ING Direct Again Lowers Long Term CD Rates

It has just been about 2 weeks since ING's last rate cut on its long term CDs. Today, ING did another cut. All of its long term CDs (over 1 year) fell by 0.15% to 0.20% today. The new CD APY rates for 2 through 5 year terms are now: 4.20%, 4.30%, 4.35%, and 4.40%. Previously, the rates were 4.40%, 4.45%, 4.50%, and 4.60%. The APY for the 1 year term CD remains at 4.15%.

With only 0.25% difference between the 1 year CD and the 5 year CD, there's not much to be gained by the longer maturity CDs.