ING Direct Launches $50k Sweepstakes

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“Save your money.” That’s ING Direct’s tagline. Based on the new sweepstakes ING announced, perhaps that tagline should be, “Give you money.”  Regardless, ING Direct is raising the stakes in the fight for deposit growth.

Simply by establishing an automatic savings plan (for as little as $100 a month) or direct deposit now through September, ING customers get a chance at a $5,000 monthly prize or a $50,000 grand prize. 

The contest announcement’s landing page offers up quick details and is very clear on the calls to action.

  • For new customers, “Open an account.
  • For current customers, “Start Saving Now.”
  • The message is clear: Win up to $50,000.

And thankfully the official rules and fine print are housed on a separate page and are reasonably easy to understand.

For banks, locking in a customer’s direct deposit and having an automatic savings plan are ways to virtually cement longer-term relationships, compared to the “see you later” single-service customers who are here today and gone tomorrow when they see a better rate.

For banks still spending time and money on direct mail offers of $50 to $100 (or other trinkets) to get you to open a new checking account (and attempting to sell you additional services including the banker’s holy grail of direct deposit), ING’s simple, direct and online approach is sure to be studied—and most likely copied.

After all, isn’t imitation the sincerest form of flattery?

 

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