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ING Direct's $25 Savings Account Bonus and Account Review


Update 3/02/10: The Orange savings account rate has fallen from 1.15% to 1.10% APY. Refer to the bottom of the post for the recent rate history.

ING Direct is offering a savings account bonus of $25 for opening an Orange Savings Account by August 3, 2009. The promotion page is located at ingdirect.com/save, and the reference code is VE222. Bonus is only available for new customers, and it's limited to one bonus per household.

Credit for this find goes to FW member dakotamidnight who posted it at this FW thread. ING Direct has long been offering a $25 refer-a-friend bonus. Unlike this refer-a-friend bonus, this promotion has the advantage of not requiring a $250 initial deposit. The FW poster mentioned opening it with $1 and having the $25 show up the same day. Note, the $25 bonus is unavailable for withdrawal for 30 days.

ING Direct Orange Savings Account Review

For those who have never opened an online savings account, ING Direct is a good place to start. ING Direct's Orange Savings Account has never been a rate leader, but at least ING has kept the rates fairly competitive. This is compared to banks like E*TRADE, UFB Direct, E-LOAN and OnBank which have slashed their online savings account rates below 1%. Also, ING hasn't added rate tiers and low balance fees like some other banks. ING Direct savings account rate as of 6/09/09 is 1.50% APY for all balances.

ING Direct is known for its easy online interface rather than the best rates. However, it does have a few features that are not the best for online banks. These have to do with their ACH transfer system. The downsides include:

  • Limit of 3 linked checking accounts
  • Linked account must be a personal checking account, not a brokerage, money market or savings account
  • ING Direct places a hold of 5 business days for deposits (initial deposit has a 10-day hold)

One important improvement ING Direct made a year or two ago was the capability to add links online without having to send in a voided check.

ING Direct is also well know for its customer service. When I've called ING, I've always been quickly connected with a knowledgeable CSR. My only issue with their customer service is the lack of a secure message system. This allows you to log in and send and receive secure email-like messages. When I receive confirmation on issues from CSRs, it's nice to have something in writing.

ING Direct's bank deposit products are FDIC insured (FDIC Certificate # 35489)

Other Bonuses and Online Savings Accounts

To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts. For other high yield savings accounts, please refer to my weekly rate summary.

Orange Savings Account's Recent Rate History:

03/02/10: 1.10% APY
02/18/10: 1.15% APY
02/04/10: 1.20% APY
01/08/10: 1.25% APY
09/09/09: 1.30% APY
07/03/09: 1.40% APY (from 1.50% APY)

Related Pages: savings account

Related Posts

Andy Hough
Andy Hough (anonymous)   |     |   Comment #1
Just tested the link and received a "link expired" message. That might have been a one time use link.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #2
The page ingdirect.com/save/ is still valid for me even on another PC. Do you see the link expired message when you go to ingdirect.com/save?

The code also still works for me. Other codes will give me "Unfortunately, you have entered an invalid reference code."
Andy Hough
Andy Hough (anonymous)   |     |   Comment #3
The page works but when I enter the code I receive this message "We're sorry, but the referral link within the email you received has expired and is no longer valid. We recommend that you contact the sender and ask them to re-send the referral email. Or click 'Continue' to proceed with the application process without the account opening bonus."

Maybe ING has a cookie on my computer or something? I can't use the code since I already have an ING account but wanted to verify that it works before sharing it with my readers.
Sarah (anonymous)   |     |   Comment #4
I assume this doesn't work if someone refers them? Or can you send someone a referral e-mail and they can use this code?
Banking Guy
Banking Guy (anonymous)   |     |   Comment #5
This is separate from the refer-a-friend bonus. You can use either the refer-a-friend bonus or this one. Both should work, but typically ING Direct does not allow bonuses to be combined.
Anonymous   |     |   Comment #6
How long after closing your account you will become a new customer?
Anonymous   |     |   Comment #7
The link and promo code just worked for me. I opened an account with $1.00 and after I logged into my new account it is already showing the $25.00 bonus.

Thanks for the info Banking Guy!
Anonymous   |     |   Comment #8
If you have ever received a bonus from ING in the past you are forever ineligible. I opened an account back in 2001 for a bonus and closed it in 2003. Tried to apply online and they say my account info iss still in the system. I guess they never purge old info.
Anonymous   |     |   Comment #9
Here's another bonus: $20 from Virtualbank
Click the link and leave me your email.
greeneb (anonymous)   |     |   Comment #11
I just used the link and code provided and it worked great, even though the deal was supposed to have expired ten days ago. The $25 is already in the bank, as they say.

ben (anonymous)   |     |   Comment #13
I have both savings and checking referrals available. Please email me at ben.k215@gmail.com to get your $25 now.
Anonymous   |     |   Comment #14
Just received a new code in the mail today, October 8, 2009. The code expires October 31, 2009 and requires $150 to open and is still for new customers only.

New code is: S284J
Anonymous   |     |   Comment #16
The ING Direct experience has been great for both checking and savings. The Electric Orange is like no other checking account. Please send your full name and e-mail address to jlpeppers@gmail.com for either accounts. I have referrals for both.
Anonymous   |     |   Comment #17
Rate dropped to 1.25% as of 01/08/2010
Anonymous   |     |   Comment #18
Orange Savings down to 1.10% APY (from 1.15%). Looks like ING Direct is taking the slow drip approach to lowering rates.
Anonymous   |     |   Comment #20
shping10   |     |   Comment #21
Send me an e-mail with your name, and I will e-mail you a link as referral for you to get the $25! My e-mail address is: shping10@gmail.com. Thank you!
Steve (anonymous)   |     |   Comment #25
I have an up to date orange referral key for ING Direct. You will get a $25 Bonus for opening any account. My code is valid until 2016. Email me at stevemalikk@hotmail.com In the subject put ING referral needed.

Steve (anonymous)   |     |   Comment #26

Steve - #25, Sunday, April 10, 2011 - 12:07 PM

I have an up to date orange referral key for ING Direct. You will get a $25 Bonus for opening any account. My code is valid until 2016. Email me at stevemalikk@hotmail.com In the subject put ING referral needed.
Anonymous   |     |   Comment #27
ING's referral program is still active. New customers who open an account of $250 or more can earn a $25 bonus by signing up through a referral link.

If you need a link, simply fill out the info below, and send it to dreamnight07 (at) live.com. I'll respond ASAP with your referral.

First Name:
Last Name:
Account Type:

The four account types are Savings, Electric Orange (Checking), Kids Savings, or MONEY (Money Market).

Remember, you must be a new ING customer to receive the bonus, and you must deposit at least $250 into the account *at the time of opening*. Not afterwards, or the bonus won't be credited to your account.

If you have any questions, please send me an e-mail, and I'll be happy to answer. Thanks, and have a good day!