ING Direct gives its customers the ability to open term deposits for different terms ranging from 90 days to two years, and the minimum amount you need to open an ING Direct term deposit is $10,000. You get multiple options when the term comes to an end, and you stand to earn a loyalty bonus if you opt for renewal.
A term deposit is great for planning your finances in advance.
What are the features of the ING DIRECT Term Deposit?
ING Direct 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.
- Loyalty bonus. You can earn a loyalty bonus if you renew your term deposit when it matures, provided you continue holding funds in the new term deposit till its term comes to a close. The loyalty bonus stands at 0.10% p.a. and it adds to the standard term deposit rate at the time of your term deposit renewal. This bonus does not apply if you withdraw funds from the rolled over term deposit before its maturity date, and the loyalty bonus is not cumulative.
- No fees. You don’t have to pay any application or account keeping fees to open and maintain an ING term deposit.
- Tiered interest rate. The interest rate your term deposit earns depends on the term you choose, where while 90 days deposits sit at the bottom of the pyramid, term deposits of two years earn maximum interest.
- Variable terms. Depending on how long you can do without the money in question, you can choose a term of 90 days, 120 days, 180 days, 210 days, 270 days, 330 days, one year, and two years.
- Deposit additional funds upon renewal. If you choose to roll over your term deposit for another term, you can add more funds to the same. You can do this through suitable maturity instructions, and look forward to the transfer of funds from a nominated bank account. You can also get in touch with ING Direct to make this change during the ‘seven day calendar grace period’ that comes into effect from the date of maturity.
- Link bank accounts. You have the ability to link an existing ING Direct or external bank account to your term deposit for easy transfer of funds, but take into account that you cannot transfer funds during the term.
- 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 the deposit, in which case the money transfers to your nominated bank account.
- 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.
- A Loyalty Bonus will apply when you renew your Personal Term Deposit.
- Minimum deposit of $10,000.
How do you apply for the ING DIRECT Term Deposit?
Applying for an ING Direct term deposit is easy, and you can do so online. To apply now, simply click on the ‘go to site’ button, but not before you make sure that you meet the following eligibility criteria.
- 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
To open an ING Direct term deposit you have to provide different kinds of information, which include the following.
- Personal details. These include your name, date of birth, residential address, email address, phone number, and tax file number
- Identification documents. ING Direct 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 Direct or external bank account you want linked to your term deposit
After you apply for a new term deposit ING Direct confirms your information electronically, and requests for funds from the linked bank account. Once the transfer of funds takes place, ING Direct opens your term deposit.
It then sends you a starter pack by mail, which contains details surrounding your new term deposit. In the event ING Direct cannot confirm your details electronically, it provides you with alternate intrusions to take the process forward.
Is the interest on the 24 month term deposit simple interest (i.e. paid at the end of the term) or compound interest? Also, is there a limit on how much you can add to it each month?
Compound interest is used for ING Direct term deposits. Unfortunately you can add funds to your term deposit while it matures. If you’re looking to make regular deposits, you may want to consider a <a href="https://www.finder.com.au/notice-savers" target="_blank">Notice Saver</a> or <a href="https://www.finder.com.au/savings-accounts/high-interest-savings-accounts" target="_blank">High Interest Savings Account</a> instead.
I am wondering what rate I would get to invest $100,000 for 12 months with interest paid monthly please. Are there any fees and charges?
Here are the <a href="http://www.ingdirect.com.au/savings/savings_products/term_deposits.htm" target="_blank">updated rates for ING DIRECT Term Deposits</a>. There are no fees and charges for opening a term deposit, but there is a minimum balance. There may also be fees and charges if you open the term deposit before the maturity date.
I have a Maltese company – Can I be eligible to this offer or is it only to Australian companies / people?
The ING DIRECT Term deposit is only available for individuals only. ING DIRECT have a separate set of <a href="http://www.ingdirect.com.au/business.html" target="_blank" rel="nofollow">products for businesses</a>.
I have a savings maximiser account with you of which I have 10% tax deducted from the interest as I am only a visitor to Australia each year (been coming 9 years now). Can I open a Term Deposit account as I do not have a Tax File number. I am looking to invest about $150000 over a 12 month period.
According to the application for an ING DIRECT term deposit, you do require a Tax File Number.
