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Update on ING Direct's Electric Orange $50 Promotion - Update

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ING DIRECT

Update 6/11/10: A new $50 Electric Orange promotion is listed on ING Direct's home page as of 6/11/10. Refer to the second half of the post for a EO review.

ING Direct has another $50 promotion for opening a new Electric Orange Checking account. The promo page is located at www.ingdirect.com/electric50, and the new reference code is EM352. To qualify for this promo, you have to be an existing ING Direct customer without an Electric Orange account.

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.

This promo is very similar to the one ING Direct was offering in May. When I called ING Direct in May, I was told that 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.

If you're not an existing ING Direct customer, you may be able to make $75 in bonuses. In past promotions there were reports that you could qualify for this $50 promotion if you first opened an ING Direct Orange Savings Account. You could make a total of $75 if you first sign up for the savings account with a $25 refer-a-friend bonus. I can send you a $25 refer-a-friend referral. This requires a minimum $250 deposit. Send me email at bankdeals at gmail dot com. Make sure to include your first and last name and let me know that you want the referral for the savings account.

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 9/13/09, the APYs are 0.25% for under $50K, 1.50% for $50K to $100K and 1.55% 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)

Credit for this latest promo code goes to SlickDeals member Frankcd who posted it at SD thread.

Other Bank and Credit Union Bonuses

To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts.


  Tags: ING DIRECT, checking account

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Comments
5 comments.
Comment #1 by Anonymous posted on
Anonymous
I opened an EO account to get the bonus when it was offered two months or so ago.

When the application got to the line of credit options, it gave a drop-down list of credit limits to choose from. One of the credit limits was $0 (zero dollars). I chose that one and effectively have no line of credit. I have no idea whether they did a hard, soft, or any other kind of pull.

1
Comment #2 by Anonymous posted on
Anonymous
I opened the checking account to get the bonus last Spring and when it came time to appear in my account it didn't happen. I had to spend about an hour with CSreps online and by phone to get the bonus credited. It was annoying.

1
Comment #3 by charles (anonymous) posted on
charles
I opened the EO account back in mid July with the similar promotion, but didn't have the $50.00 credited into my account. I did make three debit card purchase without using pin. When I talked with the customer service, he claimed that one of the purchase is not a signature purchase and refused to credit the incentive to my account. He even said it in a unpleasant tone " We encourage customers to use the card for the daily purchase not just for the promotion", then end of the call. I have been with ING for five years and so surprise that their customer service becomes so bad.

1
Comment #4 by Robert (anonymous) posted on
Robert
Be careful when constantly changing your links. My account was closed without a warning for this activity. When I pointed out that I was consolidating accounts and that my balance with them was growing, they didn't care!

1