ING Direct raised the yield on its 18-month CD today to 4.50% APY. The rates for all the other terms remain the same. 4.50% APY is a very competitive yield for an 18-month CD. For those with an ING Direct CD about to mature, you may be able to get an additional 0.10% for renewing.

It’s rare when ING Direct offers a top yield. ING Direct customers typically are willing to sacrifice a little less yield in return for a better online account process. This time you don’t have to sacrifice. 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.

Some of the ING Direct’s certificate of deposit details include:

• No minimum deposit requirement
• Early withdrawal penalty for terms of over 12 months is 6 months interest.
• Grace period at maturity is 10 calendar days
• You can receive interest disbursements on a monthly basis deposited to your Electric Orange, your Orange Savings or a verified external account
• Joint accounts and Living Trust accounts can be opened.
• The following accounts are not available: business, power of attorney, beneficiary or individual retirement accounts.

ING Direct is also a good choice for those looking for a strong bank. However, its ratings have recently gone down at both BauerFinancial and Bankrate. It’s currently rated 3 stars (performing) at Bankrate.com and 3.5 stars (good) at BauerFinancial based on 6/30/08 data.