The "Orange Key" is a promo code that ING Direct (now called Tangerine) uses to track their promotions, most notably the referral program.
This referral program is exactly as it sounds. If an existing customer of ING Direct provides their Orange Key personalized Orange Key code to a new customer who signs up and deposits a certain amount of dollars, then both parties receive a cash bonus. If the new person does not enter in any Orange Keys, then no bonus is provided so there's definitely incentive to enter in a key! So make sure to use that Orange Key code!
The bonus is good for any new customer opening any of the following. Chequings, Savings, GIC, Mutual Funds, including the new TFSA! The free orange code provided is good on any new account.
But what about monthly costs?
That's the beauty about an online bank. ING Direct does not charge any monthly re-occurring fees for the Chequings or Savings accounts. That way, there's very little reason for you not to setup an account, even if you don't plan to use it for anything.
Also, once you have signed up, ING Direct will issue you an Orange Key, which you can use to get more bonus's just for referring your friends.
** If you are not satisfied with ING Direct Canada / Tangerine **
You will receive your bonus 4 days after mailing your cheque, so you can easily transfer the deposit + bonus back to your initial bank account and never use ING Direct ever again. So there is no risk.