ING Value Added 12-Month CD Pays 2.25% APY on New Money

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ING Direct if offering a competitive 2.25% APY on a 12-month "Value Added" CD when it is funded with new money.

ING Direct is offering a competitive 2.25% APY on a 12-month CD when it is funded with new money (they call it a Value Added CD). The rate (as of 10/7/2009) is one of the best 12-month CD rates according to the BestCashCow rate tables. It's been a long time since ING has been at the top of any rate table. It's good to see since ING has one of the easiest to use online banking interfaces. For those that don't remember, ING was an early pioneer earlier this decade in offering a stand-alone high yield, online savings account.

ING is currently paying 2.10% APY on a 1-year CD. When you fund the CD from a non-ING source, they'll add another 15 basis points for a total return of 2.25% APY. There is no minimum balance on the CD and ING has an easy account opening process. Everything can be done electronically and funding is done via an ACH electronic transfer from another bank account. Transferring money out can also be done via an ACH electronic transfer and in my experience takes between 2-3 business days. ING  allows joint accounts, living trust accounts and IRAs.

ING Direct has adequate ratings for safety and soundness.  Bauer Financial gives it 3 out of 5 stars (adequate), down from 4 stars last year. The bank has $90 billion in assets, making it the largest "online only" player out there.

Please share any experiences you have with ING and the Value Added CD.

See the best 12-month online CD rates here.

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Today's Highest Online CD Rates

Bank Product Term Interest Rate (APY)
Bank5 Connect 1-Year 2.85% APY with $500 minimum
M.Y. Safra Bank 1-Year 2.51% APY with $500 minimum
My Banking Direct, a division of New York Community Bank 1-Year 2.50% APY with $500 minimum
Connexus 3-Year 3.26% APY with $5,000 minimum
Pentagon 3-Year 3.25% APY with $1,000 minimum
Bank5 Connect 3-Year 3.20% APY with $500 minimum
Bread Savings, a division of Comenity Capital Bank 5-Year 3.65% APY with $1,500 minimum
Popular Direct 5-Year 3.40% APY with $10,000 minimum
M.Y. Safra Bank 5-Year 3.26% APY with $500 minimum

See More Online CD Rates →


  • ING'er

    October 09, 2009

    I've never had a problem with ING, other than their less than competitive rates. It's nice to see them back. Let's hope this is the beginning of a trend.

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