ING Term Deposit

ING Term Deposit

Min. Opening Deposit

10,000

Account Keeping Fee

0.00

Pay no fees for your term deposit, and look forward to a roll over loyalty bonus.

  • $0 Account keeping fees
  • Earn up to 2.60% p.a. interest
  • Term options from 90 days to 2 years
  • Add 0.10% p.a. to your interest earned when rolling over your term deposit

Product details

The ING Term Deposit Account gives you the ability to invest money for different periods of time, ranging from 90 days to two years, to earn generous interest rates on the money in the account. You will need a minimum initial deposit of $10,000. When the term comes to an end you can choose whether to take out the interest alone, the interest and principal, or can roll it all over to earn even more on interest.

A term deposit is great for planning your finances in advance.

Product Name
ING Term Deposit
3 month interest rate
2.00%
4 month interest rate
2.30%
6 month interest rate
2.50%
9 month interest rate
2.55%
12 month interest rate
2.60%
24 month interest rate
2.80%
Min Deposit
$10,000
Joint Application
Yes
Minimum Age Requirement
13
Covered by Government Guarantee
Yes (Up to $250,000 per person, per institution)

What are the features of the ING Term Deposit?

ING term deposits come with a number of features you should know of, and here’s what you can expect if you end up getting one.

Be rewarded for being loyal

You can earn a loyalty bonus of an additional 0.10% p.a. if you renew your old term deposit when it matures, and hold the new term one to the end of its term. This bonus applies only to the new account, is not cumulative over multiple terms, and does not apply if you withdraw funds from account before maturation.

$0 Account keeping fees

You don’t have to pay any application or account keeping fees to open and maintain an ING term deposit.

Competitive interest rates

Your interest rate depends on your chosen term deposit duration and ranges from 2.00% p.a. to 2.60% p.a.

Variable terms to suit your needs

Choose terms that work for you, with your choice of 90 days, 120 days, 180 days, 210 days, 270 days or 330 days, or full one year or two years terms.

Deposit additional funds upon renewal

You cannot make deposits during the account's term, but can add funds when rolling over the account at renewal time to get more out of your investment in the next term.

Link any Australian bank account

Link an existing ING or external bank account to your term deposit for quicker and easier transfers and payouts.

Multiple options at maturity

Upon maturity of your term deposit you can renew the term deposit in its entirety along with the principal and interest, you can renew just the principal amount and keep the interest, or you can close account entirely and withdraw everything to your nominated bank account.

31 days notice to access funds before maturity

You can access funds in your term deposit before the term comes to an end. To do this you have to give ING at least 31 days notice, although in the case of hardship ING can make an exception.

Launch term deposit calculator

Pros

  • Add 0.10% p.a. to your interest earned when rolling over an account
  • Pay no fees on your term deposit
  • Get a safe way to invest for predictable returns

Cons

  • Minimum deposit of $10,000.

How do you apply for the ING Term Deposit?

Applying for an ING term deposit is easy and can be done entirely online.

Eligibility requirements

  • Minimum age. You’re at least 13 years old
  • Residency requirements. You’re an Australian resident for taxation purposes
  • Depository requirements. You have to open a term deposit of at least $10,000

Documentation needed

To open an ING term deposit account you need:

  • Personal details. These include your name, date of birth, residential address, email address, phone number, and tax file number
  • Identification documents. ING uses these to verify your identify, and you can provide your Australian driver’s license, passport, Medicare card, and so on
  • Linked account. Provide details of an ING or external bank account you want linked to your term deposit

What happens when my application is completed?

After you apply to open a term deposit account, ING confirms the information you have provided. After this, it requests the opening funds from your chosen linked bank account. Once these have been transferred over, your account is open and earning interest.

You will then receive a starter pack in the mail with details of your new term deposit.

Compound interest is used for ING term deposits. Unfortunately you cannot add funds to your term deposit while it matures. If you’re looking to make regular deposits, you may want to consider a high interest savings account instead.

There are no fees and charges for opening a term deposit, but there is a minimum balance. Fees may apply if you make transactions from the term deposit account before the maturity date.

The ING Term deposit is only available for individuals only. ING have a separate set of products for businesses.

