ING Direct 12 Month Bank CD Rates

ING Direct, which made online savings accounts popular with their “Orange Savings Account” is offering 12 month bank CD rates that are some of the best CD rates available these days. ING Direct is offering two different CD rates and CD yields.

12 Month Bank CD Rates

The bank’s regular certificate of deposit has an annual percentage yield (APY) of 2.10 percent which is higher than all their CD terms, from 3 months to 60 months. The bank is also offering their 12 month “Added Value CD” which currently has an APY of 2.25 percent.

The CD yield is higher than their regular 12 month CD because you have to deposit “new money” into a Added Vale CD, new money is money not currently held at ING Direct. To receive the higher CD rate you must link and fund the new CD account from an external checking account. If you don’t you’ll receive the lower CD rate.

You can have the interest you earn on the account paid to you at the end of the term, monthly or annually. I personally would choose the monthly term especially if you’re not earning any interest on the interest (compound interest).

ING Direct says opening a certificate of deposit account online is a snap and will take ”less time than it takes to listen to a hair band’s greatest hit.”

ING Direct 12 Month Bank CD Rates