To skip the review and go straight to the ING orange key $25 referral bonus, click here.

Recently, I was surfing the net doing research on high interest tax free savings accounts and when I came across ING Direct, I noticed that they are offering a sign up bonus of $25 when depositing $100 initially (click here for coupon code, or keep reading below).  So I thought, what the heck, I’ll sign up for an account and review the service for MDJ readers, and the $25 sign up bonus doesn’t hurt either.

What is ING Direct?

ING direct is an online bank (covered by CDIC)  similar to the PC Financial high interest savings account.  That is, you do all your basic banking elsewhere, but you can transfer money back to forth to ING’s savings accounts to take advantage of their relatively competitve interest rates.

Account Offerings


This is a regular savings TFSA, not like a trading TFSA like what some discount brokers offer.  In addition to regular savings TFSA, they offer mutual fund and GIC TFSAs.

Childrens Savings Account (CSA)

A really neat feature with ING is their Childrens Savings Account.  This account is offered for existing ING customers with children.  Basically, it allows a high interest savings account for the child while having it linked to the parent account.

High Interest Savings

ING’s high interest account is similar to the PC Financial account except with a slightly higher interest rate.  This is the account that I opened to claim my $25 freebie.

The Fees

As far as I know, there are no fees when banking with ING direct.

The Sign up Process

I must say that the account setup was painless and relatively quick.  All they needed was basic personal info along with basic banking info from which the client will be transferring money from.  After that, a personal cheque needs to be mailed in to verify banking information.  From the beginning to end, the whole process took about 3 business days, with about 20 minutes worth of “work”.

$25 ING Direct Signup Referral Bonus

In order to get the $25 ING Canada freebie,

  1. Start your application.
  2. When the form asks, use the orange key code 38980411S1 (newApril 2012)
  3. Deposit at least $100 with your initial bank verification cheque .

After your account is opened, you’ll notice the $25 bonus appear in your transaction history.  Note that the code above is good for 50 uses only, so use it while you can.  I don’t expect it to last long.

Final Thoughts

As I already have a PC Financial high interest savings account that I use often, my initial reason for opening the ING Direct account was for the $25 freebie which took 20 minutes of my time.  However, after seeing their offerings, and their higher interest rates, I may use this account as my “fun money” account.

Anyone else with ING Direct?  What has your experience been like?


  1. FrugalTrader on December 6, 2009 at 4:37 pm

    Mike, when you make your $100 deposit, you should see your orange key when you login.

  2. FrugalTrader on December 8, 2009 at 8:35 pm

    Again guys,

    To be fair to other readers, please do not post your ING codes. I am, however, saving them.

  3. Mike on December 10, 2009 at 7:05 pm

    FT, could you check your account? Mine says I get 50 dollars if I refer 10 people, instead of the $25 a piece that I expected

  4. Linda on December 27, 2009 at 12:34 pm

    I stumbled upon this blog when researching discount brokerage websites, and would like to add my 2 cents’ worth regarding ING.

    I have had an account with this “no-frills” bank for a number of years, and was using it mostly as a place to park my savings.

    After the TFSA was introduced in the 2008 budget, I waited for an announcement from my regular bank, as I was anxious to open an account. By late fall there seemed to be nothing in the works, and when I approached a teller some time in October or early November (less than 2 months before the TFSA was to come into effect), she was still unclear on the process, didn’t know if there would be a fee (although she suspected there would be a charge of some kind) and explained that, in any event, I would have to book an appointment to speak to one of their customer service agents (and I use the term loosely).

    I returned home, went directly to the ING website, and within less than 5 minutes I had opened one of their early, higher-interest, TFSA-in-waiting accounts. No muss, no fuss, no charge. Since I am hoping to hold onto the account for the long term, being among the first out of the gate will probably reap huge benefits for ING.

  5. Shweta on January 4, 2010 at 6:26 pm

    I already have a TFSA account with ING opened last year. If I open another TFSA account and use Orange Key, will I still get $25 dollars ?

    Thanks a lot.

