ING Bank of Canada
ING Bank of Canada
is a Schedule II subsidiary of ING, a massive Dutch financial services company offering banking, insurance and financial investment services. This Dutch financial powerhouse has assets over $1,000 billion, 60 million customers and employs 100,000 people. ING has been selling Insurance and investments in Toronto, Ontario for over 40 years with much success, but didn't offer direct banking services, until 1997 when ING Direct was conceived.
Branchless Virtual Banking
Ing didn't want to pay the highs start up costs associated with expanding its banking services in Canada and the U.S., and that is how ING Direct was created. Ing Direct is a branchless, online bank with no brick and mortar locations, with the exception of a few small cafe storefront locations. All banking is accomplished online, by phone, or ATM.
ING offers simple, high interest rate accounts, with no fees or minim deposits. ING Direct also offers, IF Mutual Fund Accounts
, RSP Mutual Fund Accounts, RSP Short Term Guaranteed Investment and Registered Retirement Savings Plan. Ing Direct offers five and seven year mortgages as well, that a customer can pay on the principal at any time during the loan. ING Direct is a member of CDIC and CBA.
Competitors are Taking Notice
ING Direct has more than five million account holders with thousands more signing up each month. It now has branchless banking operations in Australia, United States, France, Spain, Germany, Turkey, Italy, Japan and the United Kingdom. Canadian competitors are starting to jump into the online banking market, offering high rate accounts to compete with ING Direct. Capital One and HSBC
are now offering online, high interest rate, no fee accounts to its customers. With a wildly successful business model and simple, personal banking services, ING Direct faces a profitable future.
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