ING Direct has raised the rates on its 6, 12, and 18 month CDs. They are now moderately competitive although still not at the top of the rate tables.

The 6 month CD yields 3.75% APY while the 12 month CD and 18 month CD both yield 4% APY.

All CDs have a minimum balance of $1 to open, the lowest minimum balance of any of the banks covered on the BestCashCow rate tables.

ING Direct was one of the earlier virtual banks and from 2001 to 2004 was a rate leader. Over the last four years their rates have been less competitive although they have continued to receive high marks for ease-of-opening an account and customer service.

CDs can be opened online and automatically linked to a checking account so that money can be transferred via ACH.

ING Direct has a 4-start Bauer rating, which ranks it as being in good financial condition.

WaMu is now offering 12 and 13 month CDs at 5%, which are the top rates for certificates of deposit at these terms. The high rates clearly reflect the bank's dramatic efforts to attract capital.

WaMu is also offering an attractive 3.75% APY Savings Account.

While these rates are very competitive, depositors should keep in mind that WaMu has suffered greatly due to the credit crisis. Its stock has dropped from a 52-week high of 39 to just over $3. Depositors should stay below the $100,000 FDIC insurance limits.

Downey Savings Bank is offering a whopping high rate of 4.68% APY on an 18-month CD. That's over 22 basis points higher than the next best 18 Month CD rate on the BestCashCow CD Rate Table. There is a relatively low minimum balance requirement of $1,000.

Downey Savings is based in California and while you don't have to be a California resident to take advantage of the offer, it can only be opened via one of their branches - which are all in California. Downey has experienced some financial problems lately as its stock has dropped from a 52 week high of $63 to a little over $2 today. On August 18, California thrift regulators imposed some restrictions on Downey including limits on dividends, asset growth and new borrowing. Downey also stated that it experienced an increase in deposit withdrawals after the bank posted a $219 million net loss in the second quarter of 2008.

If you do decide to take advantage of this offer, be sure to stay within FDIC insurance limits. Downey's recent history reads a bit like Indymac's in the days before they were taken over by the FDIC.