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$50 Electric Orange Checking Account Bonus at ING Direct

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ING DIRECT
ING Direct has a promotion for opening a new Electric Orange Checking account. The promo page is located at www.ingdirect.com/dvr . Copy and paste this in your browser. This promotion was intended for Tivo/DirectTV customers, but it should apply to anyone who doesn't already have an EO account. Be sure to enter the code EODVR in the reference code box in the application. The $50 does require a little work. You're required to use your Electric Orange Debit Card Card to make at least 3 signature-based purchases in the first 45 days after your account has been opened. Signature-based means that you have to use it like a credit card without providing your PIN.

I called ING Direct today and confirmed that this promotion should work for anyone who doesn't already have an EO account. It should even be good if you only have an Orange Savings Account. Update 12/11/08: Readers who already have or had the Orange Savings Account have reported receiving an invalid code response.

I also asked if this could be stacked with the $25 refer-a-friend bonus. Unfortunately, I was told it would not. Another advantage of this bonus over the refer-a-friend bonus (besides the extra $25) is that it does not require a minimum $250 initial deposit. The downside is that it does require those 3 debit card purchases. If you would still prefer the refer-a-friend bonus, email me at bankdeals at gmail dot com with your full name. Make sure you specify if you want the EO account or savings account.

A few important details about the Electric Orange Account:
  • ING Direct does a hard credit pull when you apply for the EO (see ING Direct's FAQ)
  • I've read that overdraft protection is mandatory for the account. So if you have bad credit score, your application could be declined.
The EO yields have fallen quite a bit for balances under $50K. As of 12/08/08, the APYs are 1% for under $50K, 2.90% for $50K to $100K and 3.25% for $100K and above.

ING Direct is known for its easy online interface rather than the best rates. However, it does have a few features that are not the best for an online bank. These have to due with their ACH transfer system. The downsides include:
  • limit of 3 linked checking accounts
  • Linked account must be a personal checking account, not a brokerage, money market or savings account
  • ING Direct places a hold of 5 business days for deposits (initial deposit has a 10-day hold)
One important improvement ING Direct made a year or two ago was the capability to add links online without having to send in a voided check.

ING Direct's bank deposit products are FDIC insured (FDIC Certificate # 35489)

Credit for this find goes to Slickdeals user PAMomma1 who posted it at SD thread.

  Tags: ING DIRECT, checking account

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Comments
6 Comments.
Comment #1 by Bryan (anonymous) posted on
Bryan
If you already have an Orange Savings account, you have to log in to create a new Electric Orange account. Once you log in and attempt to add the new account, the code is invalid. It appears this promo is for brand new ING customers only.

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Comment #2 by Anonymous posted on
Anonymous
I am an old customer - just tried and failed! It sucks. Well no new customer for ING checking then!

1
Comment #3 by Anonymous posted on
Anonymous
I used code EM227 and I should be getting the $50 once I complete my 3 debit card transactions. I am not positive that the code will still work, but it did when I signed up about 2 weeks ago. And I have had a saving account there for years, so I am not a new customer, just a new Orange checking customer.

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Comment #4 by Keith (anonymous) posted on
Keith
Hi there! One thing that I noticed regarding ING...with the Electric Orange account, direct deposits are available immediately (as are PAYPAL transfers). The initial deposit is held for 2 days. If you mail in a deposit or transfer from another account, there is also a 2 day hold.

Savings accounts have an initial 10 day hold and then all subsequent transactions have a five day hold time.

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Comment #6 by Anonymous posted on
Anonymous
I opened a new ING Orange checking account on Oct 22nd. I did my 3 signature based transactions within 45 days. I used code EM227 when I opened the account. I should have received my bonus on or around dec 12th. To date, no bonus yet. What should I do?

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Comment #7 by Anonymous posted on
Anonymous
Anyone already with an Orange Savings account get the $50 from promo code EM227 for opening an Electirc Orange & doing the 3 transactions required? Is this still valid or are there any new $50 or better promos?

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