Got this offer from ING Direct. It is a new promotion for ING Direct Electric Orange Checking Account. The promotion offers $50 bonus cash if the following conditions are met:

Open an ING Electric Orange Checking Account with reference code ECNSTND2.
Activate your Electric Orange Debit MasterCard and use it to make at least 3 signature-based purchases within 45 days of account opening.
Your $50 bonus will automatically be deposited into your account on day 50.
ING Electric Orange is one of the interest checking accounts I have discussed a while ago. The account currently pays interest rates based on the account balance. For balance under $50,000, the rate is only 0.25% APY and the highest rate you can get is 1.25% APY for balance of $100,000 or more. If you are looking for better interest checking accounts, you may want to check out those listed in my previous post, but here are a few ING’s main competitors and their rates:

EverBank FreeNet Checking Account : 2.25% 3-month bonus rate (current rate 0.61% APY for balance less than $10,000)
FNBO Direct Billpay Account: 1.10% APY
Ally Interest Checking Account: 0.50% APY for balance up to $15,000; 1.15% APY for balance above
As you can see the rate of ING Electric Orange is rather low. That’s why I have never taken advantage of the bonus offer, even though I got it all the time.