ING Direct has an Added Value CD with a rate of 2.25% annual percentage yield (APY) for 12 months, one of the best CD rates around. You must open the certificate of deposit online and  funds must come from a non-ING checking account. Other details of the offer include:

• Certificates of deposit can’t be used for business, power of attorney, beneficiary, or individual retirement accounts
• FDIC insured up to $250,000 per depositor
• Penalty for early withdrawal
• Interest can be disbursed monthly or annually to external checking account

ING Direct also offers other CD rates for certificates of deposit linked to ING savings or checking accounts. Orange CDs are for terms of six months to 60 months. The following CD rates are current as of Oct. 2:

• 6 months - 1.55% APY
• 9 months - 1.15% APY
• 12 month - 2.1% APY
• 18 months - 1.5% APY
• 24 months - 1.5% APY
• 30 months - 1.5% APY
• 36 months - 1.5% APY
• 48 months - 1.75% APY
• 60 months - 1.75% APY

Interest on ING Direct CDs is calculated daily and compounded monthly. CD statements are delivered electronically each quarter unless there is activity on the account, in which case statements are delivered monthly. Interest payments alone are not considered activity. Once a certificate of deposit matures, you can renew it for the same term or a different term.

In financial news this week Federal Reserve officials said they don’t expect a change in interest rates anytime soon. Fed Chairman Ben Bernanke had indicated the Fed might raise interest rates sooner than expected.  Some economists think that a change could come as early as April.

Bernanke’s comments helped lift the U.S. dollar, which had been hurt by financial news on the economy that included a worrisome jobs report last week. The U.S. unemployment rate was 9.8% in September, the highest rate since 1983, according to the Bureau of Labor Statistics. The Senate may vote next week to extend unemployment benefits.

Not raising interest rates means that those who put money in savings accounts, certificates of deposit, and money market accounts will likely continue to see low rates of return on their money for some time to come. Currently, money market rates are averaging 1.31% APY, savings accounts are 1.48%, and one-year certificates of deposit are 1.68%.

Although savings rates remain low, it’s not a good idea to base your savings plan on moves in the economy. Stay consistent with your savings goals and continue to fund savings, money markets, and CDs on a regular basis to build up your nest egg.

VirtualBank has money market rates as high as 1.82% APY. You don’t need a lot of money to open these money market accounts, which have a minimum deposit of $100. The money market accounts also include:

• No monthly fees
• No minimum balance requirements
• Transfer money for free from your existing checking account
• Free online statements
• Free deposits and withdrawals electronically

These online money market accounts also are insured by the Federal Deposit Insurance Corp. You can get more information about FDIC coverage on money market accounts here.

The following money market rates are available as of Oct. 10:

• 0.8% APY for deposits under $10,000
• 1.26% APY for $10,000 to $24,999
• 1.51% APY for $25,000 to $49,999
• 1.71% APY for $50,000 to $99,999
• 1.82% APY for $100,000 and up

You can also earn money by referring friends to VirtualBank. You must have a VirtualBank checking, savings, or money market account to qualify for the offer. You can refer up to 50 friends to sign up for a money market account. Friends are only eligible if they have never had an account with VirtualBank or its parent, Lydian Private Bank.

You and each friend who signs up will receive $20 each, and you can earn a total of $1,000. The money you receive will be reported as interest on Form 1099INT.

Do you want to get your kid to save more money for college? The Ultima Bank Minnesota SMART Smart Savings account can help. SMART, which stands for School Money at Right Time, is for savers who are 18 or younger. Details of the savings account include:

• No minimum deposit required
• Savings rate of 2.02% APY on any amount
• Interest begins accruing on first business day after deposit and is credited quarterly
• Savings rate is subject to change at any time
• Withdrawals before 18th birthday are subject to a penalty equal to six months interest
• Limited number of monthly transactions after 18th birthday
• SMART savings converts to a regular savings account on 19th birthday

The SMART savings account is designed to complement Ultima Bank Minnesota’s student checking account. Using the savings and checking accounts can help kids learn to manage money responsibly from a young age.

The checking account has no minimum balance requirement and has no limitations on writing checks. The account also offers the following freebies if the account is administered electronically–online statements, direct deposit, transfers between accounts, and bill payment. Statements received by mail are free, but if check images are included there is a $3 fee.

If you have at least $25,000 to put in savings, MetLife Bank has a 12-month CD rate of 2.25% APY. The CD rate is good for a traditional certificate of deposit or an IRA CD. You can open the account online or by phone and use the code Sally8 to receive the special CD rate.

Other requirements for opening a MetLife Bank certificate of deposit include:

• CD rates are good as of Sept. 15, but are subject to change at any time
• $25,000 must be deposited in a single transaction
• Deposit must come from a non-MetLife Bank account
• Accounts with less than $25,000 earn lower CD rates

MetLife Bank has other CD rates available with terms that range from 6 months to 60 months. Among the rates available are:

• 1.55% APY for 6 months for $25,000 - $49,999
• 1.85% for 18 months for $15,000 - $24,999
• 2% APY for 24 months for $15,000 - $24,999
• 2.25% APY for 36 months $25,000 - $49,999

The minimum deposit required to open a CD account is $2,000. MetLife Bank also has a jumbo CD for savings of $100,000 or higher. The Federal Deposit Insurance Corporation (FDIC) insures deposits for up to $250,000 per individual account holder.

Although you can withdraw money from a CD early due to an emergency, you have to pay a penalty equal to 3 to 6 months interest.