With a range of terms spanning from just a few months to a couple of years, you can put your extra business capital to good use. ING Business Term Deposit is a high interest earning account that locks away your money to encourage you to let it grow. Stay with ING for another term, and your business is further rewarded with bonus interest for your loyalty.
What are the features of the ING Business Term Deposit?
Make the most of your business savings by first comparing the features of business term deposits amongst a number of Australian financial institutions before deciding which one fits best with your business needs and structure. With the Business Term Deposit you will find the terms and features are comparable to what you see with other banks:
Minimum deposit amount
In order to take advantage of this account you must be able to deposit at least $10,000.
Competitive interest rates
A fixed rate of interest at a competitive rate is applied to your balance. These are tiered to give you the highest rates when you choose the longest terms.
How is the interest calculated?
Interest begins to accrue the same day you make your opening deposit into the account. It is then calculated daily and paid into the account the day before the terms end.
Your options for early termination
If you need to close the account before the maturity date, interest will adjusted to reflect the amount of time your deposit was in the account. This is done by calculating the percentage of time you had the account active. For example, if less than 20% of your chosen term passed before the early withdrawal, the interest rate will be reduced by 90%. It is also important to note that if you do choose to end the account early, you will have to give ING 31 days notice.
You have up until the day before maturity to instruct ING on how you wish to proceed with your term deposit. You can choose to withdraw the funds or roll them into a new account with or without the earned interest. You are given a seven day grace period after starting your new term deposit to make changes to the terms, balance or to have the funds returned to you.
Bonus interest for your loyalty
If you do choose to rollover the term deposit for a new term and do not withdraw your funds early from that account, you will receive a loyalty bonus interest of 0.10% per annum added to the base interest amount.
The terms available
The terms you can choose from range from three months to two years.
Linked bank account
In order to make transfers into the term deposit or to have your money returned to you, you will need to nominate an account either with ING or another Australian financial institution. Compare other ING products here.
- $0 monthly account fee required
- Loyalty bonus may apply when you renew your Business Term Deposits
- Minimum deposit of $10,000
How do I apply for the ING Business Term Deposit?
ING gives you the option of applying for this account online. Here's what you need for your application.
Eligibility to apply
They will ask you first if you are able to meet their eligibility requirements.
- Minimum age. You and any of your authorised users for this account must be at least 18 years of age.
- Residency requirements. All term deposit account holders must be Australian residents for tax purposes.
- Depository requirements. You must make an opening deposit of at least $10,000. This can be done by transferring funds from your linked account, using a business cheque drawn from an external account, or with a bank cheque.
Additionally you will want to have the following documentation nearby to assist you in filling out the application:
- Tax file number. This will be used to ensure that your withholding tax on your interest earnings is at the correct rate.
- Identification. A certified copy of a primary identification document such as a driver’s licence or passport.
- Business information. The full business name and Australian Business or Company number is needed to complete the application.
- Linked account information. You will need to provide an account name, which must be the same as you are using for the term deposit, and account number for your chosen linked account.
What happens after I submit my application?
Your account is activated and will begin to earn interest once your opening deposit has cleared into the account. You can then login to online banking in order to view its progress.