More ING Direct CD Features

Yesterday I mentioned the new CD terms that ING Direct added. I had speculated that ING may focus more on CDs rather than on staying competitive on the savings account rates. Unlike savings accounts, money in a CD can't be withdrawn without a penalty before it matures. So these deposits are more stable for a bank.

In ING Direct's email that I received this morning, they gave information on some new CD features. Now you can have the interest earned on your Orange CD paid directly into your Orange Savings Account or to one of your verified external accounts monthly or annually. Also, when a CD matures, you can select to renew to the same or different term, select the amount to renew, or select not to renew. These new options can be selected online or over the phone.

I've been impressed with the ease of opening a CD online at ING. I'm glad they're adding features to further simplify a CD's management. The only thing they need now is some competitive CD rates.