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ING Business Term Deposit

Best rate (up to 1 year)
1.40% p.a.1 year
Interest paid to another bank?
yes

Mozo editorial review ING Business Term Deposit

Last updated: 14 May 2020.

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What's hot
  • 2020 Mozo Experts Choice Award winner
  • Up to 1.40% interest (1 year term)
  • No fees
What's not
  • Minimum $10,000 deposit required
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 1.40% for a 1 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. 

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Key features

When it comes to business term deposits, the interest rate comes first. And ING doesn’t disappoint, offering 1.30% p.a. on a 6 month term, 1.30% p.a on a 9 month term and 1.40% p.a. on 1-2 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.

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Who is it 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.

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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.

Details

Rates and fees information correct as at 5 June 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 0.70% p.a. ($10,000 to $10,000,000)

  • 1.00% p.a. ($10,000 to $10,000,000)

  • 1.20% p.a. ($10,000 to $10,000,000)

  • 0.70% p.a. ($10,000 to $10,000,000)

  • 1.20% p.a. ($10,000 to $10,000,000)

  • 0.70% p.a. ($10,000 to $10,000,000)

  • 1.40% p.a. ($10,000 to $10,000,000)

  • 1.40% p.a. ($10,000 to $10,000,000)

Other financial bits
  • $10,000.00

  • $10,000,000.00

Features
  • direct credit

  • 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.

Customer Reviews

This product is not currently reviewed.

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