Posted: June 18th, 2011 | Author: Joe | Filed under: Banking | Tags: Banking, Banks, Capital One, ING, ING Direct, news, online banking | 3 Comments »
Long time readers of this blog know that ING and I go way back. I became a loyal customer of theirs back in 2004. I’ve shared countless referrals to new customers for a free $25 bonus since this site began, but here’s something that has me rethinking that relationship with ING Direct.
To be honest, I’ve been a little wary since 2008, when ING received a bailout from the eurozone.
Truth be told, I haven’t actually seen any downside to that bailout as a customer, but it seems that one of the conditions of that bailout was that ING sell its U.S. online banking division. I won’t pretend that this condition makes any sense, since it seems a profitable arm of the conglomerate and it was likely the mortgage division, marketing no money down, interest only ARMs that got them in trouble in the first place. The problem is that Capital One looks set to acquire the ING Direct operation.
I’ve had a credit card with Capital One since the dawn of time, or very nearly. I have to say I haven’t had a problem with them in that capacity (certainly not as much as I have had with BofA), but I can’t get past the feeling that the famously simple and straightforward ING savings account is going to become bloated with 27 pages of fine-print disclaimers and hidden fees. Time will tell, and I plan on canceling my accounts at the 1st sign of such a downturn in service.
On the flip-side, this is probably great news for shareholders:
“Following the acquisition, Capital One — a McLean, Virginia-based bank which is best known for its credit card unit — will leapfrog two places up the rankings of the largest U.S. banks to become the nation’s seventh-largest bank by assets, according to SNL Financial, a financial services data firm.”
But isn’t this backwards? Where’s all that regulation we’ve heard touted by the administration? Shouldn’t banks be getting smaller, not bigger? After all, the mortgage-based banking fiasco at the heart of the 2008 meltdown became as big as it was in part due to those toxic mortgages being concentrated in relatively few, very large banks.
The banking system should either be a much larger network of smaller banks, to diversify the risk of failure or maybe we should have 2 different kinds of banks: simple, traditional banks (offering fixed rate mortgages, car loans, checking, savings accounts, CDs, etc..) and very large investment banks specializing in credit default swaps, toxic mortgages and other risky, black arts kinds of investments.
I don’t know. I’m no expert, and maybe that just makes too much common sense to ever be enacted.
Related Posts:
Posted: October 30th, 2009 | Author: Joe | Filed under: Reviews | Tags: Bill pay, Electric Orange, ING Direct, sweepstakes | No Comments »
ING direct (famous for their high yield, Orange savings accounts) have a promotion that runs from now until November 30th. They’re trying to get more people using their Electric Orange online Bill Pay. Electric Orange is their high yield checking account, similar to their orange savings but it’s a checking account.
The promotion.
Every day that you pay a bill online using your Electric Orange checking account, you’ll be entered in a sweepstakes to win $1,000. That’s a daily sweepstakes, but they also offer a $10,000 grand prize! You can enter up to 10 times per day, and obviously the more bills you pay, the more chances you get to win.
Visit ingdirect.com/billpaysweeps to see the Official Rules and to learn more.
Electric Orange accounts.
If you are already an ING Direct customer, starting an Electric Orange account is a piece of cake – you can even use one of these referrals to get an extra $25!
If you’re not a current ING direct customer, what are you waiting for?! They’ve got some of the best rates and the easiest to use web page I’ve seen for an online bank.
Related Posts:
Posted: June 11th, 2008 | Author: Joe | Filed under: Saving | Tags: Banking, HSBC, ING Direct, Interest rates | 2 Comments »
I just got an email from HSBC Direct saying that they’ve upped my interest rate to 3.5%! WooHoo!
Most of the time, when I say “WooHoo” it’s dripping with sarcasm but this time I really mean it. It was a very pleasant surprise. The rate is effect until August 15, 2008 and may adjust after that, but 3.5% is a very decent rate with the federal funds rate so low (currently 2%).
Of course, it’s all to get more money under their control since the amount they can lend and invest is dependent upon the amount of money deposited with them, but that’s OK because I use HSBC for my primary emergency fund savings anyway. It’s a win-win.
ING is also offering a savings incentive. They call it their Automatic Saver Sweepstakes:
“Every month that you have a recurring deposit of at least $100 with an Automatic Savings Plan or Direct Deposit into your Orange Savings Account or Electric Orange, you’ll be automatically entered to win. This will give you a chance to win one of five $1,000 prizes every month, or our Grand Prize – $30,000 to be paid to your Orange Savings Account or Electric Orange. That’s right we are giving away a total of $60,000″
I LOVE ING, but since HSBC pays more interest, I keep the majority of my savings with them and use ING for smaller, goal oriented savings: new computer, sewer and water bills, etc…
For a free $25 when opening an ING Direct Orange Savings account, grab a referral here.
It seems like ING and HSBC aren’t the only banks trying to squeeze out some more deposits. J.D. at Get Rich Slowly has a post title, “Current Deals and Contests from Online Banks“, that runs through ING, HSBC, Washington Mutual and more!
Related Posts:
Posted: December 20th, 2007 | Author: Joe | Filed under: Saving | Tags: Banking, high Yield Savings, ING Direct, promo codes, referrals, Savings | 1 Comment »
Pay yourself first – and here’s $25.00 free!
By now you’ve probably heard of ING Direct and their orange savings account… Maybe you’ve seen their clever commercials with a person sitting on a park bench with the letters “ING” visible to their right. It looks like they’re obscuring the rest of the word, and a voice-over says something like: “Is it a beginning, or is it an ending?” Only it’s more clever than that, but you get the point.
Or maybe you’ve just seen their ugly orange banner ads on the interweb. I don’t know why they chose orange as their color, but it’s so well done that I find myself associating the color with saving money unconsciously. Unlike UPS’ “What can brown do for you?” which is about the stupidest marketing campaign I’ve seen in years – are they changing their name from United Parcel Service to Brown? But I digress…
ING direct offers a high interest savings account. The yield is about 3.40% APY (at the time of this post) and it is FDIC insured, unlike a Money Market Account. It’s not the highest rate around to be sure, but it is just about universally hailed as the best user interface in online banking. They make it so easy to set up an orange savings account or CD that many people keep multiple accounts for everything from yearly car insurance premiums to property tax to general savings to a “new car fund” – you name it! Literally. You just create an account, give it a name and fund it with a deposit.
They make paying yourself first a snap with scheduled automatic deposits. That’s why so many people make it their first serious savings haven when they’re building their emergency fund and starting out on the American dream of building wealth and financial freedom. Another great thing about ING is that they offer referrals.
Yup, that’s right, I refer you and you open an orange savings account then we both get a little extra $$. 
If you open this account with an initial deposit of at least $250, you will receive a $25 bonus and I will get a $10 thank you bonus. To qualify for this bonus, you must use one of the links below.
Rules of the game: Bonuses are only paid for accounts that are opened with an initial deposit of at least $250. Initial deposit does not include bonus. The $25 bonus is available only for new accounts with a new Customer as primary owner. Only one bonus will be provided per household. Bonus starts earning interest upon account opening, but is unavailable for withdrawal for 30 days.
ING Orange Savings Referral
ING Orange Savings Referral
ING Orange Savings Referral
ING Orange Savings Referral
(If the links no longer work, you can try http://simpledebtfreefinance.com/ing-referrals-free-25/)
Open an ING account and get $25! And of course, if you decide that you’d rather not begin building wealth for yourself and start down the path to freedom, that’s OK too. 
Related Posts:
What others are saying