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Summary

Pay no fees and enjoy guaranteed returns on your balance.

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 or the interest and principal deposit. Read more about these features below.

Pros

Terms from 90 days to two years
Competitive interest rates across all terms
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.

Details

Key details

Product Name	ING Term Deposit
3 month interest rate	4.65%
4 month interest rate	4.65%
6 month interest rate	5.05%
7 month interest rate	4.80%
9 month interest rate	4.80%
12 month interest rate	5.30%
24 month interest rate	4.80%
Minimum Opening Deposit	$10,000
Minimum age requirement	18
Government guarantee	Yes

Eligibility

Minimum Age Requirement	18
Joint account availability	Yes
Min Deposit	$10,000
Available to children	Not available for children

Key features

$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 4.65% p.a. to 4.8% p.a.. If you deposit at least $10,000 for just 12 months, you'll receive a very competitive 5.3% 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.

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

How to apply

Applying for an ING term deposit is easy and can be done entirely online. This account is for personal customers only, no business or SMSF customers.

Eligibility

Minimum age. You're at least 18 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 after I submit my application?

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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Nicole Clape

November 29, 2023

If I’m currently not a ING account holder but wish to open a ING term deposit account locked in for 12 months. Do I need to open any other accounts with ING ?

Angus Kidman Finder

December 03, 2023

No, you don’t need to have any other accounts to set up the term deposit with ING.

Flying

September 03, 2023

If we have a joint term deposit account totaling $500,000-Will we be covered by Aust Gov for $250,000 each Hence in total $500,000 for that one account?

George

Sarah Megginson Finder

September 04, 2023

Hi George, Deposits are protected up to a limit of $250,000 per account holder, per ADI.

APRA confirms that for joint accounts, the amount of protection is determined by splitting the deposit equally between the account holders. Each account holder’s share is then added to any other eligible deposits they hold under their own name at the same bank, building society or credit union before the $250,000 FCS limit is then applied to the total for each person.

In your example, provided each account holder has no more accounts with that bank, both of them would be covered for $250k each, $500k total.

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Steve

September 02, 2023

Can I access the 5.25% 12 month term deposit using a SMSF?

Alison Banney Finder

September 08, 2023

Hi, this account is for personal customers only, not businesses or SMSFs.

Chris

September 01, 2023

Hi, I am a UK citizen and live in Hong Kong but am not an Australian tax resident. However I have an ATO number and file a tax return each year based on AUD bank deposit and unit trust investments. I am interested in opening an AUD term deposit account with you. Thank you.

Sarah Megginson Finder

September 04, 2023

Hi Chris,

You’ll need to contact ING directly with this request, you can reach them on 13 36 64.

Laurel

August 29, 2023

Can I link my ING term deposit account to existing St George account

Raj Lal Finder

August 30, 2023

Hi Laurel,

You won’t be able to link the term deposit account to your St George account. However if you want to transfer money from the term deposit account once it has reached maturity, then you can.

Thanks

Raj

ING term deposit

Pros

Cons

Key features

$0 account keeping fees

Competitive interest rates

Terms from 90 days to two years

Deposit additional funds upon renewal

Link any Australian bank account

Multiple options at maturity

31 days notice to access funds before maturity

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Your reviews

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