Update: ING Direct is now Capital One 360. The referral program still exists. There is more information in this review of Capital One 360.
If you have $250 and are willing to become a customer of ING Direct, you have the opportunity to earn $525 on top of your deposit. It will take some work, but not too much. Here’s how it works.
First, open an account at ING Direct using one of the links at the bottom of this post. There are ten links listed for the savings account and ten for the checking account, but choose only one. You must not currently be an ING Direct customer and you must provide an initial deposit of at least $250 in order to receive a $25 bonus for opening the account.
Banking Deal: Earn 1.75% APY on an FDIC-insured money market account at CIT Bank.
If you choose the Orange Savings Account, also open the Electric Orange Account afterward, and vice-versa.
After your accounts are created and funded, you will eventually see a link at the bottom of your account information website. This feature might not be available immediately for new customers, but with time, the option will be present. Click on the “Earn $$$: Refer a Friend” graphic to receive the opportunity to refer 50 of your friends, 25 for the savings account and 25 for the checking account. Each successful referral will earn you $10. If you don’t have 50 friends, you can email me. I’ll post your referral links once mine expire so you can benefit from the power of the internet.
ING Direct is one of my favorite banks, despite their lagging interest rates. The current rate on savings accounts is 0.90% and the rate on checking accounts is tiered with a maximum of 1.10%, but these rates are subject to change. These rates are better than most brick and mortar banks but low on the list of high-yield interest-bearing accounts.
Updated September 23, 2015 and originally published April 10, 2008.