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 0.30% for a 2 year term, you’ll be onto a winner with ING - literally. That's because the Business Term Deposit took out 2020 Mozo Experts Choice Award in the best Small Business Term Deposit category.
When it comes to business term deposits, the interest rate comes first. And ING doesn’t disappoint, offering 0.25% p.a. on a 1 year term and 0.30% p.a. on 2 year terms. 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.
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.
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.
| 0.05% p.a. ($10,000 to $10,000,000) | |
| 0.07% p.a. ($10,000 to $10,000,000) | |
| 0.07% p.a. ($10,000 to $10,000,000) | |
| 0.10% p.a. ($10,000 to $10,000,000) | |
| 0.20% p.a. ($10,000 to $10,000,000) | |
| 0.22% p.a. ($10,000 to $10,000,000) | |
| 0.25% p.a. ($10,000 to $10,000,000) | |
| 0.30% p.a. ($10,000 to $10,000,000) |
| $10,000.00 | |
| $10,000,000.00 |
| yes | |
| yes | |
| 31 days notice required if customers want to withdraw their funds before the maturity date. | |
| none |
Different interest rates apply to different amounts or different interest payment frequencies.
Judo Bank
Term Deposit
0.99% p.a.
$1,000.00
Yes up to $250,000
Teachers Mutual Bank
Term Deposit
0.70% p.a.
$1,000.00
Yes up to $250,000
BankVic
Term Deposit
0.70% p.a.
$5,000.00
Yes up to $250,000
Judo Bank
Term Deposit
0.99% p.a.
$1,000.00
Yes up to $250,000
Teachers Mutual Bank
Term Deposit
0.70% p.a.
$1,000.00
Yes up to $250,000
BankVic
Term Deposit
0.70% p.a.
$5,000.00
Yes up to $250,000
