Here’s a Black Friday sale I can appreciate. ING Direct is offering a $121 bonus for opening an Electronic Orange checking account today, Friday, November 27, 2009. This is a one-day only sale.
According to ING Direct, consumers pay $121 in overdraft fees, on average, each year. Rather than charging overdraft fees, the Electric Orange includes an overdraft line of credit. This is different than the overdraft protection you find at most banks. As long as your overdraft is within the limit of your line of credit, you pay ING Direct interest on the amount of the overdraft.
ING Direct is also offering a 2% APY “Added Value” certificate of deposit. This is a 12-month CD and the 2% interest rate is 0.25 percentage points above ING Direct’s regular 12-month CD. Qualifying for this rate requires customers to leave their deposit at the bank in full without making any withdrawals.
In a sea of advertising encouraging consumption, it’s good to see a Black Friday special focusing on savings.
Here’s what you need to know to receive the $121 bonus:
- Open an Electric Orange checking with Reference Code EOSAVE.
- Use your Debit Card to make 3 signature transactions (you know, the ones you have to actually sign) within the first 45 days.
- On day 50, ING Direct will put $121 in your account. You have to open today to get the $121 bonus.
Saturday update: The deal has been extended. Those who open up an account after Black Friday are still eligible for the $121 bonus.
Monday update: The deal has concluded.
Updated June 16, 2011 and originally published November 27, 2009. 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.