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ING Direct Financial Independence Days Sale

This article was written by in Banking, Investing. 7 comments.


Online bank ING Direct is offering some goodies in July in time for Independence Day. July 4 is a bank holiday in the United States, so this sale starts early. July 1 and July 2 are the only days this sale will be available, so this offer is only around for a very limited time. The promotions have been expanded from what ING Direct offered in previous years. Here is what the sale entails:

Electric Orange. Electric Orange is ING Direct’s paperless checking account. During this two-day promotion, new Electric Orange customers will receive a bonus up to $126. ING Direct is offering $50 just to try the account, after making three purchases or person-to-person payments within 45 days and an additional $76 for setting up direct deposit and making deposits of at least $250 by August 31.

Orange Savings Account. ING Direct’s Orange Savings Account is the flagship online savings account. Normally, ING Direct offers $10 bonus for each customer referral, up to 25 referrals. During today and tomorrow, any referral emails current and new customers send out will generate a total of $76 to you, as well as $25 to each of your friends who open an account. Two successful referrals are required in order to receive the $76 bonus (the $20 standard fee for two referrals plus $56 additional).

ShareBuilder. ING Direct’s discount brokerage arm offers low transaction fees, and for today and tomorrow, all new customers receive a $76 bonus just for opening the account and making one transaction.

Savings IRA. ING Direct offers savings IRAs to save for retirement. If a low-risk investment choice is part of what you need for retirement, having cash in a savings account in your IRA could be a good way to balance your portfolio. Current ING Direct customers who open a savings IRA with at least $1,000 will receive an additional $76 bonus. The bonus counts as a 2011 contribution, so if you’ve already maxed out your IRA, you wouldn’t qualify.

Easy Orange. ING Direct offers mortgage loans, and their rates are often lower than what you might find at a local branch-based bank. During this limited time sale, ING Direct is offering $1,776 off closing costs.

Finally, if you visit the ING Direct store, you’ll receive 17.76% off everything you could buy. Just use coupon code 1776. The ING Direct store has a variety of items included branded messenger bags, bicycles, children’s books, and boxer shorts.

I’ve been a happy customer of ING Direct since July 29, 2002, and I usually recommend the bank’s savings account to friends looking for a good place to keep their money. Although their interest rates are no longer in the upper echelon, it’s a solid choice for most customers. I’ve also been happy with ShareBuilder for the past several years. Thanks to bonuses I’ve earned there over time, most of my (infrequent) ETF and stock purchases have been free to me.

Photo: David Hepworth

Updated August 16, 2013 and originally published July 1, 2011. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.

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About the author

Luke Landes, also known as Flexo, is the founder of Consumerism Commentary. He has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about him and follow Luke Landes on Twitter. View all articles by .

{ 7 comments… read them below or add one }

avatar Coupono Logist

People reported of hard credit pull for Electric Orange account. Can someone kindly confirm if this is true or not. BTW, I’m not interested in their overdraft “protection” line of credit. TIA!

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avatar Luke Landes ♦127,371 (Platinum)

Yes, because the overdraft protection is a line of credit, ING Direct performs a “hard pull” on your credit to verify new customers’ qualifications.

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avatar Coupono Logist

Are you referring to the ODP “line of credit” qualifications attached to the checking account? Is that line of credit mandatory or optional to open Electric Orange? A $126 bonus does not seem strong enough to burn a hard inquiry, in my opinion.

Some mentioned that if one already has the ING savings account, they can perhaps dodge the hard pull to open checking. What if ING already verified one for its ShareBuilder account, would it still need to verify the same account holder for Electric Orange?

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avatar Luke Landes ♦127,371 (Platinum)

I don’t think the hard pull is avoidable, even for customers who already have a savings account. I also believe that ShareBuilder’s verification process is separate from Electric Orange and ING Direct, even though ShareBuilder is now under the ING Direct banner. ShareBuilder uses credit report information to confirm identity to open an account, and that should be a soft inquiry, not a hard inquiry. If you open a margin account at ShareBuilder, I imagine they would do a hard inquiry on your credit.

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avatar Ceecee ♦796 (Dime)

Had the orange acct. for a number of years. It’s okay, but they used to have GREAT interest rates and now they are so-so. I dislike that they will reduce the interest rate without notification by email. When they used to raise the rate, you always got an email. I think you should have to notify account holders at the time that you change their rate.

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avatar skylog ♦368 (Nickel)

this is great promotion, but since i have already used these promotions in the past, i am out of luck now. i could take advantage of the referrals, but it is harder and harder to find people to sign up.

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avatar Jay

Although I have enjoyed ING in the past, with their upcoming acquisition by Capitol One, I think I will be moving elsewhere! I have not heard any positive feedback from their recent acquisition of Chevy Chase bank.

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