October 2nd, 2009

ING Direct and Ally Increase 12 Month CD Rates

Two major online banks, Ally and ING Direct, have pushed up the rates today on their fixed rate, 12-month CDs, putting them near the top of the list for high yielding CDs.

ING Direct posted a significant increase of +0.25%, while Ally pushed its rate up a modest +0.05%.

Ally and ING Direct Raise CD Rates

Bank	Product	Old	New	Change
Ally	12 mo. CD	2.00%	2.05%	+0.05%
ING Direct	12 mo. CD	1.85%	2.10%	+0.25%

Ally Bank also offers a 9-month fixed rate, no penalty CD which allows you the option of no fee early withdrawal, with a rate of 1.85%.

Branchless banks such as Ally and ING Direct are generally able to offer higher rates on their CDs, due to the lack of overhead that is experienced by more traditional brick and mortar institutions.

About the banks

Ally

Banking starts over here and now. Built on the foundation of GMAC, Ally is an online bank with no monthly fees, no minimum balances and no minimum deposits. Our rates are always among the most competitive and we offer live 24/7 Customer Care Support. Member FDIC.

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ING Direct

ING DIRECT, the nation's largest direct bank and largest thrift, is dedicated to inspiring Americans to become a nation of savers. Since its inception in 2000, more than 7.5 million Americans have entrusted their savings with ING DIRECT. ING DIrect offers- Electric Orange, an easy-to-use paperless checking account that also pays a great interest rate. The Orange Savings Account lets you save with no fees, no minimums and a great rate. The Orange Mortgage has low closing costs, a simple application.