Money that isn’t necessary to keep you above the negative side of your checking account can be best put to work earning interest.  Deciding how to invest that money and choosing the best bank can be a hard decision.  You want to know the money is still there no matter what the economy does, as well as available to access if an emergency may arise.  A great option to consider is a certificate of deposit, and with the CDs offered through ING Direct, you can make some extra money off the interest you earn.

Orange CDs

As previously mentioned, not knowing when you might need the money is one reason people are scared to invest their money in any long term account.  ING Direct is aware of that fear and has provided a solution.  The CDs offered through their bank have a variety of different terms available.  You can choose from a term as short as six months, to one as long as 60 months and numerous options in between.  This allows you to choose the CD that best fits your investment needs.  The interest rates offered for the Orange CD doesn’t offer the highest CD interest rates, but the rates are competitive to the top CDs and the best banks.  As with most all CDs offered through different banks, the longer the term that you choose to invest in, the higher the interest rates your money will receive.  It is true that other investment options can earn more money, quicker, but those investments also come with a higher risk.  By investing in a ING Direct CD, you won’t have to worry about how crazy the market and economy get around you.  ING Direct is FDIC insured, which means your money will be protected up to the legal limit of $250,000 per depositor.  Most all financial advisors would agree that having some part of your money invested in an FDIC insured account is a good idea.

Interest Options

Other CDs have a set schedule of when interest is credited to your account.  With the ING Orange CD, you can decide when you want to be paid the interest earned off your money.  You can choose to be paid at the end of the term, monthly or even annually.  The decision is yours.  But, as with all other CDs, if you withdraw the money before the end of the allotted amount of time you decided on, you will be charged a penalty fee.  Those fees are calculated on how long your CD term is, then charged the amount of interest you would have earned in a set amount of time.  Usually between three to six months worth of interest.

Applying

A Orange CD offered through ING Direct offers competitive interest rates for that money you aren’t depending on.  If you feel this account is a good option for you, you can apply online through the official website of ING Direct.  The process takes only minutes to complete, then your money can start earning interest.  While other banks might offer higher interest rates, ING has a variety of different terms available and the options of when the interest will be paid, which allows you to find the perfect CD for your investing needs.