The Frugal Bostonian

I have an internet savings account through ING orange, I first signed up in 2002 because they gave me $25 just for opening the account.  Once set up, its very easy to use.  You make transfers from a “bricks and mortar” bank, and get money back in hand the same way (it takes 3-5 days to be back in the regular bank).  If you persuade a friend to join, they will give you free money ($10) and your friend free money ($25).  They used to give the freebie bonus for any amount of deposit, but now its $250 minimum.  I like the account, especially the fact that interest is way higher than what’s available at a regular bank, and there’s no minimum. 

Today I was enticed to open an “Electric Orange Checking Account.”  I got a postcard offering me $25 if I opened the account and used the debit card to make three purchases in the next 45 days.  The promo code on my card was “EL574“, and it did not look like a unique number, so you can use it too.  I logged into my ing savings account, clicked on the link to open the new account and transferred $100 from my orange savings account.  I should get the debit card and pin in 3-5 days. 

Since I am required to make three purchases to get the $25, I plan to use the card three times to make small, necessary transactions, such as a food item in the supermarket.  I then plan to take the card out of my wallet and hide it somplace until there’s another promotion.  The money in the account will earn 1% interest (not alot, but more than the .1% offered at bricks and mortar). 

If you don’t already have an ing orange savings account and plan to open one with a least $250, ask your friends for a referral code so you’ll get the bonus money.  If none of your friends has an account, look for a blogger offering referral codes (the blogger will get a bonus, but so will you), then start referring your friends (this would be a great fundraiser for a church or school group - everyone signs up and donates the bonus to the cause).  Since this is a pseudo-anonymous blog, i am not sending out codes to everyone, but if you know me, feel free to ask in the comments or via email.

ING is a great way to break into online banking - you’ll get free money just for signing up, and you can always take your money out and close the account if you don’t like it.  Go to www.ingdirect.com/electric to learn more.