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$50 Bonus for ING Direct Orange Savings Account


ING Direct advertised a $50 bonus in a 9/24/07 New York Times ad. It appears to be available to anyone who doesn't already have an ING Direct account. The promotional link is at www.ingdirect.com/nyt/, and it requires the reference code NY3. You'll get a $50 bonus when you open an Orange Savings Account with an initial deposit of at least $250 by 9/30/07.

After you enter the reference code and select "open now", it'll take you to an instruction page. Click "open now" again and it'll take you to the application page. On top it should state:
Start saving with a great rate. To receive your $50 bonus, open and fund your Orange Savings Account with at least a $250 initial deposit.

For those who are already an ING customer or have recently closed an account, you probably won't qualify. If you haven't been an ING Direct customer, this is a good deal. The typical refer-a-friend bonus is only $25, and it also requires an initial $250 deposit. After the intial deposit, there's a 10 business day hold in which you won't be able to withdraw the initial deposit.

ING Direct has lagged on its savings account rates for several years now. Currently, the savings account yield is 4.30% APY. It was frustrating to see ING being one of the first to drop their rates last week after the Fed rate cut.

Although ING hasn't been a rate leader, it has some benefits such as a very simple online interface and no minimum balance requirements. Some downsides in their online banking system include the limit of 3 links to external accounts and the lack of a secure message system (you have to call to discuss account details).

ING Direct in the US was established in 2000, and it's one of the oldest internet-only banks. It's FDIC insured (Certificate # 35489).

Thanks to the reader who mentioned this promotion in the finding deals post.

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Anonymous   |     |   Comment #1
Any referral ($25 or more) bonus, that this principal $50 bonus can be combined with?
Banking Guy
Banking Guy (anonymous)   |     |   Comment #2
I don't think that is possible. The $25 referral bonuses usually have their own webpage.
Anonymous   |     |   Comment #3
Do they do a hard credit pull?
Anonymous   |     |   Comment #4
The reference code for the $50 bonus is no longer working...
Steve Austin
Steve Austin (anonymous)   |     |   Comment #5
anonymous at 12:44 PM, are you sure about that? I just used the reference code yesterday PM, and tried it again today and it still seemed to take me to the screen that says "Start saving with a great rate. To receive your $50 bonus, open and fund your Orange Savings Account with at least a $250 initial deposit."
Banking Guy
Banking Guy (anonymous)   |     |   Comment #6
I just verified with ING today that they do not do a hard credit pull for opening the Orange Savings Account.

However, they do a hard pull for the Electric Orange checking account.

The bonus is also still working for me. You might want to try clearing out your browser cookies. That gave me a problem before I posted on this bonus.
Anonymous   |     |   Comment #7
I have had a savings account at ING for some time even tho their rates have not been very conpetitive. They have a very friendly user site. However when they dropped their already low 4.50 down to 4.30 at the same time they are offering a $50.00 bonus to new customers I decided that was a little to much in your face for me. Seems to me they should take care of the customers they already have. Will take several new $250 accounts to replace what I am moving out. Guess a old bird in the cage is not worth a new bird in the bush.
Anonymous   |     |   Comment #8
hmmm... well i tried the code again today without messing with any cookie settings and it worked fine. maybe i just hit a strange time of the day yesterday when their server was doing something strange... thanks though.
Anonymous   |     |   Comment #10
If anyone still needs a referral for their $25 bonus, I still have tons left. Email me your full name at hsp02004 (at) pomona.edu. Thanks!