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ING Direct's Independence Day Promotions - July 1st and 2nd Only



ING Direct has started its Independence Day promotions which are only scheduled to last through July 2, 2010. As I had predicted last week, the Electric Orange bonus is $76. It's not quite as good as last year's Black Friday promo in which they offered $121. Nevertheless, it's an easy $76 if you don't already have an EO account. The requirements are little different than previous EO promos. It requires a total of 7 purchases using your EO debit card or through ING Direct's Person2Person Payments, and the debit card purchases can be either signature or PIN-based.

In addition to the $76 from the EO promo, you can make another easy $76 through ING Direct's ShareBuilder promo. The bonus requires that you make at least one transaction, and that will cost at least $4. As a brokerage account, it's not FDIC insured. One thing to note is that in addition to stocks, you can also buy conservative ETFs and mutual funds.

The EO promo is also open to those who only have an ING Direct Orange Savings Account. So if you don't have either the EO or the savings account, you might first want to open the savings account through a refer-a-friend bonus and then apply for the EO promo. The only extra requirement is that you must fund the savings account with a $250 minimum deposit.

There are no codes for these promotions. However, I was told that you must apply through the promo page at

Below is a detailed description of these promotions:

$76 Electric Orange Bonus

  • Open Electric Orange July 1st – 2nd, and make a total of 7 purchases using your Electric Orange Card or Person2Person Payments (or any combination of the two) within 45 days of account opening.
  • For example: If you made 4 Card purchases and 3 Person2Person Payments within 45 days, you’d receive the $76 bonus.
  • Card purchases can be either signature or PIN-based.
  • Your $76 bonus will be automatically deposited into your account on day 50 (either August 20th or 21st).
  • Bonus only available for first time Electric Orange Customers. Only one bonus will be provided per person.

Extra $7.76 Refer-a-Friend Bonus

    Refer a friend July 1st – July 2nd and for each friend that opens an Orange Savings Account or Electric Orange with a minimum deposit of $250 using the link in the referral email during the month of July, you’ll receive $17.76
  • Your friend still gets a $25 bonus.
  • The referral email must be sent July 1st – July 2nd.
  • Your original $10 bonus will be deposited into your account when your friend opens an account.
  • Your additional bonus of $7.76 for each completed referral will be deposited on August 10th.
  • The $25 bonus is available only for new accounts with a new Customer as primary owner. Only one bonus will be provided per household.
  • In order to use the Refer a Friend program, you must have an Orange Savings Account or Electric Orange so we'll have a place to deposit your bonus. If you don’t have either, you'll need to open one.

$76 ShareBuilder Brokerage Bonus

  • Open a new ShareBuilder Account to receive the $76 bonus offer.
  • $76 credit will post to your account approximately 4-6 weeks after the first trade executes.
  • Cash offer available for Individual, Joint and Custodial accounts.
  • You must have U.S. Tax I.D. (Social Security Number) to open a ShareBuilder Account.
  • Limit one per customer.
  • $76 offer is not valid with IRA or Education Savings Accounts.
  • Not valid with any other offers.
  • First trade must be executed by 12/31/10.

Discount on Mortgage Closing Costs

  • Prospective homeowners who apply for an Easy Orange or Orange Mortgage on July 1 or 2, 2010 will receive $776 off closing costs – nearly 40 percent savings from the average total closing costs.

ING Direct's Person2Person Payment Service Review

For those not familiar with ING Direct's Person2Person Payment service, it is intended to make it easy for you to send payments to friends and family. I reviewed it along with other similar services from other banks in this March post. The main downside in using it is that the sender must have the bank account number of the recipient.

ING Direct's Electric Orange Debit Card and Future Promos?

In the past EO promos, ING Direct has always required signature-based purchases. I wonder how common these promos will be in the future at ING Direct after the financial reform bill becomes law. Since ING Direct has over $10 billion in assets, it will be directly affected by the debit card fee regulation. That will very likely reduce the revenue they receive from retailers when you make signature-based debit card purchases.

  Tags: ING DIRECT, checking account

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Comment #1 by Anonymous posted on
This isn't what I was expecting.  I was waiting for decent CD rates.

Comment #2 by cookies and grape juice me too (anonymous) posted on
cookies and grape juice me too
me too

Comment #3 by adityanm posted on
I don't even see any message since I already have EO account. It only tells about free atms.






























Comment #4 by Anonymous posted on
Useless promos. None worth it or most of us have those accounts.

Comment #5 by Anonymous posted on
decent cd rates? try Guatamala

Comment #6 by guatamala (anonymous) posted on
i vote for brazil 5 thumbs up

Comment #7 by Anonymous posted on
Whatever, I like sharebuilber so I did it. Think of it as 19 free trades.

Comment #8 by Anonymous posted on
fix must b in guatamala gets 2 down whilre brazil gets 4  what a country we live in

Comment #9 by Anonymous posted on
wbat ever i did sharebuilder and it is the best

Comment #10 by Anonymous posted on
To Anonymous - #9,

Sharebuilder is the worst, what are you cheering about?

Comment #11 by Anonymous posted on
share builder is the worst what r u cherring bout to 10 what hPPENED TO 8  AND 9

Comment #12 by Anonymous posted on
to 10 share holder is the best what r u talking bout praise jesus

Comment #14 by Anonymous posted on
do the 7 payments have to be to different people?