What is better than free?
This article has been updated 12/07/2013.
Don’t have time (& a coffee) to read all the reasons why ING may be worth a look? Here’s the current incentive – straight up: opening an ING account before December 31st will net you a $50 bonus if you use Orange Key 16494429S1. (Account must must be open with $100 or more in it which you can withdraw at any time). Additionally, if you move your payroll to your new thrive chequing account, you’ll get an additional $100! You, in turn can refer friends and family for even more $$.
Banking in Canada has really come a long way over the last couple of decades. Growing up, there were free accounts being offered to minors with the hopes of nurturing life-long customer loyalty, assuming one would choose to stay with the bank they’ve been with since the beginning. Coming from a small town with few choices, this worked on me initially but as time marched on, internet banking became the norm and branch-less banks cropped up with competitive offerings – there were fewer and fewer barriers to making a switch or adding another account to your repertoire.
Enter 2013, when there are a few fully featured chequing accounts to be had for zilch. No monthly fees. I had been using PC Financial’s free offerings for years along side ING’s savings accounts (and a few at other institutions as well – my mountain of pennies goes to whomever is offering the highest rates du jour). The day ING launched the Thrive chequing account, I signed up, but it sat there pretty much unused.
The challenge for ING or any bank with a new offering really, is to convince people to switch. The product could be the best thing under the sun but we creatures of habit like the comfort of keeping our money with who we “know”, regardless of the share they may be taking for themselves. A number of rather impressive incentives have been given to get people to switch. The highest of which was when ING offered people $185 to sign up for the account and switch payroll over. While that promotion targeted newcomers only, I later took advantage of the $100 offer with the same payroll switch requirement. In all honesty, my plan was to hit-and-run; get my $100 and get out. After all, I had everything set up just right with my current bank. Update: The current promotions include a $50 bonus for signing up with Orange Key16494429S1, plus another $100 if you move your payroll deposits to your chequing account.
I have to give them credit for insisting payroll be moved for the larger prize. I originally thought “no big deal, it’s not hard to make the switch back”. And that much is true. The thing is, it gives you time to explore the features available to you, gain some familiarity and see how life could be outside your current bank bubble. Still, I planned on moving back. In fact, the day my $100 bonus showed up I set out to put that in motion. However being the maximizer personality type that I am, I just had to make sure the grass wasn’t in fact greener before saying sayonara.Go | next page >>.