ING Direct's 2010 Black Friday Specials: $103 Electric Orange Bonus
Jump to section:
- Electric Orange Account Promotion
- Kids Savings Account Promotion
- Refer-a-Friend Promotion
- 2.00% 3-Year IRA CD
- Other ING Direct Black Friday Specials
ING Direct is now offering their Black Friday specials. The offers are available through 11/28/2010. The Electric Orange promo is comparable to last year's promo. Here's a summary of the deposit promotions:
- $103 bonus for opening the Electric Orange Checking Account and making at least 7 purchases using your Electric Orange Card or Person2Person Payments (or any combination of the two) within 45 days. Bonus only available for new Electric Orange checking. Only one bonus will be provided per household.
- $25 bonus for opening a Kids Savings Account. Either you or your kid must be a new customer. I did a review of ING Direct's Kids Savings Account last week.
- Extra $20 when you refer a friend. Earn $30 when your friend opens either the Orange Savings Account or Electric Orange with a minimum of $250 using the link in the referral email before December 31st 2010. Your friend will still get a $25 bonus.
- 2.00% APY 3-Year IRA CD when it's opened by 11/28/2010.
Be sure to check ING Direct's Black Friday Sale page for the promotion details.
Electric Orange Account Promotion
If you don't have an Electric Orange account, this is a good time to open one. This Black Friday bonus is over twice the common $50 bonus. It's not quite as good as last year's $121 bonus, but it is higher than this year's $76 Independence Day promo. If you're wondering why the bonus is $103, here's what ING Direct described:
$103 is three times the average overdraft fee. It’s our way of encouraging Americans to open a feeless checking account and kick fees to the curb.
There are two reasons you may want an Electric Orange Account:
- Convenient and free internet checking account. I compared EO with Ally's checking account in this post.
- Competitive interest rate for large balances. If you have over $50K, you'll earn more in the EO account than in the savings accounts at several other internet banks. The EO yields as of 11/26/2010 are 1.25% APY for over $100K, 1.20% APY for over $50K and 0.25% for under $50K.
Kids Savings Account Promotion
For those with children, the Kids Savings Account can be useful. Like all of ING Direct accounts, it's easy to open and you don't have to worry about minimum balance requirements or monthly fees. As I explained in my Kids Savings Account review, it's basically a joint account with an adult. Unlike the standard joint account, the kid has limited access. Only the adult has permission to transfer money. When the kid turns 18, the Kids Savings Account will automatically convert to an Orange Savings Account.
The promotion looks like an easy $25 if your child isn't yet listed on any ING Direct account. It requires the account to be opened with at least one new customer (either you or the child).
If you refer a friend, you'll make an extra $20 over the typical refer-a-friend deal if you send the referral by the 28th. If your friend who is new to ING Direct opens the Orange savings account by the 28th, he or she should be able to qualify for the $25 and then qualify for the $103 EO bonus. Of course the EO account would have to be opened by the 28th.
2.00% 3-Year IRA CD
Unfortunately, there's no regular CD special. For last year's Black Friday promotion, ING Direct had offered a 2% 1-year regular CD. You can see how rates have fallen over the last year when the new special has the same rate but a term that's 3 times as long. The 2.00% APY for a 3-year term is fairly competitive in today's low rate environment. You can get the same rate for a regular or IRA 3-year CD at PenFed Credit Union. Bank of Internet USA is currently offering a 2.05% APY 3-year CD. However, they don't offer IRA accounts. You can use our tables to review other 3-year CD rates and 3-year IRA CD rates.
Other ING Direct Black Friday Specials
I don't have anything extra to say about the other promotions. I'll just provide the descriptions that I was provided:
- 100% Cash Back Giveaway – Customers who use their Electric Orange card on Black Friday will have a chance to win 100% cash back. We’ll select 1 transaction every hour (between 8AM – 8PM EST) and deposit 100% of the transaction amount into the Customer’s Electric Orange. If the transaction is less than $100, we will pay $100. All signature and PIN-based transactions are eligible. Follow @ingdirect on Twitter or visit We, the Savers (www.wethesavers.com/BlackFriday) to see who wins each hour. Participants must be 18 years old, no purchase necessary, see official rules. Remember, Electric Orange Checking is an interest bearing account with 35,000 free ATMs, free bill pay, no overdraft fees and no minimum balance required.
- 25% Off ShareBuilder Real-Time Trade commissions – This holiday season, why buy a toy when you can buy stock in the company that makes the toy? In order to help new and existing customers invest in their future, ShareBuilder is offering 25% off the cost of placing a real-time trade. As always, ShareBuilder has no minimums and offers investors the ability to purchase partial shares. The rebate applies to all real-time trades executed on Friday, November 26th and Monday, November 29th. The rebate will be credited back to qualifying accounts approximately two to four weeks following the close of the promotion.
- $2,000 Off Orange Home Loan Closing Costs – Anyone who applies online or over the phone for either an Orange Mortgage or an Easy Orange Mortgage November 26-28 and funds the loan before February 14, 2011 will be eligible to receive $2,000 off their closing costs. With mortgage rates near all-time lows, we wanted to reward both homeowners and prospective homeowners looking to refinance or purchase a house.
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