Today ING Direct announced its new ING Direct Value Added Certificate of Deposit. ING Direct is using this new Value Added CD to get customers to increase their deposits with ING Direct.
At first I did not understand what ING meant by a Value Added CD. But, after some research it turns out that all that "Value Added" means is that if buy this CD with money that is not already deposited with ING Direct, the bank will give you .15% more in interest over the 12 month CD term.
The current CD rates on an ING Direct 12 month CD are 2.10%. But, if you use new money to purchase a 12 month CD, you can buy a Value Added CD and increase your 12 month CD rate to 2.25%.
2.25% interest for a 12 month CD is not a bad rate. In fact, at 2.25% the ING Direct 12 month CD has the best 12 month CD rates in the United States. Metlife Bank CD rates are also at 2.25% for a 12 month CD, but Metlife Bank requires a $25,000 minimum deposit.
If you are looking to buy a CD, you might want to check out the ING Direct CDs.
Related posts:
subscribe to the 
follow The Debt Hawk on
{ 3 comments… read them below or add one }
2.25% is a terrible rate considering the rate of money printing is around 16% which means inflation will approach that. Better to use that money to buy items which are needed in the next year. For example, two years ago, a carton of powdered milk was $9.99 at the grocery, and today its $13.99. Which investment gives a better return?
When you put it that way neither sounds very good!! LOL. I don’t want to spend $5 on powdered milk. Yuck!!
I used powdered milk as an example, but just about anything consumable that you are sure you will use up is a better investment than any financial institution has to offer. Food and toiletries are obvious, but also things like a new set of tires for the car, an extra pair of shoes, clothing you will need in the future are all good.