ING Direct's New Children's Savings Account: $25 Bonus w/$100 Deposit

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ING Direct has introduced a new Children's Savings Account (CSA) for parents who also happen to be current ING Direct customers. For a limited time, when you open a CSA and deposit $100 into that it your children will receive a $25 bonus. The CSA works basically like their classic no fee savings account where you get interest that's typically higher than at the big 5 banks and it can be managed entirely online. The twist for a CSA is that parents will be able to setup their kids with their own account login and also select which options the children will have to manage their account which you can change over time as they get old. It's a neat tool that could help them understand how to manage money but even with that aside, a $25 bonus on a $100 account is a very nice incentive.

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Source: HumDunno via the Hot Deals Forum

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- taylyn
- Note that you must be an existing ING Direct customer to open up this type of account.
- twinstars
- Thanks to OP for sharing! Opened the accounts last night and got my bonus already.
- Lumpy755
- Note that you must be an existing ING Direct customer to open up this type of account.
  Does it have to be "new money" to get the bonus or can I simply move money over from my existing ING savings account? If it has to be new money, could I not just transfer out $100 to my OFI and then re-transfer it or cut a cheque?
- HumDunno
- Does it have to be "new money" to get the bonus or can I simply move money over from my existing ING savings account?
  You get the choice of which account you use to fund the child's account, your existing ING savings acount, or the accounts from other banks that you have linked in.
- Akitakara
- Just wondering...
  
  By children, what age do they mean? Up to 13, up to 18/19, etc.
- HumDunno
- Just wondering...
  
  By children, what age do they mean? Up to 13, up to 18/19, etc.
  Its good for any minor child, so I guess that means up to 18.
- yes
- Anybody know if it is a $25 bonus for EACH child account opened? Or, just once?
- Goomba
- Anybody know if it is a $25 bonus for EACH child account opened? Or, just once?
  There doesn't seem to be that restriction. I think as long as you have a SIN and an ID document number for each child you're good to go.
- morton123
- Do the children have to be real?
- Hugh Jass
- Do the children have to be real?
  In order to get a SIN, yes. So no dice with ING using fake kids.
- frankmp
- Do the children have to be real?
  
  Not at all they can be artificial .......lly in...........
- freebiejunkie
- So if I open this account for my child, what happened to the interest earned throughout the year? Do the parents have to put add it in their tax return causing the parents to be taxed at a high rate?
  
  Thanks!
- darklord700
- So if I open this account for my child, what happened to the interest earned throughout the year? Do the parents have to put add it in their tax return causing the parents to be taxed at a high rate?
  
  Thanks!
  You are right. Interest is attributed back to the parent at their marginal rate. In theory, you can "charge" your kid the prescribed interest rate but I doubt most people will engage in this to get around the attribution rule for a messy $100.
- gene2u
- Hello,
  
  ING wants me to have my child link an external chequing account to open the account (so says the account terms). Did anyone have luck getting the account open without doing this? My child does not have a chequing account.
- rosekeg
- If you're not to allow your child to move the monies on their own (one of the question ), then you dont need to provide the chequing account info. I open the account for my child with no problem in that way.
- type-z
- Anyone know what is the interest rate for this account and whether there is a minimum age limit for the child?
- Genblue
- Opened an account for my daughter.... she was excited to get the $25 bonus but still wants to go to a physical bank to deposit her money! DOH!
  
  Thanks OP!
- neoportcan
- Anyone know what is the interest rate for this account and whether there is a minimum age limit for the child?
  I believe the rate is the same as the Investment Savings Account, which is currently at 1.35%.
  
  No minimum age limit. As long as the child has a SIN and 1 piece of ID (such as a birth certificate), you can open an account for them.
- dscott01
- Thanks OP. Just opened an account for my little guy
- aksher
- Hello,
  
  ING wants me to have my child link an external chequing account to open the account (so says the account terms). Did anyone have luck getting the account open without doing this? My child does not have a chequing account.
  I was able to open the account, and just fund it from my existing chequing account linked to my regular ING savings account.
- fallleave
- If i direct deposit $100/ month UCCB into my child CSA then I dont have to pay tax on interest right?
  
  need expert suggest
- Jon Lai
- OP should change title to say, for existing ING customers only.
- tasamy
- Once you get the $25 bonus, Can you just move the $125 to your account?
- stasik
- Alternatively, you can get the same 25 dollars with $100 deposit if you have a referral code. I did this last month, but mainly because ING's rates are so high (TFSA is 3%, Savings is 1.2%) and was surprised to see the $25 dollars in my account.
  
  ******************************************** edit: that bad, huh? =)
- magickam
- They have the same kind of deal for university students here, actually I think it apply to everybody, but it's for an ISA( I don't know what that is).
  
  Get a 25$ bonus when you open an ING DIRECT Investment Savings Account (ISA) or RSP ISA with an initial 100$ deposit.
  
  Key: S25 Enter this key online or mention it to a Direct associate to receive your 25$ bonus.