Savings Accounts; and is calculated daily and paid at maturity on a GIC.
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