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**MSE Martin** · 03-03-2009, 6:52 PM

STOP PRESS! 4 March '09 11.40am. As expected ING has closed the loophole. We managed to send out 2.9 million of the 3.3 million emails before it dropped it so well done to all those that got the deal! Any similar offers will always go in the free weekly MoneySaving email.

There's a loophole meaning it's possible to make a free £20 just by opening up a savings account and putting £1 in it.

What's this all about?

Dutch bank ING Direct's current promotion says it'll add £20 to savings accounts set up by NEW customers. All that's needed to open the account is £1, so if you don't need a savings account, just add a quid before 31 March, wait for the £20 to arrive, then withdraw it all.

Better still, unlike 'credit card freebies' that occasionally occur, as this is a savings account, there shouldn't be a credit check done, meaning it won't impact your ability to get credit.

How to do it

Just apply for the ING Direct Savings Account; you'll see the promotion on the page linked to. The application'll take about 5 minutes.

The only restrictions are you're over 18 and have a personal UK bank or building society current account, with a chequebook and Direct Debit.

Once you've applied, you'll be asked to send a cheque for your deposit to ING Direct, FREEPOST NATW1784, Reading, Berkshire, RG6 1BR before the 31 March 09.

You'll then be sent a welcome pack and the £20 will be credited to your account within 28 days. After that you can take the money out whenever you want.

There are always unponderables with these things, which means there's a chance you may not get the £20, (though your £1 should always be safe). If you're not prepared for that, don't do it

Is it worth saving with anyway?

This is a pretty reasonable account, rate wise; it pays 3% which includes a bonus of 1.47% interest for a year. So you could choose to put real savings in and bag the £20 anyway.

In the old days bonuses were frowned upon, but now with interest rates so low, in effect it guarantees you a minimum level of interest for a year. To see how this compares, see the top savings guide.

The main negative with ING direct is it is reliant on the Dutch (ie. not UK) compensation scheme, meaning in the unlikely event it went bust, you would be entirely reliant on the Netherlands' government. For more on that read the Safe Savings guide

WARNING! Go Quick

This has gone top of the weekly MoneySaving email, that goes to over 3 million email addresses in the UK. In the past, similar loopholes going out to so many has caused the banks to go green, feel sick, and close 'em within hours.

ING Direct has reserved the right to withdraw this at any time. If this makes it to Thursday morning before being closed, it's done well.

So carefully check the offer's still on when you apply; then again if you're just putting a pound in to open it, it's an instant access account anyway so the worst thing that can happen is you don't get the £20.

Quick Q&A

Q. What counts as a new customer? Looking at the t&cs, it looks like only having a Savings Account with ING already would disqualify you from this offer; ISA customers should be fine though we can't be certain. It's also uncertain what the situation is for those who had Kaupthing accounts.

Q. What does "we may need ID" mean? For most people the electronic application will be enough, but a few will need to provide more info, as ING says "If we cannot do the checks electronically, we will ask you to provide suitable identification documents (for example, a gas or electricity bill as proof of your address and your UK driving license or your passport as proof of your identity)."

Related Guides:Top Savings Accounts , Best Cash ISAs

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mike22 · 03-03-2009, 6:58 PM

Hi,

Do I need to put any info in Promotional Details?

**MSE Wendy** · 03-03-2009, 7:03 PM

No, no promotional details should be needed.

fanheater · 03-03-2009, 7:30 PM

that's brilliant martin, thanks very much.

edda · 03-03-2009, 7:41 PM

It doesn't appear to work for previous customers of ING who no longer have an account.

Told me that it already had my details on file and asked me to log in, but my login details expired ages ago.

Oh well, worth a try anyway, thanks.

sabretoothtigger · 03-03-2009, 8:07 PM

nice offer if it works, not everyone has a cheque book nowadays but banks should be able to send one out if asked

Emmacw · 03-03-2009, 8:25 PM

Thank you Martin!

Just completed online application and cheque for £1 in the post in my recycled (i.e. reused and therefore free) envelope.

Lets see if it works.

Cheers

Emma

spike87 · 03-03-2009, 8:35 PM

Just opened mine. Thank you very much!

ahai1 · 03-03-2009, 8:35 PM

I had lost my account number and customer number. I phoned up the 0800 number instead of the 0845 one and the woman was really helpful as she told me to put my name, full address and date of birth at the back of the cheque. I will in future use 0800 as I don't think most companies can tell.

triplea35 · 03-03-2009, 8:50 PM

Thanks for that> Just applied for two accounts one for my wife and one for me. Only 'issue', had to send both cheques drawn on the same joint account so hope that is not a problem.

1jim · 03-03-2009, 8:54 PM

didnt work for me either, had previous account but closed years ago, oh well. good find anyway

wiimad · 03-03-2009, 8:58 PM

Would this £20 offer be limited to per household?.Or per person

Just opened 2 accounts( 1 for me and 1 for the wife)

Great find thanks

JimLad · 03-03-2009, 9:22 PM

Thanks for the tip. Account opened and cheque will be in the post 2moro

Emmacw · 03-03-2009, 9:56 PM

Quote:

Originally Posted by triplea35

Thanks for that> Just applied for two accounts one for my wife and one for me. Only 'issue', had to send both cheques drawn on the same joint account so hope that is not a problem.

Doh! Why didn't I think of that?! Many thanks for posting this, just applied for an account in hubby's name with different cheque account.

cheers

Emma

Nikkster · 03-03-2009, 9:59 PM

Just got an 'Open Account Email' from ING Direct and it states
'...In order to complete the account opening process, please send us the following:

1. A cheque for at least £1. This should be made payable to yourself (the name must be exactly the same as the one given on your application) from the account you have designated as your linked account. Please write your ING Direct Customer Number and Account Number on the back of the cheque. If you are opening a joint account we will need a separate cheque from both of you, one from each linked account. If you have selected a joint current account as your linked account we only require one cheque made payable to both account holders.'

So doesn't sound like you can send a cheque on behalf of anyone else (guess thats the point of saying you need a current account with a chequebook).

emweaver · 03-03-2009, 10:23 PM

thankyou have just taken this offer up. It says the account needs to be funded by 31st March, does this include the £1 to activate the account? Or do you need to pay in an additional deposit?

Also, do you think it will work for 2 people at the same address opening a sole account?

miamoo · 03-03-2009, 10:24 PM

I've just opened one for myself, will get the cheque off tomorrow! thanks x

emweaver · 03-03-2009, 10:43 PM

Just opened 1 for dh and he has to send

The original or a certified copy of either your latest Inland Revenue notice of coding, tax assessment, or letter confirming the right to benefits or state pension. If you are unable to provide one of these documents, we are also able to accept a certified copy of your passport or driving licence (EU or UK photo-card or full UK paper version). For non UK passport holders, copies must be certified by your bank or embassy official. We are unable to accept pay slips, P45 and P60 documents.

I dont recall being asked for this and am thinking maybe I didnt read my application properly and can't get it back up to check! Has anyone else been asked for this?