ING Direct raised CD rates on most of its terms today. The 6 and 9-month rates increased to 3.50% and 3.60% APY. The 12-month CD rate increased to 3.70% APY. There is no minimum deposit requirement.

These CD rates are about 60 basis points lower than the most competitive rates avaiable today (see weekly rate summary), but ING Direct has some advantages that may make up for the lower rates for some people. One advantage ING Direct offers is an easy CD account opening process that’s all electronic. Managing the CD is also easy. When the CD matures, you can log in and immediately transfer it back to the funding account or your ING savings account.

ING Direct is also a good choice for those looking for a strong bank. However, its ratings have recently gone down by one star at both BauerFinancial and Bankrate. It’s currently rated 3 stars (performing) at Bankrate.com and 4 stars (excellent) at BauerFinancial based on 3/31/08 data. You can review more of their financials from this FDIC page.