ING DIRECT is now offering its Financial Independence Days Sale. The offers are available through Tuesday, July 3rd, 11:59pm ET. The Electric Orange bonus is larger than any of the past Independence Day and Black Friday Sales. However, there isn't any offer that I would consider a hot deal. There is no CD special. For existing Electric Orange customers, I don't see anything that looks particularly attractive.
Below is a summary of all of the promotions with a few of my notes. Be sure to check the ING DIRECT promotion page for the full details.
Up to $152 Electric Orange Bonus
Open Electric Orange before July 4th and get:
- $76 bonus – Make a total of 5 purchases using your Electric Orange Card or Person2Person Payments (or any combination of the two) within 45 days.
- $76 more for switching – Set up Direct Deposit and have two Direct Deposits of at least $250 post to your Electric Orange by August 31st.
Bonuses are only available for new EO checking accounts. So if you already have an EO account, you're out of luck.
This is a good deal if you don't already have an EO account. It's $102 higher than the typical $50 EO bonus.
$76 ShareBuilder Brokerage Bonus
Open a ShareBuilder account before July 4th and receive a $76 account bonus.
- You must open a new ShareBuilder account and deposit $3,500 or more
- Initial deposit must be completed by 8/31/12
- Offer is available for Individual, Joint and Custodial accounts only
- $76 bonus is not available for withdrawal for 90 days after it is awarded to your account
This is the same bonus amount as last year, but unlike last year, this requires an initial deposit of at least $3,500. It's not much more than than the typical $50 ShareBuilder bonus, and it's much smaller than the occasional special ShareBuilder bonuses that pop up.
Roll Over Your Old 401(K) into a ShareBuilder IRA and Get Up to $276
- Roll over or transfer $25K or more and get $276
- Roll over or transfer $10K and get $176
There is a lot of small print with this offer so make sure you review the ING DIRECT IRA promotion page. It's important to note that the bonus will count towards your 2012 contribution limit.
Earn a $76 bonus for the first 2 friends who successfully open an account.
- Send referral emails before July 4th and you'll receive a $76 bonus for the first 2 friends that open an Orange Savings Account with a minimum deposit of $250 using the link in the referral email before July 31st, 2012. Each of your friends will get a $25 bonus (if they open with at least $250).
- Your original $10 bonus will be deposited into your account when each of your friends opens an account. Your additional $56 bonus will be deposited into your account by August 10th, 2012.
- Your friends must be new Customers as the primary owner of the account.
- In order to use the Refer a Friend program, you must have an Orange Savings Account or Electric Orange.
This is the same refer-a-friend bonus as last year. It's an extra $56 over the typical refer-a-friend bonus that you get for signing up two people.
$27.76 Bonus for Opening a new MONEY Account
- Open MONEY before July 4th and make 1 Card transaction (signature, PIN-based or with PayPass) using your MONEY Card within 30 days (the teen gets the Card)
- Your $27.76 bonus will be automatically deposited into your account on day 35
This is similar to the MONEY promotion during last year's Black Friday sale. The MONEY account is a checking account for teens that ING DIRECT launched last October. Please see my ING DIRECT MONEY account review for more details.
$17.76 Bonus for Opening a new Kids Savings Account
- Open a Kids Savings Account before July 4th and get a $17.76 bonus
- Only available when you open a new account with at least one new Customer (either you or the child must be a new Customer to ING DIRECT)
As I explained in my Kids Savings Account review, the Kids Savings Account is basically a joint savings 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.
My Take Overall
I'm disappointed that ING DIRECT didn't offer a CD special or other specials that would be attractive to existing customers. It should be noted that CD specials haven't been common with these promotions. The last one was the Black Friday Sale in 2009 which had a special 12-month CD rate. Based on its low standard CD rates (0.50% for terms under 30 months), it appears ING DIRECT doesn't want any more CD deposits.
It is nice to see ING DIRECT is still offering this promotion. With ING DIRECT now under Capital One, it shows that Capital One is letting ING DIRECT continue to run its operation without changes. This is a good sign for those worried that Capital One would change ING DIRECT for the worse.