ING term deposits

4.4
Based on 237 ING term deposit product reviews.
Fact Checked
Last updated

Overview

ING is part of the ING Group, one of the world's largest financial institutions, but it isn't like other banks. ING pioneered digital-only banking in Australia, operating without physical branches and passing on the savings to customers in the form of better rates and lower fees.

With an emphasis on simplicity, ING’s term deposits offer competitive interest rates and flexible terms, which can help savers to achieve their financial goals. Whether you’re saving for a big purchase, a home deposit, or a future investment you can choose between a range of term durations - from three months to two years - to suit your financial goals.

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Editor's review: ING Term Deposit

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Term Deposit

Interest rate
4.95 % p.a.
6 months
Minimum deposit
$10,000
Govt deposit guarantee
Yes
Up to $250,000
Link not supplied
  • Choose renewal option up to 1 business day before term maturity

  • No account fees

  • Substantial minimum deposit needed

  • Reduced interest rate if you withdraw before maturity

Our verdict

An ING Term Deposit may appeal to those looking for a secure way to grow their savings with guaranteed returns over a fixed period. You can choose a term duration ranging from three months to two years, with investments starting from $10,000 up to $5,000,000.

ING doesn’t charge any account fees. You may withdraw the entirety (but not part) of your deposit before the end of the term by providing 31 days notice. However, you will receive a lower interest rate for the period your funds were actually deposited. 

Be aware that if you’ve selected for your funds to roll over into a new term deposit at maturity, the new term deposit may have a lower interest rate.

While ING term deposits can be a helpful savings option, it’s a good idea to check out other choices that may offer better returns or more flexibility.

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can compare more term deposits here.
Last updated 8 December 2024 Important disclosures

ING term deposits

  • Term Deposit

    Interest rate
    4.95 % p.a.
    6 months
    Minimum deposit
    $10,000
    Govt deposit guarantee
    Yes
    Up to $250,000
    Link not supplied

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ING term deposit ratings

Overall customer rating for ING term deposits

4.4
Based on 237 product reviews.

Customer reviews

Important disclosures

FAQs

Is ING a safe place to keep my savings?

ING is an Authorised Deposit-taking Institution (ADI) regulated by the Australian Prudential Regulation Authority (APRA). This means your deposits are protected under the Australian Government's Financial Claims Scheme, ensuring that up to $250,000 is safeguarded.

Can I open a term deposit without being an existing customer?

Yes, you can open an ING term deposit without being an existing customer. You can link your term deposit to an external account at a different bank or financial provider.

What do I need to open a term deposit?
  • You must be at least 18 years old
  • Valid Australian driver's licence or passport
  • Australian residential address and phone number
  • ING client number and bank account details to link to your term deposit
  • A tax file number or exemption code (otherwise tax is deducted at the highest marginal rate)
How do I apply?

Apply online through the bank’s website, via the ING app or over the phone.

How many term deposits can I open?

You can open as many term deposits as you like. The combined total across all your term deposits is not permitted to exceed $5 million, whether the accounts are in individual or joint names.

What is the minimum deposit?

The minimum opening deposit for all ING term deposits is $10,000.

How do I set up online banking?

To set up online banking for an ING term deposit, visit the ING Australia website and register for online banking. Provide your personal details. Once registered, manage your account via your digital profile on the bank’s website or app.

Are there any fees?

While ING doesn’t impose any account fees, withdrawing your funds before the term ends will incur penalties. You can withdraw your entire deposit (but not a partial amount) before maturity. However, in this case, a reduced interest rate will apply.

How does the grace period work?

If your ING term deposit automatically rolls over, you’ll have a seven calendar day grace period from the day of maturity. During this time, you can withdraw or transfer your funds without incurring any fees or interest rate changes.

How do I request an early withdrawal?

You can only remove the entirety of your deposit. You’ll need to contact the bank and provide 31 calendar days notice. If your request falls within 31 calendar days of the term’s duration, you’ll need to wait until maturity to access your funds.

If you’re experiencing financial hardship, contact the bank to discuss your options.

How do I close my term deposit?

To close your ING term deposit, you can call customer service. Be prepared to provide your account details, and note that reduced interest penalties apply if you close the account before the maturity date.

ING products

Term deposit quick links


* Different interest rates apply to different amounts or different interest payment frequencies.

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