In this guide

  • Review
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question
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ING Term Deposit
Interest rate 6 months interest rate
Up to 5.05% p.a.
Minimum opening deposit
$10,000
Account keeping fee
$0

Summary

Pay no fees and enjoy guaranteed returns on your balance with ING.

The ING Term Deposit Account allows you to invest your money for a period of time that suits you, ranging from 90 days to two years, and earn a fixed, competitive interest rate. You will need a minimum initial deposit of $10,000 for this account.

Pros

  • Terms from 90 days to two years
  • Competitive interest rates across all terms
  • Pay no fees on your term deposit
  • A safe way to invest for predictable returns

Cons

  • Minimum deposit of $10,000.
  • Must give 31 days notice to access your funds.

In this guide

  • Review
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question

Details

Key details

Product Name ING Term Deposit
3 month interest rate 4.75%
4 month interest rate 4.75%
6 month interest rate 5.05%
7 month interest rate 4.65%
9 month interest rate 4.65%
12 month interest rate 5.00%
24 month interest rate 4.60%
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

ING took the top spot in our Transaction Account category this year, with 92% of the users that we surveyed saying they'd recommend the bank to a friend. Its customer satisfaction rating was 4.50 out of 5. Find more about Finder Banking Satisfaction Awards 2023.

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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 5% 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.

Launch term deposit calculator


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

Compare other savings accounts

1 - 12 of 186
Name Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro Period Government Guarantee Monthly Max Rate Conditions
Rabobank High Interest Savings Account
Maximum Variable Rate p.a.
5.75%
Standard Variable Rate p.a.
4.40%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Go to siteView details
AMP Saver Account
Maximum Variable Rate p.a.
5.40%
Standard Variable Rate p.a.
1.20%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1000 in previous month
  • Balances up to $250,000
Go to siteView details
ING Savings Accelerator ($150,000 - $500,000)
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
4.70%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Welcome rate applies up to $500K
Go to siteView details
Bank of Queensland Simple Saver Account
Maximum Variable Rate p.a.
4.85%
Standard Variable Rate p.a.
4.85%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $5,000,000
Go to siteView details
Macquarie Savings Account
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.75%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Go to siteView details
ME HomeME Savings Account
Maximum Variable Rate p.a.
5.55%
Standard Variable Rate p.a.
0.55%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $2000
  • Grow balance
  • Balances up to $100,000
Go to siteView details
Westpac Life (18-29 year olds only)
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
2.00%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Make a deposit
  • Grow your balance
  • 5 debit card purchases
  • Balances up to $30,000
Go to siteView details
ING Savings Maximiser
Finder Award
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.55%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 transactions
  • Grow your balance
  • Balances up to $100,000
Go to siteView details
IMB Reward Saver Account
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.00%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $50
  • No withdrawals
  • Balances up to $1,000,000
Go to siteView details
First Option Bank Savings+Bonus Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
2.00%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $100
  • No withdrawals
  • Balances up to $249,999
Go to siteView details
MyState Bank Bonus Saver Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
0.05%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $20
  • 5 debit card purchases
  • Balances up to $250,000
Go to siteView details
Newcastle Permanent Online Savings Account
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
1.00%
Intro Period
3 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
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Richard Finder

Editor

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Steven

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?


Avatar

Richard Whitten Finder

January 23, 2024

Hi Steven,


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.


Avatar

Carly

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


Avatar

Jason Loewenthal Finder

January 08, 2024

Hi Carly,


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.


Avatar

Nicole Clape

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 ?


Avatar

Angus Kidman Finder

December 03, 2023

No, you don’t need to have any other accounts to set up the term deposit with ING.


Avatar

Graeme Venz

November 18, 2023

Is interest deposited monthly into my account?


Avatar

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.


Avatar

Flying

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?

George


Avatar

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.


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