Key features:
When it comes to business term deposits, the interest rate comes first. And ING doesn’t disappoint, offering 2.80% p.a on 7 month terms, 2.85% for 1 year terms and 2.90% for 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.
If you do decide to rollover your Business Term Deposit balance at maturity you’ll even be eligible for ING’s 0.10% loyalty bonus.
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.
Any catches?
Just bear in mind that ING’s Business Term Deposit does come with automatic rollover, which means you might end up on a lower rate after maturity. However, there is a 7 day ‘grace period’ after maturity during which you’ll be able to ensure you choose the best rate and term for your deposit.
