ING Direct is now offering their Black Friday specials. The offers are available through 11/27/2011. The Electric Orange promo is a little better than last year's promo. Here's a summary of the deposit promotions:
- $107 bonus for opening the Electric Orange Checking Account and making at least 5 purchases using your Electric Orange Card or Person2Person Payments (or any combination of the two) within 45 days. Bonus is only available for new Electric Orange checking.
- $32 bonus for opening a new MONEY account and making 1 Card transaction (either signature, PIN-based or with PayPass) using your MONEY Card within 30 days. I did a review of ING Direct's MONEY account last week.
- $27 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 year.
Electric Orange Account Promotion
If you don't have an Electric Orange (EO) account, this is a good time to open one. This Black Friday bonus of $107 is over twice the common $50 bonus, and it's a little higher than last year's Black Friday bonus of $103. However, it's lower than last year's Independence Day bonus of $126.
ING Direct has made several improvements to their EO account in the last year. First, ING Direct now allows paper checks. I have the full details in my ING Direct paper checks review. Second, it has made improvements to its Person2Person payment service which makes it easy to send payments to friends and family. Third, ING Direct has made it easier to use services like Mint.com by providing a Personal Finance Access Code.
One improvement that should come soon is the ability to deposit checks online from your home. When I asked ING Direct in March, I was told the expected release date is summer or fall of this year. ING Direct's FAQ page has the following about this question:
I hear a lot of buzz about being able to scan checks for deposit called Remote Deposit Capture. Is this something ING DIRECT will offer in the future?
Let’s just say, it’s in the works. We’re working hard to offer you more convenient ways to make deposits into your ING DIRECT account(s). Stay tuned.
For those who don't want to worry about monthly fees or who want a little higher interest rate on large balances, the EO account can be a good choice.
Kids Savings & MONEY Account Promotion
For those with children, the Kids Savings and MONEY 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. Adults open these accounts as joint accounts with their children. Unlike the standard joint account, the kid has limited access. Only the adult has permission to transfer money. I reviewed the Kids Savings Account last year. The MONEY Account was just launched in October. It's basically a checking account for teens that gives the ability to use debit cards. I have more details in my ING Direct MONEY account review.
For the $27 Kids Savings Account promotion, the promo page states that:
Only available when you open a new account with at least one new Customer (either you or the kiddo must be a new Customer to ING DIRECT).
However, I don't see this limitation in the MONEY promo page. So you may be able to qualify for both promos if you open the Kids Savings Account first.
Other ING Direct Black Friday Specials
I don't have anything extra to say about the other promotions. I'll just provide the summary from ING Direct's website:
- $100 bonus for opening a new ShareBuilder account between November 25 – 27 and complete two trades by January 31. Note, this is an investment account and not a bank account. So it is NOT insured by the FDIC. Also, stock and ETF trades cost $9.95.
- $100 bonus for rolling over your old 401(k) into a ShareBuilder IRA. You can invest in stocks, ETFs and mutual funds. Note, this is an investment account and not a bank account. So it is NOT insured by the FDIC.
- Sale prices at Shop@ingdirect.com
I'm disappointed that ING Direct did not offer bank deals for existing members who don't have kids. In ING Direct's first Black Friday Sale in 2009, it offered a special rate on its 12-month CD, and last year it offered a special 3-year IRA CD rate. I was hoping that it would offer similar deals this year. Based on its low standard CD rates (0.60% for terms under 30 months), it appears ING Direct doesn't want any more CD deposits. So that may be the reason it didn't offer any CD or IRA CD promotional rates this year.
Future of ING Direct
Some readers were concerned when it was announced that Capital One was going to acquire ING Direct. However, Capital One has long offered free internet checking and savings accounts. Also, as I described in my review of this acquisition, I think it's likely that Capital One will want to keep the ING Direct website and brand. So my guess is that ING Direct customers won't see many changes.