You are required to have a Tax File Number to open an ING term deposit account. It is also in your best interests, as interest earned will be taxed at the highest marginal rate otherwise.

Please note that finder.com.au is an online comparison and information service and is not a product issuer. Please speak to a member of the customer service team at ING, they will able to fix this internally for you.

You can speak to your bank to change your daily limit so you can electronically transfer the $100,000.

You can deposit $250,000 from your linked bank account into a new or rolling 12 month term deposit. However, you won’t be able to add these funds into a term deposit while it’s maturing.

Please follow these steps to change your linked account:

  • Login to Online Banking
  • Go to ‘My Account Details’ and select ‘Linked Bank Account’
  • Select ING account being changed and follow the prompts to enter the new bank details
  • ING will send a tiny payment (about $0.02) to the new account to test the link
  • You then have 14 days to confirm that the link works by looking for this tiny transaction and telling ING how much they sent.
  • Within one hour of confirmation, your account should be successfully linked.

If these steps were followed but your new account was still not linked, please speak to a member of the customer service team at ING.

As long as you reinvest your original principal you’ll be eligible for the bonus interest. This can include reinvesting principal and interest for the same or different term or depositing further funds to the total matured sum on rolling over the deposit.

Once your term deposit has matured, the interest will be credited into the same account.

The interest is paid annually on this term deposit, but you won’t be able to access the interest until your term deposit has matured.

Interest would be considered as part of the tax year it was earned in, so it's the year your account matured and you were paid the interest.

With this account you can choose a range of different ways to receive your funds. You can elect to have your interest paid into your linked account and keep the principal in your term deposit account, or can choose to have both the interest and principal paid into your account at maturity. 2. When applying for this account ING will make a request with the institution of your nominated bank account to move the funds over. 3. There are no monthly account keeping fees with this account, although if you do break your term early the interest rate you receive will be decreased.

Unfortunately, most of the accounts on finder.com.au require Australian permanent residency or citizenship. The tax amount to be withheld from a payment is generally 10% for interest for non-residents.

A term deposit is locked for a set period, so you cannot add funds into it. You may want to consider a high interest savings account instead if you want to add funds.

The interest is paid back into your linked bank account, so it may be a good idea to have your linked account as the account you want to nominate.

All the products we feature are Australian products only. However, they can be covered by the Australian Government Guarantee for a fee.

There’s no fee to have your deposits covered by the Australian Government Guarantee.

Sure. You can compare other term deposits with our comparison table.

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20 Responses

  1. Default Gravatar
    July 12, 2017

    How long does it take to open a 24 month term account from supplying personal details as required by you? Could the interest rate fall in this time slot?
    A second question: If we invest in a 24 month term account, do we get a statement after 12 months providing details of interest earned for that year, so it can be included in the annual tax return?

    • Staff
      DanielleJuly 13, 2017Staff

      Hi Roland,

      Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.

      To apply for a 2 year Term Deposit you would need to go to the ING Direct website and complete the application which can be accessed on the home page by selecting ‘Savings’ – ‘Personal Term Deposit’ – ‘Open Term Deposit’ and following the prompts from there. If they are able to verify your I.D electronically online during the application process the account could potentially open straight away. If they need to verify your I.D by requesting you to upload documents the account would then be opened within approximately 2 business days. The interest rate can change at any time prior to you opening the Term Deposit and you would receive the rate available on the day that it is opened if you decide to go ahead with the application. Once the funds are locked in the rate won’t change throughout the term.

      I hope this helps.

      Cheers,
      Danielle

  2. Default Gravatar
    AApril 17, 2017

    1. Is the interest earned with Ing Direct’s term deposit calculated using compound or simple interest?

    According to your website, the term deposit calculator suggested that it calculates interest by using simple interest.

    2. And the loyalty bonus – can I assume it is a one off +0.1% p.a. if I constantly renew my term for say 12 years?
    I.e. if the term is 1 year and the interest was 2.70%, and then I roll over again, the interest is then 2.8%. Would the 3rd year be 2.8% or 2.9%? Then 4th year be 2.8% or 3%?

    • Staff
      MayMay 11, 2017Staff

      Hi A,

      Thank you for your inquiry.

