If you remember, a while back I interviewed the CEO of ING Direct Canada, Peter Aceto, using questions from the blog readers. The most popular question was “(when) will you be launching a no-fee chequing account?”.
You can see Peter’s original answer here, but his main theme in answering most questions was that they were always listening to what customers and prospective customers were saying. One could infer that a no-fee chequing account was in the cards. (One could also infer they are still looking to purchase a discount brokerage dealer as well! If I were a betting man, I might hope to see that announced in 2011… but that’s just my honest guess.)
Earlier this year I opened an ING savings account and it was a seamless affair. The website is intuitive and the customer service has been impeccable. I’m very happy with ING so far. I’ll definitely open up the chequing account when it is available. I currently handle my main banking at Scotia as I used to work at their full-service brokerage, but I would save about $120/year by switching to ING.
You can read some in-depth reviews here:
You may want to read through all the comment threads on those sites as well. It’s been pointed out that after your first book of cheques, you’ll have to pay $10 for 20 cheques. For some, that is a deal breaker. In the last 5 years I’ve written 6 cheques, so I’m not too worried about it myself. To me, the customer service experience is more important than $0.50/cheque after my first free book.
If you want to pre-register, visit Your185.ca – a reference to the average $185 Canadians spend in bank fees per year.