Majority of Canadians not taking advantage of TFSAs

    ING DIRECT offers 3% interest on Tax-Free Investment Savings Accounts
    to encourage more Canadians to save

    TORONTO, Aug. 11 /CNW/ - The majority of Canadians have not yet taken
advantage of the new Tax-Free Savings program, launched by the Federal
Government in January 2009, according to research conducted by Radix Market
Research for ING DIRECT.
    The online survey found that among clients of the "Big 5" banks, on
average only 6% have opened a Tax-Free Savings Account (TFSA). However, at ING
DIRECT where savings are actively promoted all year round, 31% of clients have
opened a TFSA. A TFSA can be an Investment Savings Account, a GIC, or Mutual
    All Canadian residents 18 years of age or older can save up to $5,000
(for all combined TFSA accounts they hold) each year. Any unused contribution
room can be carried over to the next year. But there is still time to
contribute to this year's maximum contribution of $5,000 per adult, with
interest earned being tax-free.
    To encourage more Canadians to open a Tax-Free Investment Savings
Account, ING DIRECT is offering 3% interest (calculated daily, paid monthly)
up until October 1, 2009. So whether you are an existing ING DIRECT client or
new client, everyone benefits. Added to the tax-free benefits of a Tax-Free
Investment Savings Account are no minimums, no service charges and no fees at
ING DIRECT. Canadians can also take advantage of the Automatic Savings Program
(ASP) feature for their ING DIRECT Tax-Free Investment Savings Account.
Contributing regularly into any savings program means taking full advantage of
compounding interest while keep things simple.
    "We're paying the kind of interest usually reserved for investments that
make you lock away your money at other banks," says Peter Aceto, CEO of ING
DIRECT. "Through tax-free savings options, such as the Tax-Free Investment
Savings Account, your money works harder because you don't pay tax on the
interest earned. This means the power of compound interest works even faster
to grow your money."
    For more information, go to for English, or for French.

    About ING DIRECT Canada

    ING DIRECT is Canada's largest 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 since
that time Clients have earned more than $3.8 billion in interest. Clients can
bank with ING DIRECT 24 hours a day, 7 days a week, at or by
calling 1-800 ING DIRECT (1.800.464.3473).

For further information:

For further information: Media Contact: Joanne Ingrassia, ING DIRECT,
Office: (416) 758-5330, Mobile: (416) 903-0101,

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