Best Black Friday Bank Deals for 2011

A number of new checking account promotions have come out towards the end of 2011, however any avid bank deal hunter knows that Black Friday in particular is a prime time to scoop up substantial deals from banks and credit unions.

This year’s number one institution with the best Black Friday rewards comes from Service Credit Union out of New Hampshire. So for all you New Hampshire residents – have at it!

As for everyone else, scroll down to find the best nationwide bank deals available this Black Friday.

Service Credit Union’s Black Friday Bank Deals:

1) 3 month CD yielding 10% APY! – Here is a phenomenal savings account promotion especially for first time savers or students. It comes with a minimum deposit requirement of $250 and a maximum deposit of $1000. If you’re able to maximize the benefits of this offer by depositing $1k into this account, you’ll have earned almost $25 in just 3 months from your investment!

2) Open a Savings Plus Checking Account with Service Credit Union and set up a direct deposit and get a $150 bonus! This could end up being quite the lure for those looking to switch from big banks. The end of 2011 has been huge for credit unions with the threat of new checking account fees by some of the nation’s largest banks.

3) 1% off auto loans with Service Credit Union. Rates as low as 2.24% APR depending on credit history.

4) $25 new gift card with each new visa credit card opened with SCU.

Bank Deals (2011) Available Nationwide:

1) CitiBank Checking Accounts paying new account holders either $200 or $400 in gift cards depending on which checking account you sign up for.

2) ING Direct has a $50 sign up bonus for new online checking account holders. ING is well known for being a Black Friday specialist! With this checking account, you’ll get a very respectable interest rate on your balance, the largest network of free ATM’s, zero fees, and a cool 50 bucks!

3) EverBank has a $60 sign up bonus for new account holders, but you’ll need to maintain a minimum balance of $5,000 with this account to avoid fees. There is also an interest rate associated with this account. Get the run down here.

ING Direct’s Online Checking Account: $50 Cash Bonus!

ING Direct has just sweetened the pot to their already popular “Electric Orange Checking Account” which features an above average interest rate (especially for larger sums) and free checking with absolutely no fees or ATM surcharges.

For a limited time new customers opening this online checking account can now snag a $50 bonus for signing up and making a total of 3 Card purchases or Person2Person Payments (or any combo of the two) within 45 days of account opening. Once the requirements have been completed, ING will deposit a $50 bonus into your account automatically on day 50.

Sign up for the Account and Get the $50 Bonus Here!

Even without the $50 sign up bonus, this checking account from ING has been one of the most popular amongst US retail banking consumers. In a time where the nation’s largest banks are making unprecedented moves to impose fees on consumer checking accounts and debit card usage (ie Bank of America, Wells Fargo and now CitiBank) checking accounts like the “Electronic Orange Checking” from ING Direct are refreshing alternatives.

Why is the Electronic Orange Account so popular?

1) N0 overdraft fees. The national average for overdraft fees from United State’s banks sits at $30.

2) N0 ATM surcharge. The national average for ATM surcharges throughout the country sits at $2 per withdrawal.

3) No monthly fees.  The current national average for monthly fees is on the rise. While it currently sits at $13, many major banks are beginning to impose larger monthly fees if individual checking accounts don’t keep a required minimum balance. ING imposes no minimum balances nor fees for their checking accounts.

Interest Rates on ING Electronic Orange Checking:

- If your account holds less than $50,000 you’ll receive a variable rate of 0.25% APY.

- If your balance is between $50,000 and $100,000 you’ll receive a variable rate of 1.10% APY.

- If you balance exceeds $100,000 you’ll receive a variable rate of 1.15% APY.

ING is member FDIC and all accounts are federally insured up to $250,000.

To put the interest rates above in perspective, the national average for interest checking accounts are between 0.50 and 0.80% APY depending on your balance. The accounts composed in the survey of national averages may, however, impose monthly fees and minimum balance requirements as well as limit the amount of withdrawals per month. ING’s checking account has no restrictions or minimum balance requirements.

