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.
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)
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.