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ING Direct Drops Savings Interest Rate to 1.5% but Bonuses Still Available

by Flexo on March 22, 2009

in Banking

Even though ING Direct has lowered the interest rate offered on the Orange Savings Account, one of the most popular online savings accounts. The bank is still offering $25 bonuses to new customers who open this savings account or the high-yield paperless checking account with an initial deposit of $250 or more.

In addition, when you become a new customer of ING Direct, they generally provide fifty referral codes for your own use. You can share these with your friends, earning $10 for each customer you send their way. Each of your friends will earn $25 for opening an account. It’s quite the pyramid scheme, and it’s been successful for the bank so far. The good news is that the bank’s customer service is among the best, as is the bank’s website.

If you’d like to earn $25 as a new customer, use one of the new $25 bonus referral links posted here, and be sure to clear your browser’s cookies before attempting to use any of the codes.

For more banks, see the latest savings account interest rates.

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Tagged as: Banking, bonus, ING Direct



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About the Author

Flexo, the owner and creator of Consumerism Commentary, has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about him and follow him on Twitter.

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  • is it just me or should Ing up the bonuses? seriously! they started at 5%, i signed up at 4% and they are continually dropping the rate as the weeks go by and i fear that they will start to like the lower rates and will never ever increase them even if 'the times' do get better. $40 bonuses! there i said it! :P
  • ING Direct is definitely using their market position in their decision that they don't have to compete with the other online banks offering high-yield savings accounts. Their rates will go up with the rest of the market, but I doubt they will ever offer the top tier interest rates again. According to one contact affiliated with the bank, they're not looking to increase their number of OSA account holders at all at the moment. I won't be surprised if the referral bonuses disappear -- they've already made them more difficult to share online.
  • Lindsay
    Well that's an interesting strategy. I guess they are trying to push brand and service over product. They don't want new OSA account holders and they don't care about keeping their interest rates up - it seems that they're missing the mark. I've already moved 90% of my savings to FNBO. I agree with their "We, the savers" marketing push, just not with them! I will however, still take their $25 bonuses, and I lucked out with some of their CDs above 4% before their rates took a nose dive. But unless they give me a reason, I'll phase them out as quickly as they make these changes!
  • asus389
    Well Schwab offers 2% now, so given how easy it is to xfer money between online accounts if ING goes any lower they will probably see a mass exodus to other online banks with better rates.
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