I decided to visit Red Flag Deals, and while browsing the financial section, I came across a great deal that ING Direct is currently offering.
The deal that ING Direct is offering is a 2.5% 90-Day GIC and a bonus of $25 when you open a RSP or TFSA Account.
This is not a bad deal at all for anyone, a rate of 2.5% for their 90-Day GIC gives you a lot of opportunity to grow, whether you are saving for a short term or long term goal.
That being said, you can rest assured knowing that you do not have to worry about any fees or minimum balances.
How does this deal work?
What makes this deal from ING Direct even better is the fact that it is ideal for your RSP or TFSA. You are guaranteed good returns, and if you add in the tax advantage of an RSP or TFSA, you have a good combination there.
As I mentioned, if you were to open an RSP or TFSA account, you get an additional bonus of $25; it is important to understand that you know that this portion of the deals is only for new clients.
How do I access the deal if I already have a TFSA account or RSP?
The fact is, you are very likely to have one, if not both of these accounts already (an RSP and TFSA). In order to take full advantage of this deal, you will need to open one of these accounts.
I will give an example using a TFSA account.
That being said, if you currently have a TFSA account, but you want to get the 90-Day GIC rate of 2.5%, then you will need to open the TFSA 90-Day GIC and debit from your original TFSA account, into the newly created TFSA 90-Day GIC account. By doing this, you are not tapping into your annual TFSA contribution, and you can cash in on a great rate. You can contribute all of the money you currently have in your TFSA, without affecting your 2012 contribution.
Keep in mind, once your GIC has reached maturity, it is important that you make the transfer back into your TFSA account. You also have to remember that if you were terminate the account before the maturity date, then you do not earn any of the interest.
This special rate is only available until February 29th, 2012; do not waste any time. If you are interested, act quickly before it is too late.
What do you think about this deal?