Instead of leaving your money in a regular savings account, an Orange CD could be a good way to go. A CD, or certificate of deposit, will get you a higher rate of interest on your savings in exchange for your commitment to keep your money with the bank for the stated term.

Most CDs, including the Orange CD, have various terms you can choose from. The longer the term you choose, the higher rate you can get. When deciding on a CD, ask yourself the following:

1. What kind of rate do I need on my ING CD to make it worthwhile?

2. When will I need access to the funds in my Orange CDs?

3. Does using ING Direct Orange CDs make sense for my overall investment plan?

Action Steps
The best contacts and resources to help you get it done

Learn more about the ING Orange CD

Since ING Direct is a predominantly an online bank, may not have the option to sit down and discuss your ING CD with a customer service representative. This makes doing your homework even more important.

I recommend: Go to Bankrate to learn more about how CDs work and to see current rates. ING Direct is often featured in the top five highest rates list. Then visit the Security and Exchange Commission's writeup on CDs for an overview of all of the certificate of deposit options open to investors.

Open your ING Orange CD

Once you've decided on the ING CD, it's time to open your account. Just be sure to review the rates and terms of the CDs ING offers before taking the plunge. As with any CD, you will be subject to a penalty on your investment if you withdraw your money before your term is up.

I recommend: Go to the Orange CDs section of ING Direct's website to get started. You can either open your account online or by mail. Either way, you'll need to transfer funds from an existing checking account by providing your account number and routing number. Not sure of your routing number? Search for your bank at routingnumbers.org.

Consider laddering your ING CDs

If you plan on opening more than one ING certificate of deposit, laddering is a good option. It lets you go for the terms that carry higher interest rates and still give yourself freedom to withdraw cash on a regular basis.

I recommend: Take stock of how much money you'd like to invest and when you will need it liquid again. If you need some money in six months, open a six-month and a 12-month ING Direct CD. When the six-month matures, open a new 12-month. Then you'll get access every six months at the 12-month rate. Check out Investopedia for more information on laddering. Then look at the rate trend map on Credit Karma. It can give you an idea of when interest will go low or high.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  You can open your Orange CDs in person in Chicago; Honolulu; Los Angeles; New York City; Philadelphia; St. Cloud, MN or Wilmington, DE by visiting the ING Direct Cafe.

ING Direct Orange CDs might be a great fit for you if you want to invest money but don't want it to be inaccessible during an emergency.

Investing your business' capital funds can be a tricky proposition. You don't want to be earning nothing by leaving the money in your business checking account, or next-to-nothing by putting your money in your bank's version of a savings account.

ING CDs allow you to put your short- to medium-range capital away to earn interest safely. An ING CD can be easily linked to your pre-existing ING savings products, such as a business savings account. Orange CD rates are higher than many other bank-based CDs, and thus allow your money to grow even more quickly. Plus, if something happens and you need the funds that are in your ING CD, you can cash the CD out and only pay a minimum penalty fee.

When looking to put your future capital in an ING Certificate of Deposit, among the key points to consider are:

1. The length of time until the ING Direct CD matures.

2. The Annual Percentage Yield (APY) of the ING Direct Orange CD.

3. The risk of needing to withdraw your funds from your ING Direct CDs early.

Action Steps
The best contacts and resources to help you get it done

Match the maturity date for your ING Orange CD with your projected need for the funds

You likely know when you're going to need each and every dime of your capital funds. Whether you're saving for future improvements or an upcoming expansion, match the maturity date on the ING CDs you purchase with these needs. By maximizing your money's time in ING Orange CDs, you of course maximize your investment income.

I recommend: ING's Business CDs page lists the available terms for business Orange CDs.

Get the best possible ING Orange CD rates for your capital funds

When deciding on which ING CDs to choose, it's important to ensure that you're getting the maximum possible APY for your funds. While ING Orange CD rates are some of the highest available as well as most convenient, it's always important to research other options to ensure that you are getting the highest return on your investment.

I recommend: Bankrate.com offers a listing of some of the most popular CDs available on the open market so that you can compare your options.

Don't overreach the maturity dates for your ING Direct Orange CDs and cost yourself early withdrawal

It's easy to want to get a higher APY on your capital funds by investing in an ING CD with a far-reaching maturity date. It's important, however, to make sure you're not stretching yourself too thin in doing so. You will lose several months' interest in penalties if you have to withdrawal before your CD matures.

I recommend: Be sure to read and understand ING's rules on early withdrawals before opening an ING Direct Orange CD.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Utilize a CD ladder to maximize your returns on your ING Direct Orange CDs. By doing so, you will always have money available to you, yet you will be earning more interest than you would have otherwise.

While you won't make millions of dollars with ING CDs, you may get a better interest rate than if you leave your money sitting in a traditional savings accounts. It's a good way to keep some of your business assets liquid so you have the cash in case of an emergency.

Since ING Direct savings products are only available online, it's important to have a thorough understanding of them before you open your Orange CDs. You can't simply walk to a branch and ask. Three things you should know about ahead of time are:

1. How CDs work and what makes them different from regular savings accounts;

2. What can happen to your money if you fail to meet the terms of the account;

3. The different rates and terms you can get on ING CDs and the minimum deposit required.

Action Steps
The best contacts and resources to help you get it done

Learn how CDs, including the Orange CD, work

ING Direct CDs, or certificates of deposit, are savings accounts that have some extra rules attached to them. In exchange for a higher interest rate, you are asked to commit to keep your money in the account for a specific term. Also, most CDs, including those from ING Direct, do not let you add extra funds in the middle of this time period. Instead, you have to open a new certificate.

I recommend: Visit the Securities and Exchange Commission's site and read the article on CDs. It will give you additional information on how these accounts work. Then read JW Enterprise's page on how to use the ING CD specifically to make the most of your money.

Read about the penalties attached to the Orange CD

Like all CDs, ING Direct Orange CDs have a penalty for early withdrawal. This is necessary to encourage the account holder to fulfill his or her half of the bargain. The bank is counting on having that money on deposit for a time, so it charges a fee or takes back some of the interest if that doesn't happen.

I recommend: Go to ING Direct to see exactly what the penalties are for taking money out of an Orange CD before the certificate matures. Then go to Bankrate to see how this penalty compares to those of other financial institutions.

Find rates and terms for the ING Orange CD

Since the biggest advantage of ING Direct Orange CDs, for beginners, is the rates, it's very important to determine whether they are actually better than what you can get elsewhere. Sometimes they are and sometimes they aren't. It can even change depending on the day.

I recommend: Visit ING's website to see what kind of Orange CD rates it is offering. Then go to Bankaholic and look at its list of CDs with the highest rates. You can sort it according to term and according to lender. If ING is not on the list, its rates are very low by comparison. You can do better earnings-wise by depositing your funds at a different bank.