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ING cuts term deposit rates

Posted: 4 January 2017 11:10 am
ING Direct

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.

LengthPrevious RateNew Rate
90 Day2.10%2.00%
120 Day2.60%2.60%
180 Day2.10%2.00%
210 Day2.80%2.70%
270 Day2.40%2.40%
330 Day2.40%2.00%
1 Year3.00%2.80%
2 Year2.70%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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