ING Direct Offers “Added Value” Certificate of Deposit

In an effort to attract more new deposits, ING Direct is offering a new savings product with a high interest rate, the “Added Value” certificate of deposit (CD). If you are willing to deposit new money to ING Direct and let the bank hold that money for one year without any withdrawals, ING Direct will pay you a rate of 2.25% APY (as of October 18, 2009). This is the highest rate ING Direct is currently offering; the rate on the “non-Added Value” CD is 2.10% APY.

The interest rate offered on the “Added Value” CD is currently the best rate in the country for 12-month CDs among major national and regional banks. Is this a sign that ING Direct is returning to its roots as the bank that tops the charts for customers who are interested in having their money earn as much as possible while in mostly liquid accounts? I don’t think that’s going to happen; the interest rate on the bank’s flagship Orange Savings Account is currently 1.30%, ranking ING in the middle of the banks who claim to offer “high-yield” savings.

Customers tend to glow about ING Direct’s customer service, which shows that the bottom line is not always the primary, or at least not the only, concern for consumers.