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ING Direct Raises 12-Month CD Yield and Lowers 18-Month CD Yield to 4.25%


ING Direct raised the yield on many terms of its Orange CDs today. But the 18-month yield fell from 4.50% to 4.25% APY. To get the 4.50% yield now requires the 24-month term. Below is the full list of the old and new yields.

ING Direct Old and New CD yields as of 9/30/08

Term Old APY New APY
6 month 3.75% 3.75%
9 month 3.75% 3.75%
12 month 4.00% 4.25%
18 month 4.50% 4.25%
24 month 4.00% 4.50%
30 month 4.00% 4.25%
36 month 4.00% 4.25%
48 month 4.00% 4.25%
60 month 4.25% 4.50%

Please refer to my last ING Direct post for more details on ING Direct and its CDs.

ING Direct also increased the rates for the top tiers of its Electric Orange Checking Account. The yields for the $50K and $100K tiers were raised by 10 basis points to 3.30% APY and 3.50% APY. The bottom tier yield remains at 1.75% APY.

ING Direct's bank deposit products are FDIC insured (FDIC Certificate # 35489)

Thanks to the reader who mentioned this rate update in the finding-the-best-deals post.

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marc (anonymous)   |     |   Comment #1
That's impressive. 4.25% for 1 yr. is up there with the troubled banks.
Anonymous   |     |   Comment #2
As far as I can tell, Washington Mutual is no longer "troubled" but offers 5% for a year. Wachovia, similarly, offers 4.3% in most locations.
Dividend Growth Investor
Dividend Growth Investor (anonymous)   |     |   Comment #3
Bank Deals,

Could you please update the link to my site to point to my new domain www.dividendgrowthinvestor.com from dividendgrowth.blogspot.com?

Also could please give some more info on Wamu's 5% CD deal?


Dividend Growth Investor
Anonymous   |     |   Comment #4
The Savings Account APY of 3.00% is still way too low.... HSBCDirect is giving 3.25% for a savings account for Pete's sake.

So where are those big savings that you're supposed to pass to along us from not having a bunch of branches ING?

3.00% is an embarrassment.....
Banking Guy
Banking Guy (anonymous)   |     |   Comment #5
I've updated the blogroll with your dividend blog.

About WaMu's 5% CD, please refer to this post. This is the first entry in my deals/news of the day post (link is on top of the front page)
Anonymous   |     |   Comment #6
As I said earlier, HSBC has to pay for a whole bunch of branches and ATMs.... and still offers a higher savings account rate than an "online-only" bank.

ING doesn't have to do any of this... They have a handful of "cafes", also where they happen to have their office centers.

And they don't even maintain their own ATM network.

And ING can't offer a higher savings account rate because...
Anonymous   |     |   Comment #7
I took all my money out of ING for the exception of a cd that matures in Feb. ING, right now is not being competitive, they are just taking advantage of a financial crisis. HSBC is one of the worlds largest banks with offices all over the globe, I trust them! GMAC also works for me, I have just opened a year cd 4.35%.