Another CD Rate Increase at ING Direct
Aug 27, 2008 - 10:07 AM by Ken Tumin
ING Direct CD rates are becoming more competitive, but they are still far behind the leaders. The 6-month CD yield is 50 basis points under what Corus Bank is now offering (see post), and the 12-month CD yield is 100 basis points under WaMu's 12-month CD promotional yield (see post). But ING Direct has some advantages that may make up for the lower rates for some people. One advantage ING Direct offers is an easy CD account opening process that's all electronic. Managing the CD is also easy. When the CD matures, you can log in and immediately transfer it back to the funding account or your ING savings account.
ING Direct is also a good choice for those looking for a strong bank. However, its ratings have recently gone down by one star at both BauerFinancial and Bankrate. It's currently rated 3 stars (performing) at Bankrate.com and 4 stars (excellent) at BauerFinancial based on 3/31/08 data. You can review more of their financials from this FDIC page.
Thanks to the reader who emailed me news of these new CD rates.
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donreith (anonymous) - #1, Wednesday, August 27, 2008 - 1:17 PM
They also give a .10% bonus on current rates when you renew a CD.
gaelicwench (anonymous) - #2, Wednesday, August 27, 2008 - 2:30 PM
I've got a CD that willmature the end of October. I plan to add to the amount and lock it up for the increased rates.
What I like about ING is that there is no minimum balance - I don't think there are any other finacial institutions who do this. Many are just too far out of reach for me. If I had thousands I could invest in, I'd first want to rid myself of my current debt. Using the snowball effect on the debt, it won't take long before I am debt free.
In the meantime, I am also putting aside a wee bit at a time in a CD, too.
Anonymous - #3, Wednesday, August 27, 2008 - 9:22 PM
ING its ok. Great navigational site, very easy to understand. The only problem with them is that they are always behind most banks when it comes to rates. I hate switching my money around from bank to bank. 2 months ago I moved 20k to HSBC @3.5 savings. If they would have changed their CD rates then I would have not done the move. I know that in general, rates will keep on going up, so for now I'll be staying put @ HSBC.
Anonymous - #4, Saturday, September 6, 2008 - 1:52 PM
I've had my ING Direct account for a couple of years now and the experience has been great. They even offer a bonus for new customers. When you open an account for at least $250 (only by using the referral), you will receive a $25 bonus from ING. If you would like a referral, please send your full name and email address to andy7984@aol.com.
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