ING Direct SMSF Term Deposit

ING Direct SMSF Term Deposit

Min. Opening Deposit

10,000

Account Keeping Fee

0

Get a competitive interest rate for your SMSF. You have the ability to choose the timeframe.

  • Lock your SMSF funds away with a fixed rate
  • No establishment or administration fees
  • 24/7 account access
  • Can link to any Australian business bank account, or a Business Optimiser

Product details

To open a SMSF Term Deposit with ING Direct, you need to open a business term deposit. The minimum investment amount is $10,000. A loyalty bonus is up for grabs if you roll over for the same or different term and hold your funds until maturity. The loyalty bonus is non-cumulative and is added onto the interest rate at the time.

If any of your details change, for example your address, mobile number or linked bank account - you can update these online via ING Direct Online Banking.

Product Name
ING Direct SMSF Term Deposit
3 month interest rate
2.00%
4 month interest rate
2.60%
6 month interest rate
2.00%
9 month interest rate
2.40%
12 month interest rate
2.80%
24 month interest rate
2.70%
Min Deposit
$10,000
Joint Application
No
Minimum Age Requirement
13
Covered by Government Guarantee
No

What are the features of the ING Direct SMSF term deposit?

$0 Account keeping fees

There are no monthly fees charged on the account.

Guaranteed by the Australian Government

Balances of $250,000 per customer is covered by the Government Guarantee.

What interest rate do I receive?

The interest rate that applies to your SMSF term deposit is the interest rate that is current on the date the term deposit is opened. A loyalty bonus of 0.10% p.a. is added if you reinvest your term deposit and hold it until maturity.

What's the maximum amount I can have in a SMSF term deposit?

The maximum amount is $10 million.

What range of terms are available?

You can choose from the following terms: 90 days, 120 days, 180 days, 210 says, 270 days, 330 days, 1 year and 2 years.

Can be linked to any Australian business bank account or ING Direct Business Optimiser account

The linked account for your SMSF term deposit must be an external business account or ING Direct Business Optimiser. Unfortunately ING Direct doesn't accept credit cards or passbooks. Compare other ING Direct products here.

31 days notice to access your term deposit early

If you need to access your funds before the maturity date, you will need to give at least 31 days advance notice. Interest rate penalties will also apply.

What happens when my SMSF term deposit matures?

When you apply for your term deposit, you'll be asked to choose from the following maturity options: renew principal and interest, renew principal only or close the term deposit. When the term deposit matures, there is a 7 days grace period should you change your mind.

Launch term deposit calculator

Pros

  • Fixed interest rate
  • Average minimum investment amount
  • Grow your superfund

Cons

  • Only available for superfunds

How do I open an ING Direct Living Super?

Applications for the Living Super are accepted online and can be accessed by visiting ING Direct website. See our FAQs tab for a step-by-step guide on choosing your investment strategy.

Eligibility to apply online

Before you begin, make sure you familiarise yourself with the eligibility requirements and choose the account that best suits your circumstance:

  • Minimum age. For the Super Account the minimum age requirement is 13 years old. If you are transitioning to retirement you will have to have reached preservation age, while with the Pension Account the minimum age is 60 but only if you have begun receiving an employment pension, otherwise it is 65.
  • Residency requirements. This account is for Australian residents only.
  • Depository requirements. You must be prepared to invest at least $10,000 into the cash hub before the account can be activated.

Documentation to apply online

Having the following documentation next to you as you fill in the application will ensure that ING Direct has all of the information they need:

  • Tax file number. You are not required to provide your tax file number (TFN) but it does enable ING Direct to withhold tax on your earnings at the correct rate.
  • Identification. Your identity will have to be verified online using information from your Australian passport, Driver’s Licence or Medicare Card.

What happens after I submit my application?

You will need to provide rollover and additional account information as it pertains to your circumstance. When submitted, ING Direct will help with establishing the new account and getting you started on your investments.

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