  6. Momof3 on February 23, 2010 at 7:21 pm

    I’ve been researching kids bank accounts for my little ones, and came across this discussion. Can you tell me if this $25 referral bonus is still being offered?

    I do not currently have an ING account, so if I were to open one and get my own orange key code can I then use that to open my 3 kids individual accounts and get them $25 each as well?

    Just a little unclear as to how this works. Thanks!

  7. FrugalTrader on February 23, 2010 at 9:52 pm

    Momof3, i’m not sure the childrens account promo is still going.. however, the $25 bonus for your account will definitely work as the code posted is new.

  8. StephanieR on March 12, 2010 at 6:39 pm

    Gosh, it works. I opened the account, told the guy on the phone the orange key number, and two days later, an extra $25 showed up in my account.

    I now have my own “orange key.” Naturally I am spreading the word.

    Thanks for the excellent tip. That $25 that showed up today was from me!


  9. Antony on April 8, 2010 at 4:15 am

    Very interesting. Can I take this key in reg in bank?

  10. Marcus on May 1, 2010 at 12:13 pm

    Update on ING: I checked my account yesterday (April 30th) and the TFSA Savings Account interest rate dropped to 2%

  11. runeash on May 6, 2010 at 1:52 pm

    I am assuming the money in ING children savings account is taxed at chidrens tax bracket ie I can’t imagine a 3years getting a T5 so for their savings I could start parking money there and not pay tax in my bracket

  12. Brian W on July 5, 2010 at 11:12 pm

    I opened my ING account and within a week had an extra $25 in my account. Thanks for the tip. I have referred several more people there to take advantage of the free money that they are giving away. Oh yeah and their interest rates are very competitive too

  13. rob on August 12, 2010 at 3:53 pm

    I do like their service, and getting money out is quite quick if need-be, usually by the middle of the next day after having requested it, it’s in my account.

    I do have a “bit” of a problem with their very slow “taking” of the money from my bank account.

    When I send my savings, it leaves my personal bank account the next day, but languishes on hold for seven days. Yes they pay interest, which really isn’t my reason for saving it, it’s just to put it away somewhere AWAY from my spending account, but seven days????

    I generally put lots in, but end up taking $40 or so back to shore up groceries or shortages, but always the amount is growing, so it’s a bit difficult when that happens.

    Since we are paid on Thursdays, if I place the money to ING, it’s not usually ready until the following Friday 7-8 days later, thus if I wanted to claw back a small amount, it doesn’t happen until Monday.

    That’s about my only complaint, it really makes no sense it takes seven days to deposit, as a payment to credit card takes about 3-4 at most?


  14. Dan - BankVibe on December 14, 2010 at 7:06 pm

    Some of ING’s savings/checkings account are decent but I’ve been hearing lately that ING’s mortgage dept is understaffed.

  15. Brendan on January 29, 2011 at 3:39 pm

    If I currently have a registered TFSA with TD that holds my traded securities and still has about 9 grand worth of contribution room, can I open an ING high interest TFSA for non trading activities or how does this work? I’m young and really want to maximize my TFSA use.

  16. Ed Rempel on January 30, 2011 at 11:39 am

    Hi Brendan,

    TFSA room works similar to RRSP room. You get $5,000/year and can contribute it to any TFSA, so there should be no problem contributing your extra room. Just be careful with withdrawals, since you only get that room back the following year.

    Just curious – why would you not contribute to your TD TFSA and invest it properly. ING savings is really only for short term or emergency fund uses. It is not a good long term investment return. Is this short term money?


  17. Brendan on January 31, 2011 at 1:55 pm

    Ed tRNA is for your assistance, it is actually long term oriented. I would like to max my TFSA out yearly but after this I was wondering if I could actually have another TFSA such as the ING account open coinciding with my TD?

  18. BenR on February 17, 2011 at 1:04 am

    Im also on ING, with the Thrive checking account, so my paycheck is deposited there, i pay everything from that account also, all without fees.

    Got a basic TFSA with them too for emergencies, also a joint savings account with the GF.