      Sorry for the delayed reply. Compound interest is used for ING DIRECT term deposits.

      As for the loyalty bonus, it is currently 0.10% p.a. The Loyalty Bonus is added to the standard Term Deposit interest applicable at the time your Term Deposit is renewed. The Loyalty Bonus is not cumulative, so for a year term, annually, your interest rate would be 2.70% p.a. (standard rate) + 0.10% p.a. = 2.80% p.a. This is the same rate you would get annually if you will invest for 12 years.

      Please note though that you will not be eligible for the Loyalty Bonus if you withdraw or transfer your funds before the maturity date of your Term Deposit.

      Cheers,
      May

  3. Default Gravatar
    TessaJanuary 2, 2017

    Do I have to have a minimum amount of money in the every orange everyday account?. If I deposit $1000 within the month can I withdraw the $1000 the next day and still qualify for the bonus

    • Staff
      AnndyJanuary 2, 2017Staff

      Hi Tessa,

      Thanks for reaching out.

      Just to confirm that the ING DIRECT Orange Everyday Account does not offer any interest. You may be referring to ING DIRECT Savings Maximiser.

      For ING DIRECT Savings Maximiser, you’ll get the bonus interest rate if you link your account to an Orange Everyday Bank Account and deposit at least $1,000 into the account each month. The bonus rate is available on balances up to $100,000 only. So long as you meet these requirements you’ll be able to get the bonus rate.

      Cheers,
      Anndy

  4. Default Gravatar
    warrenNovember 28, 2016

    best rate on 220 thousand dollars

    • Staff
      ClarizzaNovember 28, 2016Staff

      Hi Warren,

      Thanks for your question.

      The best rate would depend on the term you choose e.g 6 months, 12 months, 24 months. We recommend comparing the rates offered in the term deposit table on our Term deposit page. Simply enter your deposit amount and choose the number of months you want to keep your cash locked away, then select Calculate. This will allow you to compare the interest rates and interest earned.

      Please note, we are a comparison website and can provide general advice only.

      Regards,
      Clarizza

  5. Default Gravatar
    CarmenSeptember 4, 2016

    Hi

    Looking at transferring my Cash/Term Deposit streamline Pension fund to ING should l make enquiries first by phone or can my fund transfer the funds if l complete necessary paper work, I would assume your Super funds are as safe as Industrial and Retail Banking funds !

    • Staff
      ShirleySeptember 6, 2016Staff

      Hi Carmen,

      Thanks for your question.

      In the online application process, you’ll need to provide your linked bank account details to link to your term deposit account.

      If your funds are currently in a cash account, you can then move these straight into the term deposit.

      If your funds are held somewhere else, you may want to give ING a call first to make an enquiry.

  6. Default Gravatar
    GeorgeAugust 5, 2016

    Can I get monthly interest or income on a $1,100,000-00 term deposit, or some suitable product, and what would be the interest rate?

  7. Default Gravatar
    JenniferJune 8, 2016

    My term deposit comes up for renewal tomorrow. What will be your highest interest rate?

    • Staff
      ClarizzaJune 8, 2016Staff

      Hi Jennifer,

      Thanks for your question.

      If you’re looking to take up another term deposit, our Term Deposit finder might help. You can compare which banks currently offer the highest interest rate and calculate your potential earnings through our calculator.

      If you’d like to know more about ING term deposits, it’s best to contact them directly.

      Hope this helps.

      Clarizza

  8. Default Gravatar
    NandaApril 29, 2016

    I have Self funded super account . I need to do term deposit $20000 for 12 months. What is rate? how much I can earned after 12months?

  9. Default Gravatar
    JulieFebruary 9, 2016

    What return would I get on $300,000.00

    • Staff
      ShirleyFebruary 9, 2016Staff

      Hi Julie,

      Thanks for your question.

      Your return would depend on how long you intend to invest for, currently ING Direct’s 90 day rate is 2.70% p.a.

      Hope this helps.

  10. Default Gravatar
    FelixAugust 16, 2015

    Where is your ‘Go to site” ?

    • Staff
      ShirleyAugust 17, 2015Staff

      Hi Felix,

      Thanks for your question.

      I’ve emailed you in response to your question.

      Cheers,
      Shirley

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