ING Direct Orange Key

How to save money and earn extra money with banking

Archive for October, 2009

A thought about TFSA & RSP strategies

Posted by martinharford on October 28, 2009

I was sitting around earlier thinking about different ways you can use a TFSA and RSPs.  In doing so it occured to me that when the Canadian government set up the TFSA they may have unintentionally changed the face of the savings account game a bit.

First of all let’s review the difference briefly:

  • TFSA – you pay income tax on money you put in but not on money you don’t
  • RSP – you don’t pay income tax on money you put in but you do when you take it out

And of course the similarity between the two being that you don’t pay income tax on whatever gains you make while it’s in the account.

So basically to me this means [I’m not going to do any math here but feel free to verify and comment if you find otherwise]:

  • Early in life when your income is low and your tax bracket is too you should contribute as much as possible to a TFSA since you theoretically will be paying more taxes when you retire (you pay first but less taxes)
  • Later in life, but before retirement, your tax bracket is likely to be higher then when you retire so you should contribute to an RSP since you’ll be paying less taxes when you retire

Now the tricky thing is in the middle at some point there will likely be once you’ve transitioned from the stage where you are better with an RSP then a TFSA.  What could you do with the unused TFSA contribution space?

Well, I was thinking that what if you just used it as your regular savings?  This means that money you were saving up for a down payment on a new car, or maybe that big vaction next year could be kept in a no interest account until you actually need it.  What a novel idea, for the average person who never actually reaches their full contribution on their RSP and now TFSA why wouldn’t this work?

And for that matter maybe at some point in the middle (and I don’t know the accounting part of it) you could actually take money out of your TFSA put it into your RSP and get the income taxes back on it.  Sneaky, huh?

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Posted in Uncategorized | 27 Comments »

Now at 51 referrals with ING Direct

Posted by martinharford on October 8, 2009

I just logged into my ingdirect.ca account today to check to see if I have more then 50 referrals.  And it so happens that I am now at 51.  So obviously it is possible to use an ING Direct Orange Key more then 50 times.  However, I didn’t get any referral money for it so I can only assume that my 51st referral received the money where I will not.

As stated in yesterday’s post I have changed my originally posted orange key for a friends so it is a fresh untapped one.

In case you don’t have one you can try:

Orange Key: 34908230S1

There should be absolutely no problems using either my old, at least I believe so.  But to be sure you should probably use the new one posted above since I know it isn’t yet at 50 referrals.

All the best to all of you, and thanks again to my many friends out there that helped me get to 50.

Posted in Uncategorized | 49 Comments »

50 Referrals with my ING Direct Orange Key!!!

Posted by martinharford on October 7, 2009

Well, today is a somewhat momentous occasion for me.  It marks the day I have made it to 50 referrals for ING Direct.  Which means I have tapped out the ING Direct Orange Key referral well.

Unfortunately, this means that I do not believe that my key will get me any more money.  I’ll post if I actually get a 51st referral since I don’t think ING lets you do that.

So, I am now changing the posted key to make certain no readers end up with an invalid orange key.  If you do have a problem please let me know and I’ll see if I can clear anything up with for you.

Just to recap I’m retiring my old orange key 16157624S1.  And putting up a friends in it’s place.

Orange Key: 34908230S1

Best wishes to all.  And for those of you who signed up with my orange key many many thanks!!

Posted in Uncategorized | 22 Comments »

How to make $2025 for free with ING Direct Canada

Posted by martinharford on October 6, 2009

So, you are looking for an easy way to make some money?  Or maybe you just want to sign up with ING Direct Canada and were wondering about the Orange Key.

Well, believe or not there is actually a really easy way to make some cash from a bank.  The only problem is you tap out at $2025 so it’s not exactly a life sustainable income.

Without further ado, let me outline how to make your money:

Step 1:

  • Sign up with ING Direct Canada for pretty much any account they offer.
  • Be sure to use a current Orange Key when you sign up.
  • Deposit $100 into your new account.

This will get you your first $25

Step 2:

  • Convince a friend that they should sign up with ING Direct Canada
  • Give your friend your ING Orange Key
  • Make sure your friend uses your Orange Key when they sign up
  • And that they deposit $100

This will get you $25 and your friend $25

Step 3 – 51:

  • Repeat step 2 for 49 other people

This will get you $1975, and $25 for each of the 49 people you get to sign up.

(Yes the math doesn’t work out, you get a bonus for every 10 people you sign up)

Does it work? Yup, I’m on step 51 right now.  Want to know how?  I might be sweet talked into helping you out, but for now feel free to post your Orange Key on:

https://ingdirectorangekey.wordpress.com/orange-key

If you have a blog or a website I’d appreciate a link to this page if you decide to post your Orange Key on it.

Posted in Uncategorized | 46 Comments »