Best rate (up to 1 year)
0.22% p.a.11 months
Minimum deposit
$10,000.00
Interest paid to another bank?
yes

Mozo editorial review ING Term Deposit - last updated: 5 February 2021

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What's hot
  • 0.25% p.a for a 2 year term
  • No account fees
  • Terms range from 3 months to 2 years
What's not
  • Top up at maturity only
  • Minimum opening deposit of $10,000
Mozo snapshot

If you’re on the hunt for something with a little more legroom than your stock standard term deposit account, then you’re in luck! The ING Term Deposit offers a wide range of term options and interest rates ranging up to 0.25% p.a. for a 2-year term. 

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Key features

Setting it apart from the rest, the ING Term Deposit offers an extensive variety of term options, starting from as little as 3 months right up to 2 years. As with most term deposits, the interest rates generally get better the longer you’re willing to lock your money away. ING starts with a 0.05% p.a. rate for a 3-month term, up to 0.25% p.a. for a 2-year term.

Should you choose to close your Term Deposit before it reaches maturity, although you won’t incur any additional account fees, your interest earned will be calculated by the rate which reflects the total term for which you held your account.

Another great feature about the ING Term Deposit is you have the freedom to have your interest paid into a different bank of your choosing once your account reaches maturity.

Keep in mind that you won’t be able to top up or withdraw funds from your Term Deposit account before its maturity date, which can actually be a blessing in disguise for self-sabotaging savers who find that temptation often gets the better of them.

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Who is it good for

With a minimum opening deposit of $10,000, the ING Term Deposit could be a fantastic option for Aussies seeking the peace of mind in knowing their savings are in a safe and temporarily out of reach place.

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Any catches

If you do decide to go with the ING Term Deposit, keep in mind that while this account offers lots of flexible options, as with any term deposit, after the account is opened you can’t alter the term length, top up your balance or access your funds until it reaches maturity without paying fees or penalties.

Details

Rates and fees information correct as at 4 December 2021. 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

0.05% p.a. ($10,000 to $5,000,000)

0.05% p.a. ($10,000 to $5,000,000)

0.07% p.a. ($10,000 to $5,000,000)

0.10% p.a. ($10,000 to $5,000,000)

0.18% p.a. ($10,000 to $5,000,000)

0.22% p.a. ($10,000 to $5,000,000)

0.22% p.a. ($10,000 to $5,000,000)

0.25% p.a. ($10,000 to $5,000,000)

Other financial bits

$10,000.00

$5,000,000.00

Features

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.

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