Super Mom – No Cape!

One mother sharing her knowledge with others

Budget Saver – Fee Free Banking

Posted by Super Mom No Cape on November 13th, 2013

Photo of orange stockings from ING flyer

When we moved back to Canada and Dave started working on various short term contracts in Ontario and Quebec, we needed to open a bank account here in Ontario. So I started researching various banks and checking into what accounts would be best for us to set up.

I discovered, to my dismay, how much more Canadian banks charge for monthly service fees, as well as ATM fees than the banks that we deal with in the US.

The thought of paying those expensive fees each month really bothered me and I kept putting off opening an account here in Ontario. (We have an account with ATB Financial but it only has branches in Alberta.)

Then I learned that ING Direct was available in Canada. For those of you who aren’t aware of ING Direct, it is an online bank that charges no monthly fees on any accounts and as a bonus they pay interest even on their chequing accounts.

Almost everything can be done online, from opening the account to making money transfers between accounts and even between banks. They also offer online bill pay and direct deposit.  In fact, if you open an account and set up direct deposit you receive a $100 bonus.

Once you open an account online, you mail in a cheque from your current bank to be deposited into the account you just opened.  Once that cheque clears your account is activated. Or if you have a smart phone… you download their app, take a photo of your cheque and it will then be deposited into your account.

We’ve been using ING Direct for both our chequing and savings for the past six months and I couldn’t be more pleased with how easy it has made our banking without all the fees that we would have had if we’d opened an account with any of the other major banks in Canada.

ING Direct also offers a referral program. If someone opens an ING Direct account with a minimum of $100 deposit and they use my referral key, I receive $25 dollars and the person who opens the account also receives $25.

Tis the season for a double referral Bonus!

You may well be wondering why I’m telling you all this. Well… from now until December 31st, ING Direct has doubled that referral fee to $50.

In other words, if someone opens an account with a minimum of a $100 deposit and uses my referral key, they receive $50  just for opening the account and I would then receive a referral bonus of $50.   That’s an immediate return of 50% for the person opening the account!

So if you’re interested in opening an ING Direct chequing or savings account or perhaps have even been thinking about it for a while but haven’t gotten around to it… now would be a great time to do so.  Go to

And if you would like to use my referral key, please feel free to use the ING Direct referral key # that is listed in the icon in my right side bar.


Please Note: I have not received any compensation beforehand for writing the above post.   I am simply a satisfied ING Direct customer passing along what I hope will be useful information.  The only compensation I might receive is through someone using my referral key should they choose to open an account with ING Direct.   I love win-win situations and this is one I wanted to share.

7 comments on “Budget Saver – Fee Free Banking

  1. Thank you so much for sharing how ING works – I’ve often wondered.

  2. ING is one bank I will not use. Their daily withdrawal limit did not kick in when my daughter’s apt was robbed when she lived in Alberta. The thieves found her banking information and her debit card (stored in separate spots) and emptied her account in less than two hours – at the same ATM. Then ING refused to cooperate with the police detectives until their records were supeonaed. Our house insurance (she was out as a student) had to cover the loss because ING blamed her fo not protecting her card or her PIN. She was using it as savings so had no need to carry the card. That’s why everything was stored/hidden separately.

    • Super Mom No Cape on said:

      Linda, I am so sorry to hear that you had such a bad experience with ING. Hopefully you’ll be able to resolve it and your daughter gets her money back.

      • Being so far from her when this happened was aawful. I never felt so helpless in my life. She had been in her apt just about 2 months and had been on her own for the first time ever. And being out of province meant that phoning to notify govt for birthcertificate, etc and her other credit union acct was nearly impossible for her. I ended up making several calls just to set up times she could call them or to set up replacement pending her verification. Even sit on call waiting for over an hour?

        • Super Mom No Cape on said:

          Yes, I do understand how awful that can be Linda. Our oldest daughter is teaching in China. And while we are currently living in Ontario, for the entire time that our children were in university and college, we were living in the Southern US where my husband was working at the time. I’ve had many middle of the night calls and yes… spent time on hold while I tried to help them straighten out some problem. Hugs from one mother to another!

  3. Now having dumped on ING – this is a very good post re: banking fees. Just remember there will be a reason why banking is free. PC fincancial is funded by CIBC – shich might explain CIBC’s fees. Someone has to pay … Having to carry a balance for which you are paid no interest but which will then give you free banking for your chequing is one way to go. Saving $10 – $15 by carrying $1000 balance means that your in effect were paid for that balance.

  4. You spelled check the British way! I thought, when you started writing the post, you were US. =) Anyway, I saw your potato chip quilt, because I was looking for examples to show a friend, and then scrolled a little farther and saw your post about Mammaw’s Thimble in Knoxville – that’s MY local quilt shop preference, though there are at least 12 stores within 50 miles of here. She’s a very interesting lady, too! Now I know how you had the potato chip pattern! LOL Hers is the only place I’ve ever seen it.