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Summary

Put your excess business funds to work with an ING Business Term Deposit and enjoy reliable returns with a fixed interest rate.

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.

Pros

$0 monthly account fee required
Fixed interest rate with reliable returns
Invest up to $10 million

Cons

Minimum deposit of $50,000
No terms over 2 years
Rates are lower than others in the market

Details

Key details

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
Government guarantee	Yes

Eligibility

Minimum Age Requirement	18
Joint account availability	Yes
Min Deposit	$10,000
Available to children	Not available for children

Key features

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.

Reaching maturity

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.

Launch term deposit calculator

How to apply

ING gives you the option of applying for this account online. Here's what you need for your application.

Eligibility

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.

Documentation needed

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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Alison Finder

Editor

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terry

May 29, 2018

How much interest will you give for a deposit of 1000000

Nikki Angco

May 29, 2018

Hi Terry,

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.

Cheers,

Nikki

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cooper ironbark

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.?

Nikki Angco

March 26, 2018

Hi Cooper!

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,

Nikki

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Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full profile

ING Business Term Deposit

Pros

Cons

Key features

Minimum deposit amount

Fixed interest rates

How is the interest calculated?

Your options for early termination

Reaching maturity

The terms available

Linked bank account

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Your reviews

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