Tag Archives: ING Direct

Mortgage Interest Rates

6 Sep

My pre-construction condo is finishing up by December 2013.  So it is time to shop around for the best Mortgage rate!  But I am having a hard time deciding between fixed or variable rates.

I’ve been pre-approved for a mortgage from CIBC and RBC.  Apparently, both banks do not offer any variable rates for less than 5 yrs.   For comparison purposes, I’ve also added in ING rates that I got from their website.   I’ll be paying a minimum 20% of the purchase price.

CIBC RBC ING
Fixed 3 yr 3.19% 3.09%
Fixed 4 yr 3.39% 3.29%
Fixed 5 yr 3.29% 3.59% 3.79%
Variable 5 yr 2.60% 2.60% 2.75%

(I still have to find out the rates from CIBC for fixed 3 yr and 4 yr rates.)

Rates are at its all time lows.  I’m kind of leaning towards the variable rate, but I might get screwed over if rates start to rise over the next few years.  A lot of people are saying to lock in your rates before it increases…

I need to find out if certain mortgages are breakable without much penalty.  Decision, decisions!

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ING Direct introduces mobile deposit!

18 Jun

As you all know I am an ING Direct customer, I have their banking application on my mobile phone.  Today, I found out their cool feature of mobile deposit.  I decided to login to check it out for myself.  But I couldn’t find the new “deposit” feature on the bottom tabs.  A light bulb clicked, I haven’t updated my ING Direct app yet!  So I scooted over to my play store apps to update the newest version for ING Direct.  Voila, I am now able to snap pics of my cheque to make a deposit!

Step 1:  Select your account

Step 2:  Enter the amount of your cheque

Step 3:  Take a picture of your cheque front and back

Step 4:  Wait for confirmation

Step 5:  After ING Direct reviews your cheque, they will approve it or not.  Once approved, you can destroy your cheque.

ING DIrect Mobile Deposit

Hmm, looks like I’ll still have to deposit my monthly pay cheque at the ABM. At least, I have a credit union across the street from my work. PHEW!

Canadian banks are slow to act while other countries in the world have already adopted mobile cheque deposits as a daily occurrence.  Finally, ING Direct has joined the new wave of internet banking making it easier for Canadian customers to make a deposit without stepping foot into the bank.  However, there is a limit to the amount of money you can make a deposit with.  Anything over $1500, you would have to go to the bank physically to deposit the cheque at the ABM or bank teller.  Otherwise, you are free to snap pictures of your cheque and make a deposit directly into your bank account in your PJs.

UPDATE:  My mobile deposit limit is now $25,000!  

ING loves me!

I’m a valued customer with:

$800/daily cash limit
$2500/debit limit
$5000/hold limit on cheques

My Monthly Warriors

3 Nov

My overall stocks are a little depressed at the moment. >_<  It really doesn’t affect my monthly warriors from churning out distributions time after time!  For the month of October, I’ve collected $292.14 in distributions.   YTD:  $3001.65 total from distributions and dividends.  Next year, I plan on increasing my collection to $5000!

Under my Margin corner:  BPF.UN $19.60; REI.UN $46.00
Under my TFSA corner:  CHE.UN $127.00
Under my RRSP corner:  CHE.UN $24.00; KEG.UN $8.00; IPL.UN $37.54

To earn interest on your savings these days are hard to come by.  With good no fee, high interest saving/chequing accounts alike, you can make the most out of it.  I usually leave little to no money in my chequing account (0.25% from ING Direct), yet I’ve managed to earn 12 cents on the money that got leftover in my account!  Really beats having to pay a monthly to your big five banks!  Don’t you think?

Special promotion at ING Direct now, get $50 bonus for first time customer to open up an account!  http://www.ingdirect.ca/en/index.html
My Orange Key is: 16537317S1  please use my referral and we can both benefit from it, thanks!

Friends Referred: 1
You’ve Earned: $50.00

 

 

RIP MBNA Smart Cash Mastercard

29 Oct

I’m a current MBNA Smart Cash Mastercard who enjoys getting 3% cash back on gas and groceries and 1% for all other net purchases.  But all that is about to come to an end by December 31, 2012:

  • GAS/GROCERY:  3% cash back on your for first $600 in monthly spend will be reduced to 2% cash back for the first $400 in monthly spend 
  • You will continue to earn 1% on all net purchases, with no cash back earned limit (Ohh, how generous of them… bastards!)  <– Allan pointed out that there is now $1250 monthly spending limit on 1% cashback for Platinum Plus cardholders 😦

Earlier in the year, TD Bank bought out the Canadian division of MBNA.  With this new ownership, the awesome reward system that was currently being offered is now being slashed by greedy TD Bank.  I dislike banks with a vengeance for changing the rates.  Why can’t they just honor the terms that was first agreed in the first place?

Now, I am worried about Scotia Bank who has bought out my free online banking at ING Direct.  Will they also implement a fee to squeeze out more profit from their customers?

On a positive note:  I earned $2.33 so far from my Redflagdeal Cash Back account.  I can’t wait to get cash back for a recent purchase of a Macbook Pro for a coworker, too bad I forgot to use Redflagdeal Cash Back account for an Iphone 5 purchase through the Apple site.  Let me clarify, I’ve been put in charge using company’s credit card for buying Christmas gifts online for a set monetary bonus limit for other coworkers.  I just use it to my advantage ^_^  Might as well right?

Check it out if you like to do a lot of online shopping:   http://www.redflagdeals.com/cashback/