Slight Rise in ING Direct's Long Term CDs

ING Direct increased rates by 0.10% on CD terms over 1 year. This comes less than two weeks since the last change in ING's CDs.

CD Term   APY
6 month   3.75%
9 month   4.00%
12 month  4.20%
18 month  4.40% (up from 4.30%)
24 month  4.50% (up from 4.40%)
30 month  4.65% (up from 4.55%)
36 month  4.65% (up from 4.55%)
48 month  4.70% (up from 4.60%)
60 month  4.80% (up from 4.70%)

It's the second straight time the 5-year CD has gone up. It now has a rate of 4.80% APY. ING Direct seems content on not raising its 1-year CD. It has remained at 4.20% since mid September as 1-year CDs of other banks have gone up to as high as 4.60%. This trend also is similar to its savings account rate. Seems like ING wants to encourage people to lock in their money into longer term products. For savers, this is probably not a wise move as interest rates continue to go up. However, it's likely to help ING's future profits.