Re: ING Direct
FYI: "Compounded Monthly" does not mean that you get that % each month. You only get 1/12 the quoted rate each month.
They give you a month's interest at a time, and then the next month you get interest on your initial amount plus the interest that's accumulated from previous months.
This contrasts with something like a 1 year CD, in which they give you the interest in one lump sum and you don't earn interest off that interest until the next year.
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