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ING Direct's Black Friday Specials: 2% 12-Month CD & $121 Checking Bonus


Update 11/29/09: They didn't extend it for very long. It has now ended.

Update 11/28/09: The Black Friday specials have been extended.

ING Direct is now offering their Black Friday specials. Here are the two deposit deals:
  • 2.00% APY 12-month Added Value CD (25 basis points higher than their current 12-month CD) Must fund the CD from an external account
  • $121 bonus for opening the Electric Orange Checking and using the debit card to make 3 signature-based purchases within the first 45 days
CD Special Review

I'm a little disappointed in the 2% CD special. In early October ING Direct came out with a 2.10% APY 12-month CD. A few days after that they introduced the Added Value 12-month CD which provided a rate 15 basis points higher than the regular 12-month CD rate. The only catch with the Added Value CD is that it requires you to fund the CD with an external account. With an extra 15 basis points, the Added Value 12-month CD APY was 2.25% which had been very competitive. Rates overall have gone down a bit since October, so 2.25% APY was probably too much to expect. However, there are still a few banks and credit unions offering 12-month CD rates over 2% (see my 12-month CD rate list).

ING Direct doesn't allow beneficiaries on their accounts. They do allow joint accounts, living trust accounts and IRAs. Other than this beneficiary issue, there's a lot to like with ING Direct CDs. They make it easy to open and manage the CDs. Refer to my ING Direct CD review post for more details.

Electric Orange Bonus Review

This deal is better than what I had expected. For those who don't have an Electric Orange checking account, it should be an easy $121. I don't remember past bonuses ever being over $50. According to ING Direct, they chose the amount to highlight the fact that $121 is the average amount consumers pay in overdraft fees annually. ING Direct doesn't charge fees for use of its overdraft line of credit. You'll only have to pay interest. Of course the best approach is to avoid spending more than what's in your account.

Here are the details to qualify for the bonus:
  • Open an Electric Orange checking on Friday - Be sure to use Reference Code EOSAVE to be eligible for the $121 bonus when you open your account.
  • Use your Debit Card to make 3 signature transactions (non-PIN) within the first 45 days.
  • On day 50, ING Direct will put $121 in your account.
  • No minimum deposit
If you already have an Electric Orange account, you're out of luck. According to this ING FAQ, "Customers can only have one Electric Orange."

There may be a hard credit inquiry in the Electric Orange application which can temporarily ding your credit score. According to this ING FAQ: "As part of the account opening process, we may or may not obtain information about you from a consumer reporting agency (a 'hard pull')."

Update 11/27/09: According to the ING Direct CSR, if you already have an ING savings account but not an Electric Orange account, you can qualify for this Electric Orange promotion.

Other ING Direct Black Friday Specials

In addition to the two deposit product specials, there's also a mortgage special:
ING DIRECT will offer $683 off Easy Orange and Orange Mortgage (our mortgage products) closing costs for anyone who applies on Black Friday. Why $683? That’s what the average American will spend on gifts this holiday season, according to the National Retail Federation.

And on Cyber Monday, November 30, ING Direct’s brokerage, ShareBuilder, will offer a 20% rebate on trades.

ING's Divestiture of ING Direct

The Dutch parent of ING Direct, ING, announced on November 18th that the European Commission has formally approved the restructuring plan which includes the divestiture of ING Direct (see press release). The plan to divest ING Direct was first announced in October. It's the consequence of the government assistance ING received during the financial crisis. In the October press release, it was disclosed that the divestiture will not be completed before the end of 2013. So there should be no short-term changes at ING Direct. We'll have to wait and see what happens after 2013. With ING Direct's brand reputation, it would seem likely that any bank that acquires ING Direct would keep it operating as it is today.

FDIC/Financial Info

ING Direct's rating for safety and soundness has dropped to 2 stars (below peer group) at based on 6/30/09 financial data (it had been 3 stars based on 3/31/09 data). It continues to be 3 stars (adequate) at BauerFinancial based on 6/30/09 data. It has been a FDIC member since 2000 (FDIC Certificate # 35489).

Other Black Friday Bank Deals

ING Direct isn't alone with a bank-related Black Friday special. Service Credit Union is offering a low-max CD special (see post). If you see any other Black Friday bank specials, please leave a comment.

  Tags: ING DIRECT, CD rates, checking account

Related Posts

Comment #1 by Anonymous posted on
I have an Electric Orange SAVINGS with ING. Does anyone know if this would disqualify me from getting an Electric Orange CHECKING and receiving this bonus.

Comment #2 by Bill (anonymous) posted on
Some time ago they had the same checking account deal but it was a $25 bonus. My wife and I already had a joint Orange savings. We both opened the checking account and collected $25/each.

Comment #3 by David (anonymous) posted on
What a lousy deal on the Black Friday CD!! You can get higher rates elsewhere.

Comment #4 by Anonymous posted on
The CD "Black Friday Special" was no deal at all. Very disappointing.

