The ING Term Deposit Account gives you the ability to invest money for different periods of time, ranging from 90 days to two years, to earn generous interest rates on the money in the account. You will need a minimum initial deposit of $10,000. When the term comes to an end you can choose whether to take out the interest alone, the interest and principal, or can roll it all over to earn even more on interest.
A term deposit is great for planning your finances in advance.
What are the features of the ING Term Deposit?
ING 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.
Be rewarded for being loyal
You can earn a loyalty bonus of an additional 0.10% p.a. if you renew your old term deposit when it matures, and hold the new term one to the end of its term. This bonus applies only to the new account, is not cumulative over multiple terms, and does not apply if you withdraw funds from account before maturation.
$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 2.75% p.a.
Variable terms to suit your needs
Choose terms that work for you, with your choice of 90 days, 120 days, 180 days, 210 days, 270 days or 330 days, or full one year or two years terms.
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 quicker and easier transfers and payouts.
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 account entirely and withdraw everything to your nominated bank account.
31 days notice to 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.
- Add 0.10% p.a. to your interest earned when rolling over an account
- Pay no fees on your term deposit
- Get a safe way to invest for predictable returns
- Minimum deposit of $10,000.
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.