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.
A term deposit offers a fixed interest rate so you can look forward to reliable, predictable returns on your balance.
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.
$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 1.20% p.a. to 1.65% p.a.. If you deposit at least $10,000 for just 12 months, you'll receive a very competitive 1.65% 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.
- 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
- 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.
- 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 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.