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As a reader of this blog, you already know that there are some pretty attractive returns available to you in the online realm.
In addition to earning a higher rate, you can pad your account even more by taking advantage of programs such as "Refer A Friend."
ING's program is perhaps the most popular of this variety. You refer a friend who funds a new account with at least $250, and the friend receives an extra $25, and you get a bonus of $10.
ING says you can earn up to $500 in bonus money through this program (that would be 50 successful referrals!), but I know that just recently they cleared their lists so people have the potential to go beyond even that amount.
I have successfully referred probably four people to ING. I'm happy to earn the money, and I'm also glad I can help them save. ING makes it very easy to send the referrals; I just wish I knew more people who wanted to invest online!
Another large bank with an online referral program is Bank of America. Though I don't know if this is a standing offer, they are currently offering a bonus of $25 to both the referring party and the one who opens a new checking account.
Unlike ING, BofA has fairly complicated rules about forfeiting the money in the case the new checking account closes before a certain amount of time passes. The process also isn't as streamlined as ING's, but if you know someone who is looking for a free checking account and doesn't mind signing up online, this is a nice deal.
I'd be interested in finding out what percentage of new accounts and/or balances comes from these referral programs. If anyone knows of any similar programs offered by other banks, or other types of bonus programs, let us know in the comments section.
Tom Valenti is a marketer and project manager who currently works for a financial institution in New Jersey. For more info, visit him at http://tomvalenti.com.
A rival to PayPal, Revolution Money Exchange, is offering $25 upon sign up, and $10 if you refer someone. I got my money with no problem at all. The service seems pretty nice, too.
I think it's by referral only, so if you'd like to try this out, send me an email.
I love my ING Direct account. It doesn’t have the highest APY but you won’t get better customer service anywhere else. Also, their online interface is just easy and awesome.
I also do still have many referral links left if anyone would like to contact me to receive a link (either for an orange savings account or the electric orange checking/savings account) to sign up for an account. You receive $25 for signing up with a min. of $250 or more. A nice little bonus for nothing! Just shoot me an e-mail @ z3trkrnr@gmail.com and I’ll send the link right back to you!