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Enough thinking about opening an IRA, now’s the time to take action. Grow your retirement savings risk-free with an FDIC-insured IRA (savings or CD). No fees or minimums and we’ll even help you out with a $50 account bonus.

1. Open an FDIC-insured IRA (savings or CD)
2. Deposit $200 into your account by February 7
3. Get a $50 bonus (counts toward your 2011 IRA contribution limit)

Link Here


It took less than 5 minutes to open my IRA account online since I already have other accounts with ING Direct. It was really straight forward.

Member Summary

$50 Bonus
Thanks Virgil27
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Most Recent Posts
anyone get their march bonus yet?

titan01 (Apr. 05, 2011 @ 7:05a) |

It is now May 2. Still no March bonus...

johnnyb82 (May. 02, 2011 @ 7:50p) |

I think you have to contact them. I called them and the next day it showed up.

BajakLaut (May. 03, 2011 @ 9:17a) |

Offer now extended to March 28th

Per SuperOcean:

IF YOU DO NOT CURRENTLY HAVE AN ING ACCOUNT DO THESE STEPS:

1. Begin with the ING savings account with $25 bonus be getting a referral from current ING member.
2. Then get the $50 bonus for opening a Orange checking account.
3. Next transfer your brokerage account to ING for $100 bonus.
4. Lastly, try to get the $50 for opening an IRA savings or cd account.

I'm not sure if this will all work together but I guess if you don't have an ING account, you could try.
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Does that mean the $50 is 1099-INT income?

Also, I assume we could "withdraw" the $50 as a return of contributions and face no penalties/interest?

Nice, thanks

Hard pull with this?

Looks interesting, I haven't ever looked into retirement savings so maybe I'll do some research (I'm 22 and in my last year of college).

Psyphris said:   Looks interesting, I haven't ever looked into retirement savings so maybe I'll do some research (I'm 22 and in my last year of college).

You're already 4 years late!

Thanks for posting this.

I don't have an existing ING Direct account, which is required to open the IRA. Do they currently offer anything better than the ongoing $25 referral bonus for opening an Orange Savings Account? (I'm aware of the checking account bonuses.)

note the other sharebuilder fees and commissions-it may cost you to close/ACH out,etc. Also check the rates at ally bank CD rates are 1.29% (not sure if this applies to IRA CDs)

IF YOU DO NOT CURRENTLY HAVE AN ING ACCOUNT DO THESE STEPS:

1. Begin with the ING savings account with $25 bonus be getting a referral from current ING member.
2. Then get the $50 bonus for opening a Orange checking account.
3. Next transfer your brokerage account to ING for $100 bonus.
4. Lastly, try to get the $50 for opening an IRA savings or cd account.

I'm not sure if this will all work together but I guess if you don't have an ING account, you could try.

jetsfan92588 said:   Does that mean the $50 is 1099-INT income?

Also, I assume we could "withdraw" the $50 as a return of contributions and face no penalties/interest?
You just said two opposite things. If it generatesd a 1099-INT, then you would pay interest on it. But it says at the bottom of the page "The bonus will be reported to the IRS on form 5498", which just shows contributions made to an IRA.prastogi said:   note the other sharebuilder fees and commissions-it may cost you to close/ACH out,etc. Also check the rates at ally bank CD rates are 1.29% (not sure if this applies to IRA CDs)This is not a sharebuilder account, it's an INGDirect FDIC insured account. It says no fees or minimums, but I can't find how long the account must stay open. I doubt anyone will bother collecting the 10% penalty if you withdraw your 1.1% apy on $250. You could always rollover the balance to your main account so it's not a withdrawal.

scripta said:   jetsfan92588 said:   Does that mean the $50 is 1099-INT income?

Also, I assume we could "withdraw" the $50 as a return of contributions and face no penalties/interest?
You just said two opposite things. If it generatesd a 1099-INT, then you would pay interest on it. But it says at the bottom of the page "The bonus will be reported to the IRS on form 5498", which just shows contributions made to an IRA.


I'm confused by your response. If it generated a 1099-INT, why would I have to pay interest on it? You are saying it won't generate a 1099-INT. So, does that mean that we would not have to pay taxes on the $50 bonus? Isn't this income? How would you claim it as income if it wasn't interest or dividends?

Actually, I read the offer as ING making a 2011 contribution of $50.00 on the customers behalf......which also could be TAX DEDUCTABLE.

I need to call and ask if existing customers can open a "New" IRA CD and get the $50.00 bonus.

jetsfan92588 said:   scripta said:   jetsfan92588 said:   Does that mean the $50 is 1099-INT income?

Also, I assume we could "withdraw" the $50 as a return of contributions and face no penalties/interest?
You just said two opposite things. If it generatesd a 1099-INT, then you would pay interest on it. But it says at the bottom of the page "The bonus will be reported to the IRS on form 5498", which just shows contributions made to an IRA.
I'm confused by your response. If it generated a 1099-INT, why would I have to pay interest on it? You are saying it won't generate a 1099-INT. So, does that mean that we would not have to pay taxes on the $50 bonus? Isn't this income? How would you claim it as income if it wasn't interest or dividends?
Form 1099-INT shows interest income, which is taxable. What is so confusing about this?

