ING Direct has raised the rates on its 6, 12, and 18 month CDs. They are now moderately competitive although still not at the top of the rate tables.

The 6 month CD yields 3.75% APY while the 12 month CD and 18 month CD both yield 4% APY.

All CDs have a minimum balance of $1 to open, the lowest minimum balance of any of the banks covered on the BestCashCow rate tables.

ING Direct was one of the earlier virtual banks and from 2001 to 2004 was a rate leader. Over the last four years their rates have been less competitive although they have continued to receive high marks for ease-of-opening an account and customer service.

CDs can be opened online and automatically linked to a checking account so that money can be transferred via ACH.

ING Direct has a 4-start Bauer rating, which ranks it as being in good financial condition.

Bank of America is offering a 4.25% APY 90 day (3 month) or 179 day (6 month) cd rate for some of the professional organizations listed on the site - i.e. The Society of Mechanical Engineers - but they are open to everyone. When I contacted Bank of America about the CD rates they said no special validation was needed to open an account. That means everyone is eligible.

Update 10-17-2008: We've received reports of technical problems on the site and the rate not being honored at 4.25% APY. The rate actually increased today to 4.28% APY for the Society of Mechanical Engineers. I called Bank of America and was told by the CSR that it was a valid online only rate. BankMan from bankdeals.blogspot.com also called and was told he could apply online or via the phone for the Defenders of Wildlife account. I have attached a screenshot below to show that I wasn't dreaming.

As the BestCashCow rate table shows, 4.25% APY is better than the top 3 month cd rates and one of the top 6 month cd rates. We didn't put the offer into the BestCashCow rate tables because it's not their standard cd rates. The minimum balance is only $1,000.

The term on the CD can actually be anywhere from 90 days to 179 days. When you apply you'll enter the number of days in that range.

To apply, follow these steps:

1. Go to BankofAmerica.com

2. Go to My Expression Banking ( you can click thie link or find it on the homepage).

3. Choose Organizations and then Professional from the drop-down.

4. Select the American Society of Mechanical Engineers

5. Go to Certificates of Deposit, check the rates, and then follow the steps to apply.

View the top savings and money market account rates.

For this week's weekly rate deal, we are traveling to Rake, IA where State Savings Bank is offering a 3.82% APY fixed IRA. I spoke to a representative at State Savings Bank and they told me about the IRA. Its term is basically a six month CD. If you opened the CD now, the term would be guaranteed through December 31st, at which point it would automatically roll over, unless you opted to withdraw the money. The bank represenative I spoke with told me that she didn't expect the rate to drop much in January, if at all. At that point, the FIRA would roll over at six month increments. Essentially, this behaves much like a six month CD but with a much higher rate.

For those unfamiliar with Fixed Rate IRAs, they behave much like CDs, expect they must be kept in a retirement account. The woman at the bank confirmed that the FIRA could be deposited into a Roth IRA or a traditional IRA, where the income from the investment grows tax free, or tax deferred. The money has to stay within the IRA until retirement or it will be hit with substantial early withdrawal penalties. Lean more about FIRAs.

The minimum balance to receive this rate is $1.

State Savings Bank is a small bank with one branch and $53 million in assets. It has a low Texas Ratio of 13.5% (below the national average of 21.06%). The bank's assets have grown from $40 milion in 2006 to $52 million in 2011.

FIRAs can only be opened at the branch, so you'll need to live close to Rake, IA to take advantage of this bank deal. But even if you don't there are many deals in your local area. Find the best IRA rates in your local area or state.