Limited Time Offer – Earn a $50 bonus when you open an Electric Orange℠ checking account from ING DIRECT

ING Direct CD Rates 2011

ING Direct, backed by ING (NYSE:ING), is a global financial institution which was originally established in Holland. They now operate in 50 countries and have roughly 85 million private, corporate and institutional clients. Their global reach is fairly broad – of the 130,000 people they employee in the fifty countries in which they operate, just 10,000 of those employees are from the US, however they have been operating in the United States for roughly 100 years.

Earlier this year we were covering the rather atrocious CD rates offered by the largest banks in the country and after being reminded of ING Direct’s savings products from their fourth of July promotions, we thought we’d quickly highlight ING’s CD rates in 2011. While at first glance you’ll probably deem these deposit rates to be rather terrible (which they are) but keep in mind the overall market for FDIC insured savings accounts and bank CD’s throughout the course of 2011 has been a rather abysmal. And to make matters worse, savings rates are expected to remain in their slump for the foreseeable future (and probably the remainder of 2011).

2011 CD Rates offered through ING Direct:

(Rates accurate as of July 2011. Visit our CD rates center for top rates from around the country.)

- ING Direct’s 6 month CD yielding 0.75% APY

- ING Direct’s 9 month CD yielding 0.75% APY

- ING Direct’s 12 month CD yielding 0.75% APY

- ING Direct’s 18 month CD yielding 0.75% APY

- ING Direct’s 24 month CD yielding 1.00% APY

- ING Direct’s 30 month CD yielding 1.25% APY

- ING Direct’s 36 month CD yielding 1.25% APY

- ING Direct’s 48 month CD yielding 1.25% APY

- ING Direct’s 60 month CD yielding 1.50% APY

To put the above annual percentage yields in perspective, the current national average for 6 month CDs, 1 year CDs and 3 year CDs is 0.56% APY, 0.90% APY and 1.35% APY, respectively.

You may open a ING Direct CD either over the phone, through the mail or on their website.

ING Direct’s Financial Independence Day Promotion

About this time every year we receive notice from a number of our readers as well as ING Direct representatives themselves about the “Financial Independence Day Sale” offered through ING Direct. During the fourth of July weekend they typically offer a number of promotional products as well as new account bonuses for some of their already existing financial products.

Here is the most recent note we’ve received from Diana over at ING Direct:

“As a 4th of July celebration, ING DIRECT is urging savers to make a personal declaration of financial independence with its annual Financial Independence Days Promotions. For 2 days only (July 1st & 2nd) ING DIRECT will be offering Independence Day themed promotions, including:

Checking: New Electric Orange checking account customers will receive the traditional opening bonus of $50 when they make three purchases within 45 days of account opening. Those that then set up and make at least two direct deposits of $250 will receive an additional $76 bonus for a total savings of $126. Think of all the BBQ that could buy!

Investing: Investors who open a new ShareBuilder account will receive a $76 account bonus after their first investment. Uncle Sam would be proud!

These promotions and four other offers are available to consumers, and will be announced at July 1st 12 a.m. EST.”

We’ve got a hunch that they’ll also throw in a mortgage or refinance offer which features a major savings off of closing costs. To review ING’s mortgage products use the previous link.

You can check out their promotions when they become available at ingdirect.com/independence.

Top Online Savings Account Rates in 2011

In 2011 the best online savings accounts haven’t been able to provide too much on the interest rate front, however, if you happen to be in the market for one of these we’ve compiled a list of the top 5. We put this list together based on account flexibility, customer service, and APY (annual percentage yield).

Flexibility with an online savings account is crucial. You’ll want an account with limited restrictions on withdrawals and easy wiring options to add/subtract funds. You’ll also want a low minimum balance requirement (especially if you don’t plan on stashing too much cash in the account) as well as various online management tools.

We’ve taken customer service into consideration when ranking these accounts because none of the institutions have brick and mortar branches. And even though you’ll likely never need to speak to a representative it’s still nice to know there are actually human beings behind the screen.  There should also be an easy to navigate website with secure and straight forward transfer options.

After reviewing numerous online savings accounts in 2011, we’ve compiled our favorite five based on the criteria we’ve mentioned above. We’ve also used your comments as a basis for this evaluation as well.

