ING Business Term Deposit
- Interest rate 24 months interest rate
- Up to 2.4% p.a.
- Minimum opening deposit
- Account keeping fee
The ING Business Term Deposit offers terms between 3 months and 2 years, for investments between $10,000 and $10 million. You'll earn a fixed interest rate for the life of your term, making it easy to calculate your exact return on investment.
$0 monthly account fee required
Fixed interest rate with reliable returns
Invest up to $10 million
Minimum deposit of $50,000
No terms over 2 years
Rates are lower than others in the market
|Product Name||ING Business Term Deposit|
|3 month interest rate||0.50%|
|4 month interest rate||0.50%|
|6 month interest rate||1.50%|
|7 month interest rate||0.80%|
|9 month interest rate||1.70%|
|12 month interest rate||2.00%|
|24 month interest rate||2.40%|
|Minimum Opening Deposit||$10,000|
|Minimum age requirement||18|
|Minimum Age Requirement||18|
|Joint account availability||Yes|
|Available to children||Not available for children|
Minimum deposit amount
You need to maintain a balance of at least $50,000 across both your Business Term Deposit and ING Business Optimiser account held in your business name. So you can invest a minimum of $10,000 in the term deposit, as long as you have at least $40,000 in your Business Optimiser account at all times.
Fixed interest rates
A fixed rate of interest 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 be 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.
The terms available
The terms you can choose from range from 3 months to 2 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.
How to applyING gives you the option of applying for this account online. Here's what you need for your application.
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.
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May 29, 2018
How much interest will you give for a deposit of 1000000
May 29, 2018
Thanks for reaching out to finder.
Whilst we do not represent ING, you may contact them directly to enquire on how much interest you could possibly earn on your term deposit.
Hope this was helpful. Don’t hesitate to message us back if you have more questions.
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March 21, 2018
Do business term deposits with ING carry the government guarantee of up to $250.000 that term deposits with other big have.?
March 26, 2018
Thanks for your message and for visiting finder.
The ING Business Term Deposit carries the combined savings of up to $250,000 and is guaranteed by the government.
Should you need more help, please message us anytime.
Thanks and best regards,
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