ING Term Deposit

ING Term Deposit

Min. Opening Deposit

10,000

Account Keeping Fee

0.00

Pay no fees and enjoy guaranteed returns on your balance.

  • $0 Account keeping fees
  • Earn up to 1.80% p.a. interest
  • Term options from 90 days to 2 years

Product details

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.

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A term deposit offers a fixed interest rate so you can look forward to reliable, predictable returns on your balance.

Product Name
ING Term Deposit
3 month interest rate
1.30%
4 month interest rate
1.75%
6 month interest rate
1.80%
9 month interest rate
1.80%
12 month interest rate
1.80%
24 month interest rate
1.80%
Min Deposit
$10,000
Minimum Age Requirement
13
More

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 1.30% p.a. to 1.80% p.a.. If you deposit at least $10,000 for just 12 months, you'll receive a very competitive 1.80% 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

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.

How do you apply for the ING Term Deposit?

Applying for an ING term deposit is easy and can be done entirely online.

Eligibility requirements

  • 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

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 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.



















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46 Responses

  1. Default Gravatar
    BarryMay 31, 2019

    With ING term deposit, if money is needed urgently, can the 31 days notice be suspended recognising some cost would be involved?

    • Avatarfinder Customer Care
      AshJune 1, 2019Staff

      Hi Barry,

      Thank you for contacting Finder.

      Unfortunately, you cannot suspend your ING Term Deposit Account to access the funds. You may only choose to close the account to be able to access the funds in your account. But in case of hardship, you may call ING directly to request for the early withdrawal of your funds wherein if approved the earliest time that your funds will be withdrawn is 31 days after your contact with them.

      I hope this helps.

      Please do not hesitate to reach out again to us if you have additional questions.

      Cheers,
      Ash

  2. Default Gravatar
    AndrewApril 25, 2019

    Hi! Can you tell me please when ING’s 0.1% loyalty bonus on term deposits will cease?

    • Avatarfinder Customer Care
      MaiApril 26, 2019Staff

      Hi Andrew,

      Thank you for reaching out.

      ING’s 0.10% p.a. loyalty bonus is available if you roll over your Personal Term Deposit (either for the same term or a different term) and you hold all the funds in your new term deposit until the maturity date.

      It would be best to check your term deposit’s T&Cs to see the conditions to be eligible for the loyalty bonus as it may differ as you renew or roll over your term deposit.

      Hope this helps! 😊

      Kind Regards,
      Mai

  3. Default Gravatar
    BELINDAApril 9, 2019

    I have around 190,000.00 to invest in and l need to make my money work for me. What is the best and safest deal at present?

    Thank you in advance.

    • Avatarfinder Customer Care
      NikkiApril 10, 2019Staff

      Hi Belinda,

      Thanks for getting in touch! The best term deposit for you will depend on your current needs. Here is a handy page that may guide you on how to choose the best one for you. As a friendly reminder, review the eligibility criteria of the account before applying and read up on the terms and condition. Feel free to reach out to the bank if you need any clarifications.

      Best,
      Nikki

  4. Default Gravatar
    KarenMarch 29, 2019

    Is the monies held by ING guaranteed by government if bank goes into financial crisis?

    • Avatarfinder Customer Care
      MaiMarch 30, 2019Staff

      Hi Karen,

      Thank you for reaching out to Finder.

      Yes, money is covered by the Australian Government Guarantee Scheme if they goes into financial crisis. The Australian government guarantees deposits up to $250,000 in Authorised Deposit-taking Institutions (ADIs) and ING is included to it.

      You can learn more about Australian Government Guarantee Scheme here.. The page discusses how it works, what are covered, the banks included in the scheme, etc.

      Hope this helps and have a wonderful day! 😊

      Kind Regards,
      Mai

  5. Default Gravatar
    robert.tapley@bigpond.comMarch 26, 2019

    what is the interest rate for ing 12 months term deposits deposits

    • Avatarfinder Customer Care
      JohnMarch 27, 2019Staff

      Hi Robert,

      Thank you for reaching out to Finder.

      The interest rate for a 12 month term deposit is 2.75%. Hope this helps!

