Apparently ING Direct is operating under a new identity now known as Tangerine bank. In an effort to get people to try its banking services they are offering $50 to any new customers who opens up an account while depositing $100.
From what I read, the catch is you have to be a new customer who has never opened an account and you must have a referral code or an “Orange Key”. This apparently only works for a no-fee savings or chequing account. I decided to try it out and here is my code you can use too which is 42999729S1.
I was actually thinking of this referral bonus and it seems like the code will work for up to 50 people. Everyone probably has the same idea on whether or not you can just open the account, get the bonus and take everything out after if you don’t like the service. I honestly can’t see why not as from a company point of view this this is basically $50 they would have spent in other forms of marketing to try and get customers.
The common example I read was say a household of three people where everyone opens up an account which would equal to about $250 of bonus money based on my calculations. Maybe not a bad idea as that is like ten minutes of work. For me it was an incentive to look around the features of this bank a bit. It does seem like the parent bank of all this is Scotiabank here in Canada.
Here is the link to sign up if you want to try this for the free $50:
Let me know if you are someone who used the code too as it would be interesting to see how fast people get the bonus. As well, this code only works for fifty people to my knowledge so other people will have to give some out if it runs out.
I was surprised at how fast they processed the bonus. Here is a sample of it for everyone who is wondering what the confirmation would look on the statement when you get the free $50.