ING DIRECT, known for offering Canadians a multiple of five times the average interest of the major banks, has announced the multiple will rise to eight times, as the bank increases the rates on its investment savings account by 25 basis points to 2.75%.

That means that ING DIRECT’s Investment Savings Account continues to outperform the average Money Market Fund, says the company.

“We are really shooting the lights out here,” said Paul Bedbrook, President and CEO, ING DIRECT. “We want more Canadians to save with us so we’re increasing our savings rate to offer eight times more interest than the average of the big banks.”

“If someone had invested $4500 in an ING DIRECT ISA on June 1, 2001,” says Bedbrook, “as of May 31, 2002 they’d have earned $142.40 in interest; if they had invested that same $4,500 and gotten the average of the others, they would have earned only $18.27.”