      Cheers,
      Reggie

  6. Default Gravatar
    johnOctober 31, 2018

    Can I receive

    interest monthly

    • Avatarfinder Customer Care
      JohnOctober 31, 2018Staff

      Hi John,

      Thank you for leaving a question.

      The time as to when you could withdraw the interest is dependent on the term of the deposit. The minimum term is 3 months up to 2 years. 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. Hope this helps!

      Cheers,
      Reggie

  7. Default Gravatar
    LindaOctober 4, 2018

    I have just sold my house and I would like to deposit $300,000 for 12 months, then another deposit for $300,000 for 9 months and then another deposit for $200,000 for 3 months. Please quote me your interest rates for the above.

    • Avatarfinder Customer Care
      JhezOctober 6, 2018Staff

      Hello Linda,

      Thank you for your comment.

      Here are the calculations based on the interest rates above:

      $300,000 for 12 months (2.85%) = Total Interest : $8,550.00 (If Paid At Maturity)
      $300,000 for 9 months (2.65%) = Total Interest : $5,962.50 (If Paid At Maturity)
      $200,000 for 3 months (2.00%) = Total Interest : $1,000.00 (If Paid At Maturity)

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

      Regards,
      Jhezelyn

  8. Default Gravatar
    CJune 7, 2018

    I want to roll over $xxxxx from a bank term deposit to ING 9 month Term Deposit, how do I do it?

    • Default Gravatar
      ArnoldJune 8, 2018

      Hi,

      Thanks for your inquiry

      A rollover is a renewal of a deposit. Instead of liquidating a deposit on maturity, you can roll it over into a new deposit. The outstanding principal of the old deposit is rolled over with or without the interest outstanding on it. A 0.10% p.a. Loyalty Bonus is added to the standard Term Deposit interest applicable at the time your Term Deposit is renewed. The linked account can be an account with another institution or an existing ING account – Savings Maximiser, Savings Accelerator or Orange Everyday.

      Hope this information helps

      Cheers,
      Arnold

    • Default Gravatar
      CJune 13, 2018

      The $20,000 we want to invest into ING for 9 months is currently in another bank, it matures on 16th of this month. How do we transfer this money to ING? Thank You.

    • Avatarfinder Customer Care
      JeniJune 15, 2018Staff

      Hi C,

      Thank you for getting in touch with finder.

      You may link your external bank account to your ING account. This linked bank account needs to be in the same name as your ING account. If you’ve got a joint account with us, then the linked bank account must be in both of your names. The linked bank account needs a BSB and account number. You may move money in and out between these 2 accounts (Note: Personal Term Deposit does not allow transfers during the term). To proceed with your money transfer from your other bank to ING, you may reach them at 133 464 for further enquiries.

      As a friendly reminder, while we do not represent any company we feature on our pages, we can offer you general advice.

      I hope this helps. Please feel free to reach out to us if you have any other enquiries.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  9. Default Gravatar
    JohnMarch 27, 2018

    Please advise if I can invest in a term deposit on line.
    If not, do you have a branch in Castle hill NSW ?

    • Default Gravatar
      LiezlMarch 27, 2018

      Hi John,

      Thanks for visiting finder! Yes, you can apply for a term deposit online from their website. Simply click the ‘Open Now’ button on their website to initiate your application.

      Since ING doesn’t have any branches, you can make your opening deposit either by electronic transfer from your nominated linked bank account or by drawing a cheques on your external bank account nominated. You may refer to the application guide I sent to your email for the detailed instruction.

      Cheers,
      Liezl

  10. Default Gravatar
    AnitaMarch 8, 2018

    Hello,
    I wish to invest for my daughter who is 5 years old.
    I have $10,000+.

    I looked at your term deposits but it says minimum age of 13 years. What is my next best option?

    • Avatarfinder Customer Care
      RenchMarch 8, 2018Staff

      Hi Anita,

      Thanks for your inquiry.

      You want to consider getting a kids bank account for your daughter. Some kids’ bank accounts offer bonus interest, and to earn this interest account holders have to meet certain criteria. These can include making minimum deposits each month and not making any withdrawals.

      Some such accounts offer competitive standard rates, and with these accounts your kids stand to earn interest without having to meet any deposit or withdrawal requirements. How your child can access funds depends on the chosen account.

      You can get more information on this page and compare your options.

      Best regards,
      Rench

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