Certificate deposit highest interest rate

Business Editors

WILMINGTON, Del.--(BUSINESS WIRE)--Nov. 28, 2000

ING DIRECT has raised the interest rate it pays on its one-year Orange Certificate of Deposit to 7.50% APY from 7.00% APY.

"Helping Americans increase their savings is what ING DIRECT is all about," said Arkadi Kuhlmann, President and CEO. "A 7.50% interest rate on our one-year CD is a great way for consumers to protect their money against stock market volatility. For example, many investments in the stock market have lost more than 10 percent of their value in the last year. If a consumer had invested in a seven percent one-year CD last year instead of the market, they'd be ahead by more than 17 percent. It may not be as glamorous or exciting as stocks, but it offers a secure investment for any portfolio."

As examples, Kuhlmann noted that the NASDAQ composite index has lost more than 29% of its value this year to date, and both the S&P 500 and Dow Jones Industrials have lost more than eight percent of their value this year to date.

And according to Bankrate.com, an independent leading aggregator of financial rates and reporters of financial information, ING DIRECT currently has the highest one-year CD rate in the country with no minimum or fees, higher than Cross Country Bank (7.34% APY with a $5,000 minimum), Capital One FSB (7.27% APY with a $10,000 minimum), and E-Trade Bank (7.25% APY with a $1,000 minimum).

"Our high-rate CDs illustrates that there's no need for consumers to compromise with existing low rates at their current bank, "Kuhlmann said. "And, investing right now in a one-year Orange CD is a great way to make sure there's money on hand for the future."

"There's also our Orange Savings Account paying 6.50% interest APY, which is a great way for consumers to maintain their liquidity, while getting a better return than traditional banks offer. Both our Orange CDs and Orange Savings Account are FDIC- insured with no minimums, fees or service charges."

Headquartered in Wilmington, DE, ING DIRECT is the operating name of ING Bank, fsb (Member FDIC), a federally charted savings bank, and part of ING Group (NYSE: ING), one of the largest financial services institutions in the world. For product information or to open an account, call 800/ING-DIRECT or visit www.ingdirect.com.