ING Term Deposit

ING Term Deposit

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Min. Opening Deposit

10,000

Account Keeping Fee

0.00

Pay no fees and enjoy guaranteed returns. Plus, be rewarded with a roll over loyalty bonus.

  • $0 Account keeping fees
  • Earn up to 2.90% 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 allows you to invest your money for a period of time that suits you, ranging from 90 days to two years, and earn a fixed, competitive interest rate. You will need a minimum initial deposit of $10,000 for this account. When the term comes to an end you can choose whether to take out the interest alone, the interest and principal, or you can roll it all over to earn even more on interest. Read more about these features below.

If you decide to roll over your term deposit once it reaches maturity, you could receive additional interest as part of ING's Loyalty Bonus.

Product Name
ING Term Deposit
3 month interest rate
2.00%
4 month interest rate
2.55%
6 month interest rate
2.00%
9 month interest rate
2.65%
12 month interest rate
2.85%
24 month interest rate
2.90%
Min Deposit
$10,000
Minimum Age Requirement
13
More

What are the features of the ING Term Deposit?

Compare the following features of the ING Term Deposit with other accounts in the market before deciding which is right for you.

Be rewarded for being loyal

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

$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 2.90% p.a.. If you deposit at least $10,000 for just 12 months, you'll receive a very competitive 2.85% p.a..

Terms from 90 days to two years

Choose to lock away your money for as little or as long as you'd like, from 90 days to five years and several options in between.

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. Depositing more money when renewing the term will help you get the most out of the Loyalty Bonus, too.

Link any Australian bank account

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

Multiple options at maturity

When your term reaches maturity you can renew the term deposit in its entirety along with the principal and interest, renew just the principal amount and keep the interest, or you can close the account entirely and withdraw everything to your nominated Australian bank account. The choice is yours!

31 days notice to access funds before maturity

If you need the funds early, you can access the 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

  • Terms from 90 days to five years
  • Competitive interest rates across all terms
  • Add 0.10% p.a. to your interest earned when rolling over an account
  • Pay no fees on your term deposit
  • A safe way to invest for predictable returns

Cons

  • Minimum deposit of $10,000.
  • Must give 31 days notice to access your funds.

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.



















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32 Responses

  1. Default Gravatar
    CJune 7, 2018

    I want to roll over $xxxxx from a bank term deposit to ING 9 month Term Deposit, how do I do it?

    • finder Customer Care
      ArnoldJune 8, 2018Staff

      Hi,

      Thanks for your inquiry

      A rollover is a renewal of a deposit. Instead of liquidating a deposit on maturity, you can roll it over into a new deposit. The outstanding principal of the old deposit is rolled over with or without the interest outstanding on it. A 0.10% p.a. Loyalty Bonus is added to the standard Term Deposit interest applicable at the time your Term Deposit is renewed. The linked account can be an account with another institution or an existing ING account – Savings Maximiser, Savings Accelerator or Orange Everyday.

      Hope this information helps

      Cheers,
      Arnold

    • Default Gravatar
      CJune 13, 2018

      The $20,000 we want to invest into ING for 9 months is currently in another bank, it matures on 16th of this month. How do we transfer this money to ING? Thank You.

    • finder Customer Care
      JeniJune 15, 2018Staff

      Hi C,

      Thank you for getting in touch with finder.

      You may link your external bank account to your ING account. This linked bank account needs to be in the same name as your ING account. If you’ve got a joint account with us, then the linked bank account must be in both of your names. The linked bank account needs a BSB and account number. You may move money in and out between these 2 accounts (Note: Personal Term Deposit does not allow transfers during the term). To proceed with your money transfer from your other bank to ING, you may reach them at 133 464 for further enquiries.

      As a friendly reminder, while we do not represent any company we feature on our pages, we can offer you general advice.

      I hope this helps. Please feel free to reach out to us if you have any other enquiries.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  2. Default Gravatar
    JohnMarch 27, 2018

    Please advise if I can invest in a term deposit on line.
    If not, do you have a branch in Castle hill NSW ?

    • Default Gravatar
      LiezlMarch 27, 2018

      Hi John,

      Thanks for visiting finder! Yes, you can apply for a term deposit online from their website. Simply click the ‘Open Now’ button on their website to initiate your application.

      Since ING doesn’t have any branches, you can make your opening deposit either by electronic transfer from your nominated linked bank account or by drawing a cheques on your external bank account nominated. You may refer to the application guide I sent to your email for the detailed instruction.

      Cheers,
      Liezl

  3. Default Gravatar
    AnitaMarch 8, 2018

    Hello,
    I wish to invest for my daughter who is 5 years old.
    I have $10,000+.

    I looked at your term deposits but it says minimum age of 13 years. What is my next best option?

    • finder Customer Care
      RenchMarch 8, 2018Staff

      Hi Anita,

      Thanks for your inquiry.

      You want to consider getting a kids bank account for your daughter. Some kids’ bank accounts offer bonus interest, and to earn this interest account holders have to meet certain criteria. These can include making minimum deposits each month and not making any withdrawals.

      Some such accounts offer competitive standard rates, and with these accounts your kids stand to earn interest without having to meet any deposit or withdrawal requirements. How your child can access funds depends on the chosen account.

      You can get more information on this page and compare your options.

      Best regards,
      Rench

  4. Default Gravatar
    PamDecember 29, 2017

    I would like to transfer my money in my maximiser and accelerator accounts into a 9 or 12 mth term deposit can you help?

    • finder Customer Care
      RenchDecember 29, 2017Staff

      Hi Pam,

      Thank you for your inquiry. Please note that we are not affiliated with ING or any company we feature on our site and so we can only offer you general advice.

      You can have a look on this page and compare your options for Term Deposit. You may click the name of your preferred account to know more details and you may click the green “Go to site” button to submit an online application through their official site.

      If you are referring to ING Term Deposit, please contact them directly to further inquire.

      Best regards,
      Rench

  5. Default Gravatar
    JennyAugust 21, 2017

    Is there a term deposit available for 1 year or more where you cannot access your funds at all. Not even with 31 days notice? This type of term deposit was available 3 to 4 years ago but I cannot see one available now; 2017. I am having trouble with my term deposit now where I am finding it to easy to access funds!

    • Default Gravatar
      MariaAugust 22, 2017

      Hey Jenny,

      Term deposits help you avoid the temptation by having a fee for accessing your money before your term has been completed.

      It would be best to talk with the account issuer to see if they can offer a term deposit that will not let you access the account within the term under all circumstances.

      You may find useful information on our page on Term Deposits.

      I hope this helps.

      Cheers!
      Maria

  6. 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?

    • Default Gravatar
      DanielleJuly 13, 2017

      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

  7. 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%?

    • finder Customer Care
      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

  8. 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

    • finder Customer Care
      LouJanuary 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

  9. Default Gravatar
    warrenNovember 28, 2016

    best rate on 220 thousand dollars

    • finder Customer Care
      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

  10. 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 !

    • finder Customer Care
      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.

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