Top 5 Online Savings Accounts in 2011:

(Interest rates and APYs are time sensitive in nature, please refer to the date of this article for accuracy. Visit our savings account center for updated rates and information.)

1) Discover Bank High Yield Savings Accounts – Discover offers one of the top online savings accounts on the market in 2011. They have an extremely fast opening process (typically under 24 hours) and one of the best interest rates available. You’ll also encounter intuitive online management software and transfer options. The account features a low opening balance and no minimum deposit requirement.

2) Sallie Mae’s Online Savings Account – Sallie Mae, generally better known for student loans, entered the savings arena last year. Their online savings account features an easy to navigate interface along with no minimum balance requirement. Their interest rates have consistently beaten the national average but are currently lower than Discover’s APY.

3) Ally Bank’s Online Savings Account – The former GMAC re-branded them self after a tumultuous 2008. Ally was named Kiplinger Magazine’s best online savings account in 2009. Their interest rate is generally slightly lower than the top two accounts, however, it features just as flexible of terms and conditions and has 24/7 support available.

4) FNBO Direct’s Online Savings Account – Like Ally Bank, FNBO Direct was rated the best online savings account of 2008. It comes with no fees and no minimum balance requirement and is the online division of the First Bank of Omaha.

5) ING Direct’s Online Savings Account – Often featuring the lowest APY of the bunch, they probably have the most easy to use interface and ATM’s throughout the country (and abroad). They are known for a widely available and responsive customer service department and have a number of online account options available.

Have you opened an online savings account in 2011 that you feel deserves to be on this list. Tell us about it by leaving a comment!

ING Direct Checking Account, Sharebuilder and IRA Bonuses

We were recently tipped off on some sweet perks coming from the infamous ING Direct. Apparently you can earn up to $283 in cash bonuses from ING Direct with a few promotional codes and new accounts, BUT, to earn the bonus it will require a decent amount of effort from the consumer.

We’ll break it down for you below…

First, you’ll need you to be willing to open a checking, IRA and ShareBuilder account. The benefits of having these particular accounts all located at one bank is going to make future banking decisions and transactions much easier anyway so this should be accomplished by the consumer purely as a means of efficiency (regardless of who you end of banking through). Consolidating these three accounts to operate under one bank is going to help you with making regular transfers from your checking accounts to you IRA accounts and to your brokerage accounts. When you opt for different banks to fulfill these individual needs it, more times than not, leads to unnecessary headaches for the consumer.

ING Direct Electric Orange Checking Bonus

step 1 – $83 Bonus

While ING Direct is always offering a $50 bonus to the public, we were able to obtain a reference code to allow our readers to earn $33 more.

• Visit this ING page and click the ‘Apply Now’ button
• Use the following reference code 83DEAL
• Earn $50: Make 3 Card purchases and/or Person2Person Payments within 45 days of account opening and your bonus will be paid on say 50
• Earn $33: Set up Direct Deposit and have two direct deposits made of at least $250 to your Electric Orange account by March 31st. The $33 cash bonus will be paid on April 8th.

The current APY as of 1/26/2011 is 1.20% for balances between $50 – $100k, 0.25% for below $50k and 1.25% for balances over $100k.

Step 2 – $50 “Retire MyWay IRA Bonus”

Related: E-Trade still has their IRA offer for $800 worth of free trades!

If you are currently considering an IRA, the ING Direct option for both CD and Savings are both competitive and FDIC-insured. If you have plan to keep the balance low, the saving option may be a better option with a 1.10% APY. To earn the $50 bonus, you will need to:

• Visit their promotional page
• Open an FDIC-insured IRA (Savings or CD)
• Deposit $200 into your account by February 7
• Receive a $50 bonus by February 28, 2011 (counts toward your 2011 IRA contribution limit)

Step 3 – $50 ShareBuilder New Account Bonus

Details to opening account: No account minimums, invest as much as you like and pay as little as $4 when you use automatic investing. From today until March 31st 2011, new account members can earn a $50 bonus.

