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ING Direct's Electric Orange $50 Promo, Debit Cards and EO Updates


Update 7/09/09: A reader has received a new Electric Orange promo with a new code EM295. The promo page is the same as before, The new expiration date is July 31, 2009.

Update 6/28/09: A FatWallet member mentioned in this thread that he received an email with this offer that's good through 7/15/09.

ING Direct has a $50 promotion for opening a new Electric Orange Checking account. The promo page is located at The reference code is EM258, and the account must be opened by 5/31/2009. It appears that you need to already be an Orange Savings account customer to qualify. A reader forwarded me this promo email, and I called ING Direct to verify if others can qualify. According to the CSR, existing ING Direct customers without an EO account should qualify. Note, in past promotions readers have reported receiving an invalid code response if they didn't qualify.

I also asked the CSR if a new customer could open the Orange Savings Account first, and then qualify for this EO promo. The CSR thought that this might be possible. She didn't sound too confident so your miles may vary. ING Direct still has the refer-a-friend bonus for both the savings and the EO (the new customer receives $25 and the referrer receives $10). For the refer-a-friend bonus, you'll need a minimum initial deposit of $250. If you're interested in this 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.

Debit Card Usage Requirement and Why Banks Encourage This

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. To see why banks want to encourage this kind of debit card usage, check out this article.

Electric Orange Issues and Updates

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. As of 5/18/09, the APYs are 0.25% for under $50K, 1.60% for $50K to $100K and 1.65% for $100K and above. It's hard to believe that in November 2006 the rate tiers were 3%, 5.05% and 5.30%.

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 online banks. 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)

Thanks to the reader who sent me the info on this promotion.

  Tags: ING DIRECT, checking account

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Comment #1 by Scott (anonymous) posted on
Supposedly the EO account only charges a 2% fee on foreign ATM withdrawals (very low compared to other banks). I have not experienced this first hand yet so if someone else can confirm that would be great.

Comment #3 by Anonymous posted on
I used this promo code today and it still works :)

Comment #4 by Anonymous posted on
Still works.. thx for the $50

Comment #8 by lc (anonymous) posted on
need refer? email

Comment #10 by John (anonymous) posted on
Take a look at <a href=""></a> it has frequently updated ing orange keys, current one is 14424363S1 

Comment #11 by Srb (anonymous) posted on
Thanks! This site also has ing orange keys.