Recently I blogged about opening a National City checking account with a $150 bonus (conveniently they are now offering a $200 bonus). I also provided a brief overview of online savings accounts. After paying my down payment, I’ve decided to open a few checking accounts and online savings accounts to determine which accounts work best for me. Also, I plan on using each account to save for different goals, which are yet to be completely determined. Making extra money with account opening bonuses never hurts. ING currently has an offer for bonuses of $25 and $50 if you open a savings and checking accounts, respectively.
ING Direct Orange Savings Account
ING has a standard referral policy for new customers, that if you open a savings account through a referral link from an existing customer with an initial deposit of at least $250, you get $25 and the referrer gets $10.
The first step is to fill in your personal information, which includes the following: name, address, email, SSN, phone number, DOB and a security question. Next, you create a Login Pin similar to a pin for a debit card. This login pin is needed with your customer number (provided at the end) to gain access to your account.
The next two steps consist of agreeing to various online documents. First, you commit to receiving paperless e-statements, which enables online accounts to provide such high interest rates. Second, you agree to personal account disclosures, that the SSN is your own, you are not subject to backup withholding and that you are a US person.
The final step is to enter bank information for your initial deposit. Enter the routing number, account number and deposit value ($250 for the $25 bonus).
Your funding deposit will be taken from your bank account without confirmation, however, you can not withdraw funds until ownership of your bank account is confirmed. To confirm ownership of the bank account, ING uses the standard small deposit method. You have 60 days to verify your linked bank account or your ING account will be closed and your initial deposit will be returned.
During the enrollment process ING makes it easy to enroll in an automatic savings plan. The plan allows for money to be automatically withdrawn weekly, biweekly, monthly and on the 15th and last day of the month. You provide the start date, end date (which is optional) and the recurring amount.
The final step is an information review where you confirm all of the information that has been entered.
Congratulations, your account is now open. This probably takes about 5 minutes if you’re not trying to write a blog entry at the same time. Make sure you print out or make a copy of the page that displays your customer number as it is with the Login Pin to allow entry to your account, which is done at ingdirect.com.
ING Direct Electric Orange Checking Account
ING is currently offering a $50 bonus if you have an existing ING savings account and open a checking account. To take advantage of this deal, do the following:
The ING Electric Orange checking account is worth opening for more than just the $50 bonus. It offers an interest rate of 1.50% APY if your account balance is below $50,000. If you’re balance is between $50,000 and $100,000 your APY is 3.05%. If you’re balance is over $100,000 your APY is 3.50%.
Note: The account must be opened by 10/31/08 to get the $50 bonus. I have so far been unable to open a checking account with this deal because my savings account is not confirmed. Hopefully, my savings account will be confirmed by the end of the day Friday and I will be able to open a checking account and get the $50 bonus.
After playing around with the functionality of the website I will do a review of the ING Direct Orange savings account. For now enjoy your $25 and $50 bonuses if you were lucky enough to get both.
- Financial Goals Update As Of November 1, 2008
- High Interest Rate Rewards Checking Account
- High Interest Rate Checking Accounts
- Overview of Online Savings Accounts