You're right, if you withdrew more than you contributed it should be counted as income, but I don't know how it works in this case.

Savemeister said:   Actually, I read the offer as ING making a 2011 contribution of $50.00 on the customers behalf......which also could be TAX DEDUCTABLE.

I need to call and ask if existing customers can open a "New" IRA CD and get the $50.00 bonus.




You can only add $5,000 a year to an IRA account(granted that your income level allows you to have an IRA). ING was stating that the $50 counts towards that $5,000 limit. Also, you are right, if this is a traditional IRA then you could get some tax credits. I personally like roth IRA's because they grow tax free. When you cash out your traditional IRA, you will owe taxes on your account.

FloorsMat said:   Hard pull with this?Before opening an IRA Plan, you must first be an ING DIRECT Customer. If you do not have an account with us, you can open an Orange Savings Account, Orange Certificate of Deposit, or Electric Orange first.

Opening one of this is a hard pull. :/

foeplay said:   FloorsMat said:   Hard pull with this?Before opening an IRA Plan, you must first be an ING DIRECT Customer. If you do not have an account with us, you can open an Orange Savings Account, Orange Certificate of Deposit, or Electric Orange first.

Opening one of this is a hard pull. :/


No hard pull on Orange Savings account – I signed up for it this month through their $25-refer-a-friend promo.

prastogi said:   note the other sharebuilder fees and commissions-it may cost you to close/ACH out,etc. Also check the rates at ally bank CD rates are 1.29% (not sure if this applies to IRA CDs)

$200 for a 6 month cd at .75% with a $50 bonus is just a little better than anything Ally can provide.

My wife and I just opened one each. 15 minutes for a quick $100. Thanks OP.

depalma13 said:   
$200 for a 6 month cd at .75% with a $50 bonus is just a little better than anything Ally can provide.


Why buy a 0.75% CD when the savings rate is 1.1%?

Is it worth leaving the 200$ in there in the long run? for 50$? if the rates are continually low... would you be losing out in the end?

is it possible to go from ingdirect to sharebuilder after you get your 50$? without any fees?

titan01 said:   Is it worth leaving the 200$ in there in the long run? for 50$? if the rates are continually low... would you be losing out in the end?

How can you lose with a 25% return on your money in one month? The bonus is yours on February 28th. If you want to withdraw your principal at that moment you can and you can take the $50 too.

Open a new FDIC-insured Individual Retirement Account (savings or CD) and deposit $200 by February 7, 2011. A $50 bonus will be paid into your new IRA savings account by February 28, 2011. The bonus will be considered a 2011 contribution and counts towards your annual IRA contribution limit. The bonus will be reported to the IRS on form 5498. You must have earned income in 2011 to qualify.

taxmantoo said:   depalma13 said:   
$200 for a 6 month cd at .75% with a $50 bonus is just a little better than anything Ally can provide.


Why buy a 0.75% CD when the savings rate is 1.1%?


True

depalma13 said:   titan01 said:   Is it worth leaving the 200$ in there in the long run? for 50$? if the rates are continually low... would you be losing out in the end?

How can you lose with a 25% return on your money in one month? The bonus is yours on February 28th. If you want to withdraw your principal at that moment you can and you can take the $50 too.

Open a new FDIC-insured Individual Retirement Account (savings or CD) and deposit $200 by February 7, 2011. A $50 bonus will be paid into your new IRA savings account by February 28, 2011. The bonus will be considered a 2011 contribution and counts towards your annual IRA contribution limit. The bonus will be reported to the IRS on form 5498. You must have earned income in 2011 to qualify.



I don't think you can pull money out without a tax penalty, right?

Assuming it's stuck in the account, the poster above has a point about whether it's best to put money to sleep for 20 years (depending on how long you have until retirement) versus putting it in a real investment. Even conservatively assuming 6% growth for a stock/mutual fund versus 2% for a CD, even with the $50 bonus, you come out twice as good at 6% on $200 over 20 years versus 2% on $250 over 20 years. Just something to think about.

Guys, aren't we over-analyzing too much about tying up 2 Benjamins here?

taxmantoo said:   depalma13 said:   
$200 for a 6 month cd at .75% with a $50 bonus is just a little better than anything Ally can provide.


Why buy a 0.75% CD when the savings rate is 1.1%?


There is one benefit, although unlikely to happen when considering the 6mo CD,
With the CD your locked in at that rate for the term.
For 6 months its really not enough time, but its possible the savings rate drops significantly below the CD rate, making the CD a better deal.
Again highly unlikely, but maybe something to consider if your on the fence about 12/18 month CD vs Savings.

dippy943 said:   depalma13 said:   titan01 said:   Is it worth leaving the 200$ in there in the long run? for 50$? if the rates are continually low... would you be losing out in the end?

How can you lose with a 25% return on your money in one month? The bonus is yours on February 28th. If you want to withdraw your principal at that moment you can and you can take the $50 too.

