ING Direct $25 Dollar Deal

To access the ING DIRECT Orange Savings Account $25 offer click here or if that link is already used, please email me at virtualbankreferrals@gmail.com with "ING" in the subject line along with your first and last name, and I will forward you a referral within 24 hours.

Be sure to completely read over the terms and conditions prior to opening up the account. If the above link does not work, please let me know in the Guestbook below. I could always email you a referral if it is something you want to do.

Full Disclosure: I do receive $10 from ING for each referral made through me (up to 25 total).

Please read more below about my experience and research of the ING DIRECT Orange Savings Account.

I am always looking for ways to make and save money. However, I have been frequently discouraged in the past by the low interest rates on savings accounts offered by my bank and other banks in my area (which are as low as <1%).

A friend at work told me that I should consider opening up an ING Direct Orange Savings Account to not only receive an annual interest rate of 1.30% APY (as of 9/09/09), but also receive an additional $25 free just for opening up an account with an initial minimum $250 deposit.

While I was excited by both the high interest rate, and the prospects of receiving an additional $25 free just for opening an account; I told my friend I would have to look into it a bit further before commiting myself.

My hesitance was related to 2 things:

1) If a deal seems too good to be true, it probably is too good to be true.

2)The idea of placing my savings with an online bank just seemed odd to me. I had been so accustomed to visiting bricks and mortar banks over the years, that I wasn't sure I wanted to change even if the interest rate on the ING savings account was nearly 4.5 times what I was currently receiving.

At any rate, my friend speaking so highly of ING Direct did lead me to investigate the savings plan further online. Below are some of the highlights of what I found...

Through the ING website, I discovered some answers to the questions that were leading to my initial hesitance.

Among the important facts listed on the ING website:

The Orange Savings Account

1) Great rate - no minimum balance required. Everyone earns the same high yield.

This was the major selling point for me. Please note, while they mention "no minimum balance is required", you do need to deposit at least $250 to qualify for the $25 offer (assuming you are following an appropriate link to that specific offer)

2) No fees - your money goes to work for you.

No fees is a good thing. My current bank also has no fees, so it's nice to see the deal with the higher interest rate did not include hidden fees that would diminish the value of that high interest rate.

3) No changing banks - the Orange Savings Account is linked to your checking account.

It is important to mention that you do still need to have an account with a brick and mortar bank to open an online ING Direct account. The ING account is directly linked with your bank account. Your actual withdrawal will come from your brick and mortar bank.

4) 24-hour access to your account - you're always ready for opportunities.

Not a big deal with me as my current bank also offer 24 hour access, but it's nice to see ING include it (especially since it is an online only bank.

5) FDIC-insured - your money is safe and secure.

This is the biggie for me! If my funds were not FDIC insured, that would have been a deal breaker for me. I mean what would be the point of saving at any interest rate if your entire savings was not insured.

While the above blog summary may not contain the actual items I read when researching ING Bank , I do believe you should find (as I did) that the majority of blog opinions on ING Bank were positive.

Ultimately, I did decide to open an ING Bank account. It seemed like a no-brainer to me.

Through using a referral link my friend at work provided, I received the bonus $25 to open my account with an initial deposit of $250 or more. The $25 bonus posted to my account right away (NOTE: this $25 is not available for withdrawal for 30 days though -- if that is important to you). The initial transfer from my bricks and mortar bank to my new ING Bank account was received within 48 hours.

So now I am all set to start earning the 1.30% APY interest rate (NOTE: Interest updated as of 9/09/09). I plan on using my new ING Bank account as my emergency fund... those funds that won't be touched unless I abosolutely, positively need to. It will be nice for my savings to earn a higher interest rate vs. previously languishing in the < 1% range.

I plan on updating this lens as I gain more experience with ING Bank. Please share your experiences in the Guestbook below. I would be happy to forward the $25 referral offer to any visitor who is interested.

THANK YOU!!!

Another bonus offer ING Bank offers its new account holders is the opportunity to refer up to 25 friends and family members to open up a new ING Direct Orange Savings Account. You will receive a $10 bonus for each of your referrals that opens up an account with a minimum $250 initial deposit (up to 25 total referrals).

Of course your family members will also receive the initial $25 bonus to open the account (while the offer lasts).

I just received my first $10 referral credit to my account yesterday!!! It is another great way that ING Bank allows you to earn and save money.