How to Buy CDs From ING
From checking to investing, many people enjoy the convenience of online banking. ING Bank offers its services only online, by phone or mail---with no "bricks and mortar" locations. The bank offers traditional banking products, such as CDs, which have long been a popular savings vehicle for conservative investors.
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ING DIRECT
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ING Bank does business on the Internet as ING DIRECT and has over 7 million customers in the United States. ING offers a certificate of deposit called "The Orange CD," which is federally insured (FDIC) up to $250,000.
Certificate of Deposit
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A CD---Certificate of Deposit---is an account in which investors lock in a fixed interest rate for a specific length of time. While interest rates are variable based on the financial markets, customers can choose to invest for a period of six to 60 months. However, there is a penalty for early withdrawal.
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Requirements
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To open an Orange CD account, ING DIRECT requires its customers be at least 18 years old, have U.S. citizenship or permanent residency and a valid social security number. To fund the CD, customers must have the ability to make an electronic deposit from a separate checking account. There is no minimum deposit amount.
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- Photo Credit Piggy bank with dollar bills and coins image by George Dolgikh from Fotolia.com
