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?