• Visit the following promotional page.
• Open an account, User the following reference code 50WS10 and deposit $50 or more by 3/31/2011.
• ShareBuilder will deposit a $50 bonus 4-6 weeks after your initial deposit
• The $50 bonus cannot be withdrawn for 90 days after awarded

You may want to note, that in the terms, ShareBuilder holds the right to remove the offer at anytime so if you are interested, you should probably not wait until the last day as account sign ups may exceed their expectations and they could pull the offer.

Learn more about ShareBuilder and their fees.

Step 4 – ShareBuilder Trade Up Bonus

For those who opened a ShareBuilder account, but carry accounts with other Brokers, ShareBuilder and ING Direct are still willing to pay you a $100 cash bonus, BUT, you must transfer $500 or more from the competing broker to ShareBuilder.

Terms and Conditions:

• The $100 bonus offer is available for Individual, Joint and Custodial accounts only. Offer not valid for IRA or Education Savings Accounts.
• The $100 bonus will post to your account approximately 4-6 weeks after completing a full brokerage transfer from a competing broker and is not available for withdrawal for 180 days.
• This offer is not valid with any other offers and is non-transferrable. Limit one ShareBuilder promotional award per unique customer or custodial beneficiary.

As with the last ShareBuilder bonus, the terms highlight that they reserve the right to terminate this offer at any time or refuse to award the bonus if any terms of ShareBuilder Account Agreement has been violated.

ING Direct’s Electric Orange Checking Account Providing 1% Cash Back

We just got word that the “Electric Orange Checking Account” by ING Direct will be providing 1% cash back on $50 purchases (or less) from October 1st through November 30th. Thanks to BankVibe.com reader Kendall for tipping us off on this deal!

Of course, if you are in the market for a cash back checking account, PerkStreet Financial’s 2% cash back account has been leading the way in this category for some time. When PerkStreet first went live with their cash back checking account last year they also added a $50 sign up bonus as an incentive to join. Today their account offers 2% cash back for the first 3 months. After the 3 months, you will earn 2% cash back on every non-PIN purchase when your balance is $5,000 or more or earn 1% cash back for balances below $5,000.

ING Direct’s Cash Back Checking Account Promotion Details:

• Use your Card on day to day items, like your morning latte or topping off the gas tank
• Earn 1% Cash Back from October 1st – November 30th
• Your 1% Cash Back Rebate posts by the 15th of the next month
• Applies to all eligible PIN and signature-based transactions under $50

Features of Electric Orange Checking by ING Direct:

• Free MasterCard® Debit Card for all purchases
• Free Online Bill Pay
• Free access at over 35,000 ATMs
• Free postage – we’ll mail your paper checks for you

To learn more about this promotion visit ING Direct’s promo page here.

Want to see how this checking account stacks up against other offers? Check out our top 10 checking account promotions.

ING Direct Mortgage Review(s) and Rates

ING Direct (a brand name of ING Bank, FSB) offers a number of online banking products ranging from checking/savings to adjustable rate mortgages. Their home loan and mortgage line is very narrowly focused and consists of just a couple of ARM (adjustable rate mortgages) which are frequently advertised with enticingly low interest rates and APRs. Their “Orange Mortgage” product line is displayed with general rates and payment structures as well as their “rate guarantee” – which states the following – “You get a free, guaranteed rate for 60 days when buying a home or 45 days when refinancing. From the day you apply for an Orange Mortgage, your rate is guaranteed, even if rates go up during that time.”

Current mortgage rates offered through ING Direct:

(Rates accurate as of 9/2010. Visit ingdirect.com for updated information and mortgage rates.)

- 5/1 ARM Orange Mortgage going for 3.396% APR with interest rate of 3.250% when 80% or less of the home’s value is borrowed.

- 7/1 ARM Orange Mortgage going for 3.50% APR with interest rate of 3.499% when 80% or less of the home’s value is borrowed.

Terms and Conditions:

APR based on a 30-year $250,000 loan as of September 13, 2010. Interest rate may increase after fixed rate period. Projected interest rate based on current index plus margin.

- 5/1 ARM Jumbo Orange Mortgage going for 3.555% APR with interest rate of 3.750% when 80% or less of the home’s value is borrowed.

