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Ken Tumin founded the Bank Deals Blog in 2005 and has been passionately covering the best deposit deals ever since. He is frequently referenced by The New York Times, The Wall Street Journal, and other publications as a top expert, but he is first and foremost a fellow deal seeker and member of the wonderful community of savers that frequents DepositAccounts.

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ING Direct's Financial Independence Days Sale Begins


ING Direct is now offering its Financial Independence Day Sale. The offers are available through Saturday 11:59PM ET July 2, 2011. Some of the offers are a little better than last year's promotions. The Electric Orange bonus and the refer-a-friend bonus are a little higher. Also, ING Direct's discount on mortgage closing costs is larger than what it offered last year. However, there isn't any offer that I would consider a hot deal. There is no CD special.

If you know someone who may be interested in ING Direct, this would be a good time for them to apply. They could make $25 for opening an Orange Savings Account in the refer-a-friend bonus. You can make $10 for each referral and for this promotion an extra $56 for the first two referrals. Once they open the Orange Savings Account, they should still be able to qualify for the Electric Orange bonus in which they could earn up to $126.

For existing Orange Savings and EO 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 www.ingdirect.com/independence for the full details.

Up to $126 Electric Orange Bonus

Open Electric Orange checking and get a $50 bonus and $76 more for making the switch.

  • Open Electric Orange July 1st – July 2nd and get:
    • A $50 bonus - Make a total of 3 purchases (either signature or PIN-based) 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.
  • Your $50 bonus will be automatically deposited on August 21st. Your $76 will be automatically deposited on September 8th.
  • Bonus only available for new Electric Orange checking. Only one bonus will be provided per household.

It's an extra $76 over the typical EO bonus.

$76 ShareBuilder Brokerage Bonus

Open a ShareBuilder account July 1st – 2nd and receive a $76 account bonus.

  • No account minimum. Buy stocks, mutual funds & ETFs
  • $76 credit will post to your account approximately 4-6 weeks after the first transaction executes.
  • Offer available for Individual, Joint and Custodial accounts.
  • The account bonus from ING DIRECT Investing is not available for withdrawal for 90 days after it is awarded to your account.

It's an extra $26 over the typical ShareBuilder bonus.

$76 IRA Bonus

Open a Savings IRA with at least $1,000 and get $76.

  • Open a new Savings IRA July 1st or 2nd and deposit at least $1,000 by July 8th.
  • Your $76 bonus will be automatically posted on July 12th.
  • You must first be an ING DIRECT Customer before opening an IRA.
  • The bonus is considered a 2011 contribution and counts towards your annual IRA contribution limit. Therefore bonuses can not be paid to Customers who have fully maximized their 2011 contributions.
  • The bonus will be reported to the IRS on form 5498 and you must have earned income in 2011 to qualify.
  • No need to enter a Reference Code or anything when you open your Savings IRA.

You can see the two basic options for ING Direct's Savings IRA at ING Direct retire MyWay page. The IRA savings account and CDs have the same rates as the regular versions. All of the IRA CD rates are low.

Refer-a-Friend Promotion

Earn a $76 bonus for the first 2 friends who successfully open an account.

  • Send referral emails between July 1st - July 2nd 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, 2011. 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, 2011.
  • 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 an extra $56 over the typical refer-a-friend bonus that you get for signing up two people.

Mortgage Savings

Apply for Easy Orange or the Orange Mortgage and get up to $1,776 off closing costs.

  • Apply online July 1st - 2nd for Easy Orange or the Orange Mortgage or call a Mortgage Specialist at 1-866-327-4599 and get up to $1,776 off closing costs. If your costs are less than $1,776, you pay nothing (and no, you won't get a credit back at closing)
  • Your loan must fund before September 30th, 2011 to be eligible to receive $1,776 off your closing costs.

Savings at Shop.ingdirect.com

Enter Coupon Code: 1776 at checkout to get 17.76% off your entire purchase at the Shop.ingdirect.com.

  • Check out shop.ingdirect.com and get 17.76% off everything when you purchase on July 1st - 2nd.
  • Be sure to enter Coupon Code: 1776 when you check out

I don't see any product in the store that I would consider a good deal.

Related Pages: checking account, savings account

Related Posts

bonus-lover (anonymous)   |     |   Comment #1
do you know if an ACH deposit from my other bank would qualify as a 'direct deposit' for the $76 EO bonus?


Anonymous   |     |   Comment #2
Anyone know if the $76 electric orange checking bonus requires at least 2 deposits of $250 each or $250 total?
Anonymous   |     |   Comment #3
horrible promo and who wants to buy any of their crap from their store? you got to be kidding me!
RJM   |     |   Comment #6
I cant click on the sharebuilder bonus on their site. All the others work.

Since I already have an Checking, I presume I cant get any bonus money.
RJM   |     |   Comment #7
Resolved the popup blocker that wasnt letting me see the sharebuilder promo, but when trying to set up an account, it asked for a username & password. It wouldnt accept ANY password I tried to use.

I tried over a dozen with none of the illegal characters.

(pound, forward slash, back slash, underscore, period, exclamation, @ sign, dollar sign, asterisk, ampersand or dash). Spaces aren't allowed.
DJ (anonymous)   |     |   Comment #8
This bonus money is thrown out every year. See ingdirectbonus.blogspot.com for details. in 2012 the bonus offer ends July 3 midnight.... Get 25 76 76 ....  and yes I did a ACH push from another bank and it counted for the direct deposit requirement.