ING term deposit
- Interest rate 12 months interest rate
- Up to 4.9% p.a.
- Minimum opening deposit
- $10,000
- Account keeping fee
- $0
Summary
Pay no fees and enjoy guaranteed returns on your balance with ING.
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.
Pros
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Terms from 90 days to two years
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Competitive interest rates across all terms
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Pay no fees on your term deposit
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A safe way to invest for predictable returns
Cons
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Minimum deposit of $10,000.
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Must give 31 days notice to access your funds.
Details
Key details
| Product Name | ING Term Deposit |
| 3 month interest rate | 4.75% |
| 4 month interest rate | 4.75% |
| 6 month interest rate | 4.85% |
| 7 month interest rate | 4.65% |
| 9 month interest rate | 4.65% |
| 12 month interest rate | 4.90% |
| 24 month interest rate | 4.50% |
| 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 |
2023 Transaction Account Customer Satisfaction winner
ING
ING took the top spot in our Transaction Account category this year, with 92% of the users that we surveyed saying they'd recommend the bank to a friend. Its customer satisfaction rating was 4.50 out of 5. Find more about Finder Banking Satisfaction Awards 2023.
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Your reviews
Richard Finder
Editor
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Richard Whitten Finder
January 23, 2024
Hi Steven,
You can use a term deposit calculator to work this out. I tried and found there was no difference between the 2 options. You can ask ING about this for more details.
Carly
December 18, 2023
If I open up an ING term deposit do I need to make regular deposits into the acc to earn interest? I am looking at putting around 150k- 200k for 6-12mths
Jason Loewenthal Finder
January 08, 2024
Hi Carly,
ING term deposits require a minimum deposit of $10,000 and you can choose how long the term is. You don’t make regular deposits after the initial deposit.
I hope that helps.
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.
Graeme Venz
November 18, 2023
Is interest deposited monthly into my account?
Jason Loewenthal Finder
December 11, 2023
Interest is paid at maturity for terms less than 1 year. For terms longer than 1 year interest is paid annually.
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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Steven
January 16, 2024
At the end of a 12 month term, what is the difference in capital amount if $200k is invested in a term deposit at 5.3% with interest paid at maturity compared with interest paid monthly?