The Bankwatch

Tracking the consumer evolution of financial services

ING DIRECT Frees Canadians from Bank Fees with THRiVE ChequingTM, a No-Fee Daily Chequing Account that actually pays interest

Exciting news from ING this morning.  I knew this was coming but not the details till now.  For more details go to http://www.your185.ca/ which is a very cool URL relative to this product.

I have been preaching for some time that bank product design since 2007 is not really attacking the core aspect of post crisis consumer need which I would characterise as features that support a deleveraging environment, where people saving and paying down debt is the defining average consumer strategy.  This new product from ING supports that strategy with a full featured yet cheap chequing facility.

ING Direct Canada Press release

August 18, 2010 @ 06:00AM

TORONTO – ING DIRECT today announced the upcoming launch of THRiVE Chequing, an online, no-fee daily chequing account that will enable Canadians to deposit, withdraw or transfer money for free, all while earning interest.  The first chequing account made for Savers, THRiVE Chequing stems from the frustration many Canadians feel about unfair bank fees that are on the rise.

According to a recent national poll conducted by Angus Reid Public Opinion on behalf of ING DIRECT, a quarter of Canadians are simply unaware of how much they pay in monthly bank fees, which on average is about $185 annually.

Written by Colin Henderson

August 18, 2010 at 10:26

Posted in Payments

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