Capital One 360 is maintaining the ING DIRECT Black Friday Sale tradition. Just like in previous years when Capital One 360 used to be ING DIRECT, it’s advertising a Black Friday Sale that will start the day after Thanksgiving and last through the weekend. One little change is that this Black Friday Sale will last 4 days instead of 3. Instead of ending on Sunday, it won’t end until Monday.
Just like past Black Friday Sales, Capital One 360 is only hinting at the specials that will be offered. Its promotional page is up at home.capitalone360.com/blackfriday announcing the upcoming sale. Here’s an excerpt from that page:
Our Black Friday Sale is just around the corner - from November 29th to December 2nd. Get ready to stock up on some of the best banking bonuses of the year.
What: Capital One 360® Black Friday Sale
When: Nov. 29th 12:01 AM ET - Dec. 2nd 11:59 PM ET
Why: To unwrap sweet savings
In past ING DIRECT Black Friday Sales, the best deals have been for new customers. One common deal has been a bonus for its Electric Orange checking account (now called 360 Checking).
Last year they did offer a deal for existing customers, but it wasn’t that great. They offered 1% cash back on debit card purchases during the 3 days of the promotion.
We'll have to wait to see what Capital One 360 offers this time. Some details may come out early. For the last 4 years, ING DIRECT has offered promotions on Black Fridays and before the Fourth of July. You can see what they offered in past promotions in my old posts:
- 2013 Independence Day offers: $100 360 Checking account bonus, $76 360 Savings account bonus, $176 ShareBuilder bonus
- 2012 Black Friday offers: $125 EO bonus, $125 ShareBuilder bonus, $10 Kids Savings account bonus, 1% cash back on debit card purchases
- 2012 Independence Day offers: $152 EO bonus, $76 ShareBuilder bonus, $28 MONEY account bonus, $18 Kids Savings account bonus
- 2011 Back Friday offers: $107 EO bonus, $32 MONEY account bonus, $27 Kids Savings account bonus
- 2011 Independence Day offers: $126 EO bonus, $76 ShareBuilder bonus, $76 IRA bonus
- 2010 Black Friday offers: $103 EO bonus, 2% 3-year IRA CD
- 2010 Independence Day offers: $76 EO bonus, $76 Sharebuilder bonus
- 2009 Black Friday offers: 2% 12-month CD, $121 EO bonus
As you can see above, the best bonuses were for opening a checking account. Only new checking account customers can qualify. As one reader warned:
This bonus is only for those who NEVER have opened an Ing Electric Orange Checking account before...ING is very strict about this!
These past Black Friday Sales have offered larger 360 Checking bonuses than the standard $50 bonus that new 360 Checking customers can get now. There's also a ShareBuilder $50 bonus that's available now. If you're considering opening these accounts, it would be a good idea to wait to see what's available on Black Friday.
The best deal for existing customers took place in 2009 when ING DIRECT first introduced a Black Friday sale. They offered a 1-year CD with a very competitive 2% APY. I don’t have much hope that we’ll see something similar this year. The highest rate Capital One 360 is currently offering on its CDs is only 0.90% and that’s for a 5-year CD.
One would hope that Capital One would offer its online customers a deal at least as good as the deal available to customers at its brick-and-mortar branches. As I reported early this month, Capital One has a great savings account deal for those who live in its market area. It’s offering a 1% APY on all balances guaranteed for the first 12 months of account opening.
Merger of ING DIRECT Into Capital One
The conversion of ING DIRECT to Capital One 360 was completed on February 1, 2013. ING DIRECT had been part of ING Group, but in 2009 ING Group agreed to sell ING DIRECT USA as part of a restructuring agreement with the European Commission. In June 2011 Capital One announced that it had agreed to acquire ING Direct from ING Group.