- 7/1 ARM Jumbo Orange Mortgage going for 3.719% APR with interest rate of 4.00% when 80% or less of the home’s value is borrowed.

APR based on a 30-year $500,000 loan as of September 13, 2010. Interest rate may increase after fixed rate period. Projected interest rate based on current index plus margin.

Overview of Orange Mortgage (from ingdirect):

The average American gets a new mortgage every 5 to 7 years. Why pay a higher rate for a 30-year fixed mortgage when you can pay a lower rate that better matches the length of time you’ll keep your mortgage? If you are eligible, you can relock your rate for another 5 or 7 years at the current Orange Mortgage rate.

The Orange Mortgage

• Great Rates – With low rates and no rate buy downs, you could save thousands.
• Low Closing Costs – Unlike other banks, we don’t have application charges, rate buy downs or other junk costs.
• Quick and Easy Application – Apply online in minutes and even do your closing online or by phone.
• Rates Guaranteed – Free 60 day rate guarantee for purchases and 45 days for refinances.

If you have experience with the home loan process through ING Direct, please share by leaving a comment.

ING Direct’s “Bank from any corner contest” and mobile interface

Thanks to Marina over at ING Direct for tipping us off on a sweet contest they are having beginning the 28th of this month as well as giving us a sneak peak at their new mobile banking interface.

Here’s the scoop…

ING DIRECT just launched its mobile app for iPhone and Blackberry. The app makes banking simple by providing Customers with the all the essential features needed to save on the go:

Person2Person Payments: let’s Customers quickly and easily send money to existing contacts in their P2P address book

Account Summary: displays all of the Customer’s accounts and account details like account number, balance, and transaction summary and details

Transfer Money: allows Customers to transfer money between their Electric Orange, Orange Savings, and linked external checking accounts

Bill Pay: Customers can manage their Bill Pay preferences already established through the web site

Refer a Friend: much like referring friends via the website, mobile users are able to send a referral email from the palm of their hand

Flip for Fun (iPhone only): turning the iPhone sideways provides one touch access to all of ING DIRECT’s social media efforts – Facebook, Twitter, We the Savers, and YouTube… think Savers should be able to “bank from any corner.”

They’re holding a “Bank From Any Corner” contest from July 28th – August 27th. To participate all you need to do is submit a photo or video of yourself showing us the coolest/craziest place that you can bank from with the new mobile app. The grand prize winner will receive $10,000. Second place will receive $5,000; Third place will receive $2,500; and 17 runners-up will receive an iPod Touch. Once the contest goes live (July 28th), it can be found at http://www.ingdirectmobilecontest.com.

ING Direct’s Independence Day Promotions!

Thanks to Jeff M. from ING Direct for sending us some pretty nice promotions going on through their bank this fourth of July.

Jeff claims that the average American will spend close to $200 to celebrate the Fourth of July this year. And before the weekend starts and that money is spent, ING DIRECT USA is introducing their first ever Financial Independence Days Sale. The nation’s largest direct bank is starting the holiday weekend a few days early by offering Americans four unique ways to further their savings on July 1 and 2. Both customers and non-customers alike will be able to take advantage of the offers, with benefits that incentivize savings like it’s the year 1776.

The promotions are as follows:

Investing for Financial Freedom – Investors who open a new ShareBuilder account will receive a $76 bonus after making one transaction. Brokerage account holders can select from over 7,000 stocks, mutual funds and Exchange-Traded Funds.

Pursuing the Happiness of Homeownership – Prospective homeowners who apply for an Easy Orange or Orange Mortgage on July 1 or 2, 2010 will receive $776 off closing costs – nearly 40 percent savings from ING DIRECT’s already low average total closing costs. Liberation from Checking Fees – The Electric Orange Checking account (which already offers no overdraft fees, no monthly fees, and no minimums) promotion will be announced here www.ingdirect.com/independence on July 1. Spreading the Wealth of Savings – The Refer-a-Friend promotion will be announced here www.ingdirect.com/independence on July 1. The Financial Independence Days web site is http://www.ingdirect.com/independence. When the promotion goes lives on Thursday, July 1 at 12:01am, the site will reveal more details about the Financial Independence Days Sale.