ING SMSF Term Deposit
- Interest rate 24 months interest rate
- Up to 2.4% p.a.
- Minimum opening deposit
- Account keeping fee
To open a SMSF Term Deposit with ING, you need to open a business term deposit. The minimum investment amount is $10,000, and you can choose a term length that suits you from three months to two years.
As a business / SMSF customer, you need to have a minimum combined balance of $50,000 across any ING Business Optimiser and ING Business Term Deposit accounts held in your business entity's name (or SMSF name).
Fixed interest rate
Term lengths from three months to two years
Reliable, predictable returns
No account keeping fees
Minimum combined balance of $50,000 across business accounts
|Product Name||ING SMSF 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||13|
|Minimum Age Requirement||13|
|Joint account availability||No|
|Available to children||Not available for children under 13 years of age|
$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.
What's the maximum amount I can have in a SMSF term deposit?
The maximum amount is $10 million.
Is there a minimum balance?
You can open a term deposit with $10,000 or more. However, you need to maintain a minimum combined balance of $50,000 across any Business Optimiser and Business Term Deposit accounts held in your business entity's name.
What range of terms are available?
You can choose from the following terms: 90 days, 120 days, 180 days, 210 days, 270 days, 330 days, 1 year and 2 years.
Can be linked to any Australian business bank account or ING Business Optimiser account
The linked account for your SMSF term deposit must be an external business account or ING Business Optimiser. Unfortunately ING doesn't accept credit cards or passbooks. Compare other ING 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 seven-day grace period should you change your mind.
This article discusses the key features associated with ING SMSF Term Deposit. Users are requested to read all scheme-related documents carefully before applying.
How to applyYou can open a term deposit online in less than 15 minutes.
- Minimum age. You must be over 18 years old.
- Residency requirements. This account is for Australian residents only.
- Depository requirements. You must be prepared to invest at least $50,000.
- SMSFs only. This account is for SMSF or business use, not for personal customers.
Having the following documentation next to you as you fill in the application will ensure that ING 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 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.
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July 17, 2018
Hi, can I open 1-year term deposit my the name of 14 YO daughter? advert rate is 3%, is it correct?