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ING Direct Electric Orange $50 Bonus Promotion

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ING Direct Electric OrangeING Direct is offering a $50 bonus for new Electric Orange checking account customers (who make 3 signature based debit transactions in 45 days) and has been for what seems like the last year. You are eligible if you already have their high yield savings account, which makes it especially sweet if you’ve kept one of these lying around in the hopes ING Direct’s rates become more competitive. I consider ING Direct Electric Orange one of the better online checking accounts because you can easily transfer cash between the checking and the savings accounts.

To qualify for the Electric Orange promotion, visit the promotion page and apply for an account using the reference code EM428. If you already have an account, signup will be a cinch after you login since you won’t need to provide any additional information and you can fund the account with funds in your savings account. One word of warning for those with an eye on their credit score, ING Direct will do a hard pull of your credit when you apply because the checking account has overdraft protection (even if you select $0).

Interest Rates

At the moment, the rates for their Electric Orange checking account is pretty good when you consider most checking accounts pay you squat. For balances up to $49,999.99, you can get 0.25% APY. $50k – $99,999.99, you get 1.35% APY and then $1.40% APY for balances beyond that. Like I said, it’s not awesome and you probably will want to move money between the checking and your savings account to maximize interest.

ING Direct’s CD rates aren’t bad, 1.50% APY for a 12 month CD, which doesn’t rate is high on the best CD rates list but they’re not the worst.

Combine with Savings Referral Promo

The play here is to open an online savings account using an ING Direct referral promotion to get the $25 bonus when you deposit $250. Then open an electric orange account to get the $50 bonus for using your debit card for signature transactions three times. $75 for very little effort.

If you can’t think of three purchases to make, go to the grocery store and buy yourself a banana three times.

{ 20 comments, please add your thoughts now! }

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20 Responses to “ING Direct Electric Orange $50 Bonus Promotion”

  1. echidnina says:

    I’ve had an ING account for a couple years now. I signed up for Orange Savings for the $25 bonus, later on got the email for the Electric Orange $50 bonus, and then another $50 bonus for a Sharebuilder account! ING just keeps on paying me, haha. And having my two savings accounts, checking account, and Sharebuilder account all on one page is super-convenient.

  2. zapeta says:

    I signed up for EO and got a bonus over the holidays. I don’t use it for my primary checking but I like it.

  3. Daniel says:

    I signed up for electric orange during their black Friday sign-up bonus. I use the account for my discretionary spending (a virtual envelope method)>

  4. govenar says:

    I held off on opening this since it didn’t seem worth a hard pull for only $25 or $50. But I opened it for the Black Friday $121 bonus offer. They paid as promised on the 50th day.

  5. Marx_ says:

    My wife and I each have an ING account, and they have been great. It allows us to put money aside every month for birthday and anniversary gifts for each other without the other person knowing how much was spent on the gifts. Ironically, we never buy gifts for each other, so the money just continues to grow until we decide what to do with it.

  6. jsbrendog says:

    interesting. never thought of combining it with the $10-$25 reference too.

    • Jim says:

      Yep, that’s what makes it probably the best bonus of the online banks now… only cost is you have two more accounts and the hard inquiry from the checking.

  7. eric says:

    I like it though it’s not my primary checking yet. I like the Person2Person payment option.

  8. Bernie says:

    When applying for the $25 bonus savings account do I need to keep the initial $250 deposit in the account for a certain amount of time or can I pull that out within a week and pull the $25 at the end of 30 days?

  9. Bernie says:

    What is considered as “using your debit card for signature transactions three times?”

    • Jim says:

      You have to use it in a way that makes you sign rather than enter in your debit PIN code. Usually that means selecting credit instead of debit, it results in the bank earning more in interchange fees.

    • Martha says:

      I just made three random purchases and hit “credit” and when it requested my PIN, I hit cancel and it went through as a “signature required debit transaction” per ING.

  10. Jimmyj says:

    But I don’t need any bananas.

  11. Bernie says:

    Thanks, that’s what I thought, but I didn’t want to jeopardize the promo.

  12. merrill1 says:

    +1 on the ING accounts

    I have my main account I use as my primary savings – then each of my kids and my wife and I all have our own sub-accounts for special savings. easy to set up and use – paying student loans out of ING as well as bills.
    Signed up with the $25 bonus years ago, and got the $121 bonus for the EO!
    have not yet done sharebuilder, but the $50 is calling me….

  13. ndwannabe says:

    When is the account for the Orange Electric considered opened – when I apply, or when I activate the card?

    I forgot about the card (moving hassles) then later found it. I applied two months ago, but only now activated it. Will I not qualify for the $50 ?

  14. shelagh says:

    So if I go open up a new account with this bank, I will AUTOMATICALLY get $50 put into my account from the bank?
    And all I have to do is keep my money in there for 30 days?
    And if i can get any friends to sign up, they too will get $50 as will i for each one that signs up through me?

    Is this correct?
    This is what i have been told but I am afraid I dont believe anythig could be that easy …….there must be a catch somewhere LOL

  15. David says:

    No, shelagh, you have to make 3 purchases. At least that’s the rumor. I made 3 shortly after I got the card, and made sure I said credit and signed for it, but they still show up on my acct as “Debit Card Purchase” so I’m not getting the bonus. I’m not sure how else to make it actually credit, but maybe it’s too late for the bonus now since it’s been open more than a few months.

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