ING Direct now offers a 2.8 percent APY on their savings accounts, up 20 basis points. This rate is still well below the one offered by Emigrant Direct for that bank’s no fee, no minimum balance savings account.

You may want to consider ING Direct’s certificates of deposit if you don’t mind not touching your money for at least a year. Their new rates on CDs are 3.4, 3.9, 4.1, 4.2, and 4.3 percent for each maturity length of one through five years.

Update: ING Direct isn’t the only entity raising rates. VirtualBank matches ING’s newest offering and the Federal Reserve raised its rates to 2.75 percent.

Updated February 6, 2012 and originally published March 22, 2005. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @flexo on Twitter and visit our Facebook page for more updates.

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Flexo, the founder of Consumerism Commentary, has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about him and follow him on Twitter. View all articles by Flexo.

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