Adam Pieniazek/Flickr
A postcard from ING Direct dangled $83 for opening a new “electric orange” checking account. To earn the $83, use a debit card tied to the account three times in the first 45 days, and get $50 on the fiftieth day. Have two paychecks of at least $250 deposited directly by March 31 and get another $33 on April 8. All this could be mine, or yours, with ING coupon code JAN724.
I’m tempted by the offer, even though I’m perfectly happy with my current free checking account. What appeals to me is the money – $83 would go a long way to increasing the total annual interest I earn on my checking account. And the specificity of the offer makes it clear that I would be able to satisfy both their conditions quite easily. The $83 bonus is within reach!
Pros: The account allows you to use 35,000 ATMS across the country for free (I suspect ING reimburses your for the ATM fees you incur.)
Cons: The interest rate on the account is very low. For balances up to $50,000, you earn one-quarter of one percent, or .25%. If you sock away $50,000-$100,000 the APY is 1.2% and the interest rate climbs to 1.25% if you have $100,000 or more in the account. The deposits are FDIC insured. Checks are not mentioned as being free, so I suspect customers have to pay for them.
The fine print: ING’s electric orange account cannot be used for business, power of attorney, beneficiary or individual retirement accounts. Accounts holders need a valid Social Security number and be at least 18 years old.
Knowing this, would you open a new checking account to get $83?
Welcome to Bargain Babe! I’m Mara, and I’m so glad you’re here. I am an obsessive bargain hunter and penny pincher, and I am determined to live a full life without EVER paying full price. 
I opened an Electric Orange checking account several months ago under the influence of a previous offer (use the debit card x number of times, get $103 on the 45th day). I have been very pleased with the account, as with my ING savings accounts. I like that I can shift the money from targeted savings accounts (gifts, for example) directly into the Orange checking account to be spent as planned without having to fiddle around waiting two days to transfer the money back into my local checking account. (and the gadget freak in me loves that I can make those transfers using the ING app on my Droid 2!)
@Mary Your ING Direct Electric Orange account bonus was $103? Now I feel like I should hold out for a better offer. Glad to hear you are happy with the account.
The gimmick for this offer was some multiple of the average overdraft fee at brick-n-mortar banks. But yes, $103! Gotta love it!
Julia,
Yes, I got a $100 bonus as well and all I had to do was use my debit card (or make electronic transfers) 7 times.
Bonus: Checks are free with ING, in a way. You can mail paper checks from your online account (with free postage) to your recipients. You don’t, however, have a paper check book to carry around with you.
(I think the free postage is awesome!)
That’s why I still like to have my regular checkbook from my brick-and-mortar bank for those rare instances when I need them.
Probably not. Chase is always offering me $100 to open a new account, but you forfeit the bonus if you don’t jump through all the hoops or if you close it before X number of days. If I was looking to switch banks maybe, but I’m not going to open a new account just for the bonus.