- Key details
- Eligibility
Details
Key details
| Product Name | ING Term Deposit |
| 3 month interest rate | 4.85% |
| 4 month interest rate | 4.85% |
| 6 month interest rate | 4.95% |
| 7 month interest rate | 4.65% |
| 9 month interest rate | 4.65% |
| 12 month interest rate | 4.95% |
| 24 month interest rate | 4.40% |
| Minimum Opening Deposit | $10,000 |
| Minimum age requirement | 18 |
| Government guarantee | Yes |
Eligibility
| Minimum Age Requirement | 18 |
| Joint account availability | Yes |
| Min Deposit | $10,000 |
| Available to children | Not available for children |
2023 Transaction Account Customer Satisfaction winner
ING
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Key features
$0 account keeping fees
You don't have to pay any application or account keeping fees to open and maintain an ING Term Deposit.
Competitive interest rates
Your interest rate depends on your chosen term deposit duration. If you deposit at least $10,000 for just 12 months, you'll receive a competitive 4.95% p.a..
Terms from 90 days to two years
Choose to lock away your money for as little or as long as you'd like, from 90 days to two years and several options in between.
Deposit additional funds upon renewal
You cannot make deposits during the account's term, but can add funds when rolling over the account at renewal time to get more out of your investment in the next term.
Link any Australian bank account
Link an existing ING or external bank account to your term deposit for quick and easy transfers and payouts.
Multiple options at maturity
When your term reaches maturity you can renew the term deposit in its entirety along with the principal and interest, renew just the principal amount and keep the interest, or you can close the account entirely and withdraw everything to your nominated Australian bank account. The choice is yours!
31 days notice to access funds before maturity
If you need the funds early, you can access the funds in your term deposit before the term comes to an end. To do this you have to give ING at least 31 days notice, although in the case of hardship ING can make an exception.
How to apply
Applying for an ING term deposit is easy and can be done entirely online. This account is for personal customers only, no business or SMSF customers.
Eligibility
- Minimum age. You're at least 18 years old
- Residency requirements. You're an Australian resident for taxation purposes
- Depository requirements. You have to open a term deposit of at least $10,000
Documentation needed
To open an ING term deposit account you need:
- Personal details. These include your name, date of birth, residential address, email address, phone number, and tax file number
- Identification documents. ING uses these to verify your identify, and you can provide your Australian driver's license, passport, Medicare card, and so on
- Linked account. Provide details of an ING or external bank account you want linked to your term deposit
What happens after I submit my application?
After you apply to open a term deposit account, ING confirms the information you have provided. After this, it requests the opening funds from your chosen linked bank account. Once these have been transferred over, your account is open and earning interest.
You will then receive a starter pack in the mail with details of your new term deposit.
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Your reviews
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To ask a question simply log in via your email or create an account. Ask a question Richard Finder Editor Hi there, looking for more information? Ask us a question.- Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
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January 16, 2024
At the end of a 12 month term, what is the difference in capital amount if $200k is invested in a term deposit at 5.3% with interest paid at maturity compared with interest paid monthly?
Richard Whitten Finder
January 23, 2024
You can use a term deposit calculator to work this out. I tried and found there was no difference between the 2 options. You can ask ING about this for more details.
December 18, 2023
If I open up an ING term deposit do I need to make regular deposits into the acc to earn interest? I am looking at putting around 150k- 200k for 6-12mths
Jason Loewenthal Finder
January 08, 2024
ING term deposits require a minimum deposit of $10,000 and you can choose how long the term is. You don’t make regular deposits after the initial deposit.
I hope that helps.
November 29, 2023
If I’m currently not a ING account holder but wish to open a ING term deposit account locked in for 12 months. Do I need to open any other accounts with ING ?
Angus Kidman Finder
December 03, 2023
No, you don’t need to have any other accounts to set up the term deposit with ING.
November 18, 2023
Is interest deposited monthly into my account?
Jason Loewenthal Finder
December 11, 2023
Interest is paid at maturity for terms less than 1 year. For terms longer than 1 year interest is paid annually.
September 03, 2023
If we have a joint term deposit account totaling $500,000-Will we be covered by Aust Gov for $250,000 each Hence in total $500,000 for that one account?
Sarah Megginson Finder
September 04, 2023
Hi George, Deposits are protected up to a limit of $250,000 per account holder, per ADI.
APRA confirms that for joint accounts, the amount of protection is determined by splitting the deposit equally between the account holders. Each account holder’s share is then added to any other eligible deposits they hold under their own name at the same bank, building society or credit union before the $250,000 FCS limit is then applied to the total for each person.
In your example, provided each account holder has no more accounts with that bank, both of them would be covered for $250k each, $500k total.
Show more commentsRichard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full profile
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