I have recently reinvested my Term Deposit and added another amount to it, so the Term deposit is $15,000 for 6 month. I would like you to e-mail me a Personal Term Deposit Statement to this e-mail address, please – with these details. This amount was reinvested on the 7th September by telephone.I was informed that no new letter would be sent to me. I would like to have this statement for my records, please.I do have a personal access Code, however I do not have a password to get into my Account. Can you please explain to me how I can get a Password so that I can get into my Account.
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 Direct, they will able to fix this internally for you.
How do I deposit a cheque for $100,000.00 into a term deposit? My bank will not allow direct transfers online of more than $10,000.00
You can speak to your bank to change your daily limit so you can electronically transfer the $100,000.
Can I deposit $250000 from my linked bank account into a 12 month term deposit regards
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.
I’ve linked my term deposit account to my anz account how do I move my money over as there’s no link even my linked account says its changed but it still remains with my old westpac Can someone please explain
Please follow these steps to change your linked account:
<li>Login to Online Banking</li>
<li>Go to ‘My Account Details’ and select ‘Linked Bank Account’</li>
<li>Select ING DIRECT account being changed and follow the prompts to enter the new bank details</li>
<li>ING will send a tiny payment (about $0.02) to the new account to test the link</li>
<li>You’ve then got 14 days to confirm the link works, by checking your transactions details (for the new account) and telling ING how much they’ve paid</li>
<li>Within one hour of Step 5 being completed, your new account will be linked</li>
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 Direct, they will able to fix this internally for you.
I am soon to reinvest my term deposit. Of the three options for rolling it over, one offers a bonus. This is the option of re-investing the entire principal and crediting the accrued interest to another account. Does this option encompass three other choices I would like to consider: (a)reinvesting the principal and interest for the same or (b) different term or (c) depositing further funds to the total matured sum on rolling over the deposit. Do any of these options forfeit the bonus interest ?
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.
If I deposit $30000, how can you give me interest on it for 12 months?
Once your term deposit has matured, the interest will be credited into the same account.
I’m looking to set up a 2 year term deposit with interest paid on maturity (and not annually). Is this possible with ING Direct? If not, can you advise whether another bank can offer this product?
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.
So for tax purposes is the income regarded as being in the year in which it is “paid’ or the year in which it is “accessed”. I’m looking to defer the tax liability until the maturity date.
Interest would be considered as part of the tax year it was earned in, so, the year your account matured and you were paid the interest.
To avail of your 6 months Term Deposit rate I need you to answer the following: Can I get a monthly interest paid to my specified Bank Account. How do I transfer my present Account to your Bank. Are there any charges involved in setting up a Term Deposit Account and/or management fees?
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.
Hi there, I am a UK citizen, living in Malaysia. Am I allowed to invest my money in a fixed rate bond in your bank in Australia (I have no connection with Australia by birth, work, etc.), and if I am allowed, would I receive interest tax-free at the end of the investment period.
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.
Am I able to make regular deposits into a term deposit account?
A term deposit is locked for a set period, so you cannot add funds into it. You may want to consider a <a href="https://www.finder.com.au/savings-accounts/high-interest-savings-accounts" target="_blank">HISA</a> instead if you want to continually add funds.
Can I nominate the account the interest is paid into even if I choose to roll over the principle at the end of the term
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.
Hi. Is the principal guaranteed by the FDIC and are the rates guaranteed for the investment period?
All the products we feature are Australian products only. However, they can be covered by the Australian Government Guarantee for a fee.
What is the fee to have your savings with ING covered by the Australian Bank Guarantee
There’s no fee to have your deposits covered by the Australian Government Guarantee.
I was wondering if you had a term deposit available for investments less than $10,000? I was looking to invest $7,500 for 6 months.
Sure, for your interest here’s a link where you can compare some term deposits with our comparison table: <a href="https://www.finder.com.au/term-deposits" target="_blank">Compare Term Deposit Accounts</a>
What alternative ways can I deposit and withdraw funds, and what are the limits of withdrawals online (i.e. transferring to say a linked ANZ account)?
These are the ways you can deposit into your new Savings Maximiser account.
<li>Transferring it from your linked bank account</li>
<li>Making direct deposits such as salary crediting and by cheque</li>
We have also contacted ING DIRECT in regards to the limits of withdrawals online, we have been advised that to there is no limit of withdrawals on your new ING DIRECT savings Maximiser account.
What interest rate on $300,000.00
Yes, with a term deposit of $300,000, the rates on this page apply. Obviously, the interest rate will depend upon the term of your investment (as outlined on the table on this page.) Just for your information, these rates are current for deposits between $10,000-$5,000,000.