ING Direct has a referral program where the person who provides the referral receives $25 per qualifying account opened and the person who opens the account receives $50. I took advantage of this offer about 8 years ago. I forgot about the account for about 4 years and eventually came back to it. I made like 5% back on $70 or something that was in the account. Not bad for a savings account with very low balance.
I am now signing up for an account with Bank of the West. Free ipod touch for signing up by 8/20/2010. I read the fine print and its not too shabby. Just open an account and use it through 10/31/2010.
I am not sure how banks can be profitable doing this kind of sign up promotion. I stuck around with ING. They had less than $100 bucks from me for 4 years but I am a loyal customer now. Maybe they can afford it because they know they have a good product.
Remember, banks loan the money out. That's how they make money. ING lent out your $70 bucks, Well, at least most of it.
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