Comment #5 by Anonymous posted on
"The CD "Black Friday Special" was no deal at all. Very disappointing."

I didn't anticipate anything astronomical in today's interest rate climate, but I did expect more than what ING came up with, after all the fan fair.

Comment #6 by Anonymous posted on
Its the three of us in our family and we all opened the Electric Checking account today..the process took less than 5 minutes now hopefully they pay up! :-) Thanks for the info!

Comment #7 by Anonymous posted on
I know alot of people are disappointed about the CD special - but the other reader is right, take advantage of the black friday checking account bonus -- they are giving you free money $121 !! Tell your family members to also sign up - we signed up 3 family members. $363 Chang Ching :-)

Comment #8 by Anonymous posted on
I can't find the minimum deposit required to open the Orange Checking account. What is the minimum?

Comment #9 by Anonymous posted on
Minimum deposit is $1.00 and as long as you do not already have an Electric Orange Checking account you will qualify for the $121 bonus.

Comment #10 by Data Is Gold (anonymous) posted on
Data Is Gold
ING Direct does a hard pull for the Electric Orange account.

Comment #11 by Anonymous posted on
ING is in the minor league now, forgetbutit.

Comment #12 by Duck (anonymous) posted on
Opened the account for me and a few of imediate family(3others). I figured it was Christmas as my bonus will pay for the HAF932($85)and the V8 cooler($40) from NewEgg this morning. I can afford a few points on the old credit it is'nt that bad for what you get in this case a case&cooler to be exact. So I wont buy a car this week too bad. Opening went fast less than 5 for each took a few minutes to get email to verify that called to update address was told by CSR that the account deposits and such realy wont be entered till monday.

Comment #13 by Anonymous posted on
I had an Electric Orange Checking two years ago or so. Anyone know if I'll qualify for this $121?

Comment #14 by Anonymous posted on
Don't understand why they don't allow you to fund a new IRA CD from linked account. Only option is to fund it from Savings IRA at 1.75%.

Comment #15 by Anonymous posted on
I opened one. Then did the referral link to refer to 3 other people. The referral bonus gives $10 to referrer and $25 to referee if the opening deposit is $250 or more.

I called to find out if both bonuses could be earned and the agent wasn't sure. So did one as a trial, putting in the EOSAVE promo code on the page after following the link from the referral email. It seemed to work, and the resulting account has a button on it on the list of accounts page which says "Bonus" and when you click it you see the terms for the $121 bonus.

SO...I'm expecting $121 for myself, plus 3x$10 referral bonuses, then each of the referees will get $121+$25=$146.

If all of this works...

Comment #16 by Anonymous posted on
First, why are people so upset with the 1-yr CD at 2%? True, it's not spectacular and the leader; but, I felt it's quite competitive for a nationwide, no-minimum, 1yr CD! And, in the next 12 months, I dont think we will see a drastic increase in CD or high-yield savings' rates; possibly only 0.25% more? Second, a hard-pull is definitely pulled for Electric Orange because they clearly say it in Terms Disclosures, and you agree to have a Overdraft Line of Credit. But, will 3 (this, & 2 different checkin accts) hard-pulls of credit report really damage my credit score and chances to get the best,lowest mortgage rates for house? [[i thought 3 hard-pulls equates to just 5 points each?!? And, 1 major credit card account opening equate to ~15-20 points?]]

Comment #17 by Anonymous posted on
It's still working now. ING Direct seems to have extended the one day only restriction.

Comment #18 by Michael P. (anonymous) posted on
Michael P.
Does anybody know what agency they do the hard pull from for the Electric Orange account?

Mine are frozen and I don't want to pay to unfreeze them all. I called and they said they wouldn't tell me "for security reasons."

Comment #19 by ShraZZy (anonymous) posted on
equifax hardpull

Comment #20 by Anonymous posted on
Wow, ING Direct funded my account via ACH from a newly linked account at another financial institution before I even verified the link!

I guess as soon as their trial deposits worked, they debited the linked account for my initial deposit.

Comment #21 by Anonymous posted on
I opened the Electric Orange checking account on Black Friday to get the bonus. In the "list of accounts" page in my online account, the "bonus" button referenced in another comment does not appear. However, I just called to confirm I was set up to receive the bonus and the service rep said I was all set so apparently some accounts show the bonus button and some don't? I looked everywhere but maybe I just missed it. The button is absent in Firefox and Safari.

Comment #22 by Duck (anonymous) posted on
Has anyone recieved their stuff ie:card or anything else in the mail yet? I know I live in BFE but this has gotten out of line. Figure I will call them today IT IS NOW Dec,08

Also I opened on Black Friday but amount I set to put in account was not debited out of other until I finally recieved the trials that showed up monday. I have the account online access and veried the email all before that.

Comment #24 by Lance (anonymous) posted on
Both my wife's and my $121 bonus posted 1/16/10. INGDIRECT came through! Nice!