- Bargaineering - http://www.bargaineering.com/articles -

ING Direct Electric Orange $50 Bonus Promotion

ING Direct [3] 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 [4] because you can easily transfer cash between the checking and the savings accounts.

To qualify for the Electric Orange promotion, visit the promotion page [5] 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 [6] 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 [7] 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.