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Morning frugal friends! Boy, do I have a nifty little free money promotion for you today! If there’s one thing I love, it’s finding out about free money!
But, you have to act quickly (before February 7th in fact), to take advantage of this one!
ING Direct, one of my favorite online high-yield money market savings account providers (I currently have my Dream Basket savings account with them), is currently offering a $50 bonus when you open a new IRA with them by February 7th, 2011 and fund it with $200.
Simply follow the instructions below to take advantage of this offer. I just processed mine last night!
- Go to retiremyway.com/50
- Open either a Roth or Traditional IRA and fund it with at least $200 by February 7th.
- You can choose either a CD or a adjustable rate savings account option. Personally, I would recommend the savings account because the interest rate will change depending on current interest rate.
- Since the current interest rates are so low, it doesn’t make much sense to lock in such a low interest rate in a CD.
- That’s it! ING Direct will then send you your $50 by February 28th.
A couple of notes on this:
- Typically, I would not be a fan of opening up a bank IRA because I would not be able to invest it in equities and other mutual funds. However, since they are offering $50 free money, I can simply treat this as the 5% cash portion of my overall asset allocation/investment strategy. That’s an automatic 25% return for doing nothing!
- Most likely, I will never touch this money again until I retire. But, I’m all right with that since it is such a small amount of money
- ING Direct IRA’s are 1) FDIC insured up to $250k, and 2) Have no fees or minimum balance requirements.
How about you all? Have you taken advantage of any free money bank or credit card promotions lately?
Share your experiences by commenting below!
***Photo courtesy of http://marketbeast.com/images/ad_column_ing_direct.jpg
