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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 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.

Refer-a-Friend Promotion

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.

Related Pages: checking account, savings account

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Anonymous   |     |   Comment #1
This is the last time we see these useless promotions before the greedy Capital One takes over.
Frugal Frugalson
Frugal Frugalson (anonymous)   |     |   Comment #2
Probably a long shot, but is ING Direct one of the institutions that treats an ACH transfer from another bank as a direct deposit?
Anonymous   |     |   Comment #3
I used to stay up until midnight Eastern time (in truth, it's only 9 pm for me in California) just to find out what deals were being offered.  Now, I don't bother to check until the next day.  ING hasn't offered something worth staying up for in quite a while.
buckeye61   |     |   Comment #4
I wonder if "New" customers can "Stack" a referal bonus on the checking account? That would add another $25.00 to the $152.00. I'm sure any of us current customers would be more then happy to send a referal link if so.
Anonymous   |     |   Comment #5
I recently closed my accounts at ING because, when I called to talk to customer service, the rep started asking me creepy stalkerish questions about relatives rather than the security questions I had set up. Even more bizarrely, when faced with a question about what decade of age my nephew was, he proceeded to tell me I was wrong. I asked him just what he thought he was doing, and he replied it was their upgraded "service" using an "outside public information database" to verify my identity. Creepy, creepy, and creepy. And the smug, condescending tone when I told him none of those ages were correct as he replied, "really? Huh," was just too smarmy for words. Apparently Capital One does not limit their creepy smarminess to TV commercials.
pp65   |     |   Comment #7
even you have already had a sharebuilder account (like the $200 bonus in june), you can still qualify for the $76 bonus offer for a new sharebuilder account. they only do a soft pull, so still okay deal.

Just got confirmed by chatting with ING

Anonymous   |     |   Comment #8
Anonymoust #5,

The same happened to me at Bank of America.  They asked me questions like which branch location did I open an IRA account? That was like over 20 years ago and I was supposed to remember that?  They also asked my wife's maiden name and I replied with it and they said it was wrong!  You wonder where they are getting this so called identity verification information.
ctgottapee   |     |   Comment #9
ING did a Hard credit pull while i was taking advantage of this special
I already had on old ing direct savings account

sharebuilder did a soft pull wheni signed up
ctgottapee   |     |   Comment #10
When I first opened my ING Direct acount ages ago, they did phone verification and i don't give out my phone number - hence i never get bothered by companies or politicians. I use a fax line at a large corporate entity that is located near me with the same area code, so the number is valid and could be mine, but no human ever answers. I've run into firms that demand a valid phone number, yet never specify it in their terms, or specify that i must answer it if i give them the fax number ;)
It seems to be a way to stop robo-generated computer accounts as giving a phone number doesn't verify anything, or that you are not just the same scammer answering a prepaid disposable.

...as far as the questions go, they are generated from your credit report(s) by a third party that all the financial firms contract with. Sometimes I've encountered 'odd' questions based on the way their software generates them from what is in your report, or the question reference unknown entities as banks change hands or resell your accounts.

It is better than them opening accounts in whomever claims to be calling in.