Why wait until 2009 to get the benefit of tax-free savings?

    ING DIRECT offers bonus interest to cover taxes this year

    TORONTO, Oct. 6 /CNW/ - Although Tax-Free Savings Accounts (TFSA) are not
available until January 2009, ING DIRECT has found a way to help Canadians get
a head start on tax-free saving three months early, with the pre-launch of a
Tax-Free Investment Savings Account. Available today through to December, 31,
2008, the account will pay bonus interest on up to $5,000 that Canadians can
use to cover their taxes on interest earned until the end of the year. And to
ensure Canadians are ready to officially start saving tax-free in the New
Year, the funds in this account will be deposited into a TFSA on January 1,
    A recent Angus Reid poll revealed that more than a third of Canadians
want to take advantage of tax-free saving as soon as it's available, and the
Tax-Free Investment Savings Account from ING DIRECT is helping them do just
    "We are so excited about the advent of tax-free saving that we couldn't
wait until January to give Canadians the chance to save more of their hard
earned money. As the company that started the savings revolution in Canada, we
know that savers are counting on us to deliver a simple and easy option for
tax-free investing that gives them more value for their money," said Peter
Aceto, President and CEO, ING DIRECT. "By paying substantial bonus interest,
our unique offer reimburses Canadians for the taxes they are required to pay
on interest earned in the account until the end of the year and ensures their
money is ready to start earning interest tax-free on day one."
    "This really is a gift from the taxman to all Canadians that we are
helping to unwrap early. We hope that all savers will take advantage of the
opportunity to save tax-free starting today. Alongside our new account, we've
also launched a fun, simple and interactive microsite called hugthetaxman.ca,
where savers can learn more about the benefits of tax-free saving and how it
can help them reach their financial goals sooner," continued Aceto.

    ING DIRECT Tax-Free Investment Savings Account

    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 and individuals are eligible to open only one such account during the
pre-launch period.

    For more information about the ING DIRECT Tax-Free Investment Savings
Account, visit ingdirect.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 1-800 ING DIRECT.

For further information:

For further information: or to arrange an interview, please contact:
Lisa Naccarato, ING DIRECT, Office: (416) 758-5072, Mobile: (416) 885-0348,
lnaccarato@ingdirect.ca; Annette Robertson/Hailey Miles, MAVERICK Public
Relations, (416) 640-5525 ext. 231/238,

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