ING Direct comes up with a very attractive money in the bank deal through their Added Value CD which gives 15 basis points more to the current interest rates of their 12-month CD.

The current cd rates for this Added Value CD is pegged at 2.25% APY. One requirement of this perked up interest rate is that you have to fund it with new money coming from your external checking account. This means that you cannot transfer money from your existing ING accounts.

ING Direct also pushes for their 12-month CD which increased interest rates last week. It jumped from 1.85% APY to the current interest rate of 2.10% APY. The extra basis points put this certificate of deposit offering near the top of the market. It is comparable to the CD deal with MetLife. One downside about the CDs of ING Direct is that they do not allow beneficiaries of the account but they permit IRAs, living trust, and joint accounts.

The interface of ING is very commendable and maybe one of the best in the market today. Opening a CD is very easy. Here are some positive notes that get our thumbs up:

They do not require any minimum for the initial funding
An account holder can choose if the earnings will be paid out or rolled into the certificate
You can also choose to receive pay out on a monthly or yearly basis plus you can instruct the bank where to deposit the interest which may be through a checking account or an ING Direct account
Opening account is very easy especially if you already have an Electric Orange account or a Direct Savings with them
New customers can also open a CD online and fund the certificate through a checking account that can be debited electronically
When applying online, you will see a summary of the account including APY, funding, and term before you click submit
The interest rates are locked upon account opening online
If you are an existing client, they will automatically add the CD to the summary page of your account

Once you have opened the certificate of deposit online, you can easily maintain the account through their easy to use platform. A one year CD is charged 3 months of its earnings if ever you decide to take out funds before maturity. Partial withdrawals are not allowed. The bank also gives account holders a grace period of 10 days upon maturity of the account.

ING Direct gets an average rating of 3 stars from both Bankrate.com and BauerFinancial. They are insured with the FDIC through certificate number 35489. ING Direct is the largest internet bank with assets amounting to $90.1 billion and deposits reaching $74.8 billion.