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ING Direct's 2010 Black Friday Specials: $103 Electric Orange Bonus



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:

  1. Convenient and free internet checking account. I compared EO with Ally's checking account in this post.
  2. 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).

Refer-a-Friend Promotion

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 ( 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.

  Tags: ING DIRECT, CD rates, IRA rates, checking account

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Comment #1 by pearlbrown posted on
I am a current ING customer and the account opening process was extremely easy. 

ING is very specific:  you cannot opt out of the overdraft protection on this account, even if you select 0 as the overdraft protection amount.  In their words, "no overdraft protection no Electric Orange". 

Comment #2 by Anonymous posted on
None of these deals help me.  For most Black Friday sales, I at least can find one thing that would interest me..

Comment #3 by Anonymous posted on
If 2 of us already have just the savings, can we refer each other for the checking to earn both bonuses (referral and opening)?  Or better to use a third person?

Comment #4 by Anonymous posted on
I have had an ing checking account with bonus in the past but closed it.  Do you think I am eligible for this bonus?  "Bonus only available for new Electric Orange checking. Only one bonus will be provided per household"  thanks

Comment #5 by Anonymous posted on
Minimum to open the kids savings account is $0.50 even though the Black Friday ad says "no minimum deposit".  If you have 1000 children or so this could get rather expensive.

Comment #6 by Anonymous posted on
If you have "ever" had an electric orange account, no bonus for you. They will still let you open (re-open) the account and send a new ATM card.

Comment #7 by phpld posted on
Thank you. I signed up today with no problems. The money isn't transferred in yet, and just waiting for the small deposits to show up at my other bank. Then I plan to make the 7 transactions, collect the $103 in 50 days, and then leave the account dormant but be on the look out for competitive rates or other specials. I also heard this bank can be a good ACH waypoint.

Comment #8 by pearlbrown posted on
#7  I am a longtime customer of ING, and have been very pleased with how easy it is to do business with them.  That said, I wish they allowed linking to more than just 3 external accounts (which must be checking or savings), as that limits the account's usefulness to me.  I use 2 of my 3 links to keep a couple of accounts active. 

Still, overall, I regard ING favorably and $103 for what amounted to less than 3 minutes (probably longer in your case since you had to establish your relationship from scratch) to open the Electric Orange account is remarkably good return on one's time. 

Comment #9 by Anonymous posted on
I closed my Ing Direct account (Saving) more than 5 years ago. I just wanted to open an Orange Checking and take advantage of $103. Guess what?

Their system still keeps my information on file, and was able to retrieve my customer ID and forced me to enter my pin. I don't remember the 4 digital pin which was set up 5 years ago. I called in but they said that they cannot reset my pin. Instead, they can sent me a new pin through the regula mail. It takes about 5 to 7 business day.

After receiving my new pin, the $103 has gone for good. oh, well...maybe I can save the pin for BF next year.

Comment #10 by adityanm posted on
How many people in USA are left to take advantage of this offer since if you ever had any account you are an old customer for life?

Comment #11 by Anonymous posted on
#10,  I still have not opened an ING account, I'm still not to be considered an "old customer".


I was wondering though...should I go for this and become an "old customer", unable to take advantage of a future promo that may pay more?


Hmmmmmmmmm, Decisions, Decisions

Comment #12 by larkin posted on
I closed my ING Savings Account 3 years ago.  I did remember my PIN and logged in to open the Checking Account but my only funding account from Chase is also long closed.  I called CS and was walked through setting up another funding account.  I was told that even though the two small deposits may not get there until after the promotion, if I enter the promo code, they will honor the bonus.  I was even told to call them after my seven transactions if I did not get the bonus.  Sounds a little YMMV to me.

Comment #13 by Anonymous posted on
a second rate bank similar to bank of america be smart go to chase bank

Comment #14 by Anonymous posted on
No hard credit pull on me!  I called Friday about it, and CSR said my history with them (2 yrs Orange Savings) qualified me to have it waived.  Wasn't sure still, then called back Sunday and the csr said my account had a note that I was "pre-approved", so the other csr made good. CSR initiated it on the spot in literally a few seconds, then I had to click the agreements online, and instataneously it was all set up, ready to be used immediately since I funded from my Orange savings. Only waiting on the mc/debit card, but other than that - whoa, the fastest new account ever.

Plus, so easy to close it online (after the 50 days for the $103 bonus posting). But I may keep.  CSR pointed out it's the fastest way to get (some) money from the savings. Internal transfers are immediate, so then withdraw up to $1k at an ATM w/the debit card, to be used or deposted into a local external account w/o waiting 2 days for the ACH transfer. (Just remember 6 max. savings transfers per feds.)

Comment #15 by Anonymous posted on
If anyone needs referral links for either Electric Orange checking OR Orange Savings, email me at:

Comment #17 by Anonymous posted on
Hey there,

ING's referral program is still active. New customers who open an account of $250 or more can earn a $25 bonus by signing up through a referral link.

If you need a link, simply fill out the info below, and send it to dreamnight07 (at) I'll respond ASAP with your referral.

First Name:
Last Name:
Account Type:

The four account types are Savings, Electric Orange (Checking), Kids Savings, or MONEY (Money Market).

Remember, you must be a new ING customer to receive the bonus, and you must deposit at least $250 into the account *at the time of opening*. Not afterwards, or the bonus won't be credited to your account.

If you have any questions, please send me an e-mail, and I'll be happy to answer. Thanks, and have a good day!