ING DIRECT offers 3% on Tax-Free Investment Savings Accounts

Many Canadians kick started their saving for 2010 TFSAs at ING DIRECT, earning high interest since October 2009

TORONTO , Jan. 7 /CNW/ - While 2009 was a difficult year for Canadians, many rose to the challenge and continued saving their money. Now, as the financial climate continues to improve, more Canadians are expected to save and make the most of their hard earned dollars to keep their financial futures healthy.

One of the best ways for Canadians to keep and grow their nest egg is to save with Tax-Free Investment Savings Accounts. At ING DIRECT, all Tax-Free Investment Savings Accounts are earning 3% interest as of January 1st, 2010 , which is calculated daily and paid monthly. With no fees, no service charges and of course no tax on the high interest earned, Canadians will be able to make their saved money work even harder at ING DIRECT.

According to an Angus Reid Strategies poll commissioned by ING DIRECT last September, 49% of Canadians said they plan to open a 2010 TFSA, significantly up from a third of Canadians who opened a TFSA in 2009. Many savers even got a head start on saving for their 2010 TFSAs with ING DIRECT.

"In October last year, we offered our 2010 TFSA Kick Start Account as a way for Canadians to save even more by depositing their 2010 TFSA contribution three months earlier than the official January 1, 2010 start date," says Peter Aceto , President & CEO of ING DIRECT Canada . "We are continuing to help Canadians save just as we had done in October 2008 before TFSAs were launched by the Federal Government in January 2009."

The ING DIRECT 2010 TFSA Kick Start Accounts earned double the interest rate of ING DIRECT's daily savings accounts to offset any taxes that may have been incurred in 2009 on the deposits, and were converted to 2010 TFSAs on January 1st, 2010 .

"If Canadians can get into the habit of contributing early each year, they'll squeeze even more earning power out of their savings," says Aceto. "Simple math shows the sooner you reach the $5,000 a year maximum allowed in a TFSA, your high interest will have more time to compound and grow over the year. And the Tax Man won't get a penny of it."

About ING DIRECT

ING DIRECT is Canada's leading direct bank with over 1.6 million Clients and more than $27 billion in total assets. ING DIRECT gives 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. Low cost, index-based mutual funds are sold through ING DIRECT Funds Limited. ING DIRECT has been operating in Canada since 1997, and has paid more than $4 billion in interest to Clients. ING DIRECT is open for banking 24 hours a day, 7 days a week, at ingdirect.ca or by calling 1-800 ING DIRECT (1-800-464-3473).

Follow Peter Aceto on Twitter at: Twitter.com/CEO_INGDIRECT

And find ING DIRECT at:

    
    Facebook.com/SuperStarSaver
    Twitter.com/SuperStarSaver
    YouTube.com/SuperStarSaver
    

Style note to Editors: ING DIRECT is always capitalized and never referred to as ING.

For further information: Media Relations Contacts: Joanne Ingrassia, [phone] or [email protected]; Lynnette Visaya, [phone] or [email protected]