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| Thursday, October 13, 2005 |
| How the ING Direct Savings referral has changed over time |
I have been a happy ING Direct Savings Account owner since 2003. I liked the high interest rate and easy web interface. My favorite little feature of the site is the Interest Earned This Month field in the Account section. It is instantly gratifying to see to the day how much interest you are earning (instead of just waiting until the last day of the month to see it posted).
While other internet only banks are currently offering slightly higher saving account yields, ING Direct still offers one of the best sign on bonuses which bumps up the first year yield quite favorably.
The sign-on referral bonus has recently changed. It used to be that if a friend referred you all you had to do was deposit $1 in the account to get the $25 bonus (while your friend received $10). Now, ING Direct is requiring new account owners who are using the sign-on referral to deposit $250.00 in order to receive the $25 bonus (your friend then gets the $10). If you deposit less than $250 you don't get the bonus nor does your friend.
While having the initial deposit amount change from $1 to $250 will be annoying to some, I actually think it is a good idea. I am not a big fan of running around opening accounts for the intro bonus fees. In the long run it hurts the institutions who are offering the deal and that in turn hurts the customers.
When I first joined ING Direct in 2003 I handed out a few referrals to friends but never really went beyond that. I think it is a great program and the $25 bonus on a $250 deposit is an instant 10% gain - can't beat that! If you are serious about opening an ING account and need a referral let me know.
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| posted by Boston Gal @ 12:38 PM *
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| 1 Comments: |
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I'm not too impressed with ING's rate, they seemed to have ceased competition over the last year. I moved over to Emigrant Direct from ING earlier this year and while the initial setup was less than speedy (took almost 2 weeks) now that I'm setup I'm really happy. They allow transfers from multiple institutions (my bank, as well as my ING account) and they've upgraded their site this summer to have the same interest counter feature as ING that I missed for a few months. It's hard to settle for 4.40% when I can get 5.05% just by making a transfer.
I enjoy your blog by the way. :)
JL
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I'm not too impressed with ING's rate, they seemed to have ceased competition over the last year. I moved over to Emigrant Direct from ING earlier this year and while the initial setup was less than speedy (took almost 2 weeks) now that I'm setup I'm really happy. They allow transfers from multiple institutions (my bank, as well as my ING account) and they've upgraded their site this summer to have the same interest counter feature as ING that I missed for a few months. It's hard to settle for 4.40% when I can get 5.05% just by making a transfer.
I enjoy your blog by the way. :)
JL