ING Business Term Deposit

Mozo snapshot:

Whether you’re a business or you run a SMSF, the ING Business Term Deposit could be a secure and rewarding place to park your cash. With a range of competitive interest rates, including up to 2.70% for a 1 year term, you’ll be onto a winner with ING - literally. That's because the Business Term Deposit took out 2019 Mozo Experts Choice Award in the best Term Deposit category. 

Key features:

When it comes to business term deposits, the interest rate comes first. And ING doesn’t disappoint, offering 2.70% p.a on a 1 year term and 2.65% p.a. on 2 year terms to name a few. Just bear in mind that all terms come with a minimum deposit requirement of $10,000.

Not only does the ING Business Term Deposit come fee-free, you’ll even be able to choose which bank account you’d like your interest to be paid into.  

At renewal time, ING gives you three different options to choose from. You can either reinvest the full balance or just the original deposit back into a term deposit of your choice, or you can close the deposit and have the balance transferred into you linked bank account.  

Need to take out your funds before maturity? Just remember that you’ll need to provide at least 31 days notice to ING if you do need to withdraw them early.

Who it's good for:

ING’s Business Term Deposit could be a great short term savings strategy for businesses and SMSF holders who are looking to boost their savings with a minimum amount of risk.