ING cuts term deposit rates

Peter Terlato 4 January 2017 NEWS

ING

Lengthier terms suffer largest reductions.

ING Australia has reduced interest rates for both personal and business term deposit accounts. The Dutch-owned bank lowered 90-day, 180-day and 210-day term deposits by 0.10%. 330-day term deposits were cut 0.40%, while 1 year deposits were trimmed 0.20%. 120 day, 270 day and 2 year term deposit rates remain unchanged.

Length Previous Rate New Rate
90 Day 2.10% 2.00%
120 Day 2.60% 2.60%
180 Day 2.10% 2.00%
210 Day 2.80% 2.70%
270 Day 2.40% 2.40%
330 Day 2.40% 2.00%
1 Year 3.00% 2.80%
2 Year 2.70% 2.70%

For existing term deposit clients wishing to rollover, previous rates will remain valid until 19 January 2017. Ahead of the Reserve Bank of Australia's (RBA) interest rate decision last month, many major banks reduced term deposit and savings account rates. However, ING bucked the trend, raising rates for its Savings Maximiser online customers. If you're curious as to how changes in the cash rate affect you, check out our in-depth explanation. Visit our RBA cash rate page for the latest news, updates and forecasts on the upcoming announcement. Put more money in your pocket by comparing leading rates, fees and charges, bonus interest and savings incentives using finder.com.au's helpful and insightful banking comparison guide.

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