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$50 Bonus for ING Direct Orange Savings Account - Update


ING Direct is once again advertising a $50 promotion in the New York Times. It appears to be available to anyone who doesn't already have an ING Direct account. Unlike the last $50 promo which I posted on in September, this one doesn't seem to have a promo page. I was informed of this from a reader's comment:
INGdirect.com deposit $250 by 11/30/07 and get a $50 bonus. it was a flyer that came with my New York Times. I've seen flyers in Kiplingers for $25. I signed up online, it wouldn't accept my reference code, but when I called them, (2x) they where very helpful and accepted the code. call 1 800 464 3473 reference code NYT232 / M5RMUQNZ

I did confirm that the number is from ING Direct, but the customer service rep wouldn't confirm the code or any promotion details without entering my personal info. I think the promotion is for ING Direct's Orange Savings Account.

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 4.20% APY. Although they were quick to lower rates after the Fed rate cuts, they didn't lower them by as much as others. Now they're only 30 basis points below the rate of HSBC Direct savings account and 20 basis points below the rate of Capital One's money market account.

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 is one of the oldest internet-only banks. It's FDIC insured (Certificate # 35489).

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

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Banking Guy
Banking Guy (anonymous)   |     |   Comment #1
One of my readers had mentioned that she signed up today with this promotion even though she had previously been an ING Direct customer.

Like the first commenter mentioned, it didn't work online. She had to call and have the CSR sign her up.

The $50 bonus was applied immediately to her new account.
Anonymous   |     |   Comment #2
Has anyone gotten the code to work online, or MUST we call and apply over the phone? I just tried to apply online (first-timer ING!), and it didn't work. I am trying to create 1 acct for me and 1 for the wife, so I would like to avoid 2 phone calls if possible.
Anonymous   |     |   Comment #3
I think that the codes are unique for each flyer that comes with a newspaper. So, the reason it doesn't work is because it probably already got used once, and thus was inactivated. If you actually went and bought a NYTimes, then I'm guessing that coupon code would work.

I have been very happy with ING direct. Even though their rates are lower, the online interface is great and customer service is great. I really like my Electric Orange account also.

If you need just a regular referral ($25), feel free to email me at hsp02004 (at) pomona.edu. I have plenty of referrals left.