Open a new FDIC-insured Individual Retirement Account (savings or CD) and deposit $200 by February 7, 2011. A $50 bonus will be paid into your new IRA savings account by February 28, 2011. The bonus will be considered a 2011 contribution and counts towards your annual IRA contribution limit. The bonus will be reported to the IRS on form 5498. You must have earned income in 2011 to qualify.



I don't think you can pull money out without a tax penalty, right?

Assuming it's stuck in the account, the poster above has a point about whether it's best to put money to sleep for 20 years (depending on how long you have until retirement) versus putting it in a real investment. Even conservatively assuming 6% growth for a stock/mutual fund versus 2% for a CD, even with the $50 bonus, you come out twice as good at 6% on $200 over 20 years versus 2% on $250 over 20 years. Just something to think about.


unless we are allowed to convert it to the sharebuilder account?

dippy943 said:   depalma13 said:   titan01 said:   Is it worth leaving the 200$ in there in the long run? for 50$? if the rates are continually low... would you be losing out in the end?

How can you lose with a 25% return on your money in one month? The bonus is yours on February 28th. If you want to withdraw your principal at that moment you can and you can take the $50 too.

Open a new FDIC-insured Individual Retirement Account (savings or CD) and deposit $200 by February 7, 2011. A $50 bonus will be paid into your new IRA savings account by February 28, 2011. The bonus will be considered a 2011 contribution and counts towards your annual IRA contribution limit. The bonus will be reported to the IRS on form 5498. You must have earned income in 2011 to qualify.



I don't think you can pull money out without a tax penalty, right?

Assuming it's stuck in the account, the poster above has a point about whether it's best to put money to sleep for 20 years (depending on how long you have until retirement) versus putting it in a real investment. Even conservatively assuming 6% growth for a stock/mutual fund versus 2% for a CD, even with the $50 bonus, you come out twice as good at 6% on $200 over 20 years versus 2% on $250 over 20 years. Just something to think about.


It counts against your contribution for 2011. Since all contributions from a ROTH can be withdrawn tax and penalty free, why can't you withdraw it at any time?

Because some are concerned about paying tax (regular + 10% additional tax or as most people call it, early withdrawal penalty) on the ~$0.18 earnings after one month!

depalma13 said:   It counts against your contribution for 2011. Since all contributions from a ROTH can be withdrawn tax and penalty free, why can't you withdraw it at any time?

wesleman said:   Because some are concerned about paying tax (regular + 10% additional tax or as most people call it, early withdrawal penalty) on the ~$0.18 earnings after one month!

depalma13 said:   It counts against your contribution for 2011. Since all contributions from a ROTH can be withdrawn tax and penalty free, why can't you withdraw it at any time?


Since you can round to the nearest dollar on a tax return, earnings <49c = $0 taxable income.

Hey, let's wait at least TWO months before withdrawing the money out then; should have whooping 41 cents in earnings!!

diljs said:   Since you can round to the nearest dollar on a tax return, earnings <49c = $0 taxable income.

I guess free $ isn't what it used to be by the looks of this conversation. I guess for now it's just free $ for checking accts and ipods.

Thanks. An easy $73 for 2046

kami333 said:   Thanks. An easy $73 for 2046

wesleman said:   Hey, let's wait at least TWO months before withdrawing the money out then; should have whooping 41 cents in earnings!!

Cha Ching!

But seriously. What are everyone's thoughts on the $50 bonus on a Roth IRA. Can we withdraw it like a normal Roth IRA contribution? Reportable as interest income?

diljs said:   kami333 said:   Thanks. An easy $73 for 2046

wesleman said:   Hey, let's wait at least TWO months before withdrawing the money out then; should have whooping 41 cents in earnings!!

Cha Ching!

But seriously. What are everyone's thoughts on the $50 bonus on a Roth IRA. Can we withdraw it like a normal Roth IRA contribution? Reportable as interest income?


you can withdraw the 50$ as normal contributions.. not sure what happens to the interest on top of that 50.

My guess is that the $50 will be reported as interest income. Whether you can deduct it depends on whether you go with a Roth or a traditional IRA. If you open a Roth, you will pay taxes on it. It's just like ING gave you $50 and you put it in a Roth yourself. Roth contributions are after-tax.

If you choose a traditional IRA, and are eligible to deduct your contributions, you should be able to deduct the $50 as well, making it tax-neutral.

This is all just a hunch of how it logically should work. That's not to say the IRS is always logical.

it says fund by the 7th... meaning the money has to be in the account or the transfer just has to be setup by the 7th?

Thanks OP, opened one!

satchelsofgold said:   My guess is that the $50 will be reported as interest income. Whether you can deduct it depends on whether you go with a Roth or a traditional IRA. If you open a Roth, you will pay taxes on it. It's just like ING gave you $50 and you put it in a Roth yourself. Roth contributions are after-tax.

The thing is with Roth, the $50 would be on untaxable contributions if counted as interest, and therefore the interest should be untaxable if following Roth withdrawal rules (so free $50+interest when I retire).

I suppose the only safe thing is to withdraw just the $200 initial contribution.

Skipping 61 Messages...
I think you have to contact them. I called them and the next day it showed up.



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