ING Term Deposit

1.70% p.a.6 months

yes

ING Term Deposit

1.70% p.a.6 months

yes

Mozo Review   ING Term Deposit Review

Last updated: 9 October 2019.

What's hot:
  • 1.65% p.a for a 1 year term

  • 2019 Mozo Experts Choice Award

  • No account fees

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 almost endless term options and competitive interest rates ranging up to 1.70% that’ll leave you wondering whether this account was specifically designed for you! Plus it's an award winner - picking up a 2019 Mozo Experts Choice Award for best Term Deposit. 

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 1.20% p.a. rate for a 3-month term, right up to 1.65% 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.

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.

Who it's good for:

With a minimum opening deposit of $10,000, the ING Term Deposit is a fantastic option for Aussies seeking the peace of mind in knowing their savings are in a safe and temporarily out of reach place, ready for whenever they’ll need it in the future.

Any catches?

Should you decide to go with the ING Term Deposit, keep in mind that while there are plenty 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 21 October 2019. 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
  • 1.20% p.a. ($10,000 to $5,000,000)

  • 1.65% p.a. ($10,000 to $5,000,000)

  • 1.70% p.a. ($10,000 to $5,000,000)

  • 1.20% p.a. ($10,000 to $5,000,000)

  • 1.70% p.a. ($10,000 to $5,000,000)

  • 1.20% p.a. ($10,000 to $5,000,000)

  • 1.65% p.a. ($10,000 to $5,000,000)

  • 1.65% p.a. ($10,000 to $5,000,000)

Other financial bits
  • $10,000.00

  • $5,000,000.00

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

How are ING term deposits rated by the Mozo community?

Overall customer rating
8.6/10
Price
8.6/10
Features
7.6/10
Customer service
8.2/10
Convenience
8.3/10
Trust
8.7/10

Latest reviews of ING Term Deposit

  • Overall
    10/10
    Can not fault this bank

    The most hassle free banking I have ever used. There were no negatives.

    The most hassle free banking I have ever used. There were no negatives.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10

    Jen | New South Wales

    reviewed over 5 years ago

  • Overall
    10/10
    Great customer service & competitive products

    I am happy with the service I received from them and I recommend other people to do the same.

    I am happy with the service I received from them and I recommend other people to do the same.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10

    Elizabeth | New South Wales

    reviewed over 5 years ago

  • Overall
    10/10
    Excellent interest rates and customer service

    Great interest rates and excellent customer service.

    Great interest rates and excellent customer service.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10

    Margaret | Western Australia

    reviewed over 5 years ago

  • Overall
    10/10
    The best service, highly competitive rates

    For a term deposit the rates are competitive and simply understood. This is something you can do...

    For a term deposit the rates are competitive and simply understood. This is something you can do yourself if you know your objective. Assistance by phone or email is available from well informed staff who never give you the impression that you've asked a stupid question.

    Price
    9/10
    Features
    9/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10

    Gary | New South Wales

    reviewed over 5 years ago

  • Overall
    10/10
    Secure, easy to use and awesome customer service!

    This bank was perfect for my needs when looking for a term deposit with a good rate. I feel safe...

    This bank was perfect for my needs when looking for a term deposit with a good rate. I feel safe when using it as it has a unique way of entering the online site and always asks me to provide my details before giving me access to my account. This gives me peace of mind. It has an awesome, easy to use phone app and it is linked directly to one account only and that is my personal everyday banking account! In the one instance that I did need to contact customer service, I found it easy to find contact details, was connected fast and my questions were answered comprehensively and to my high satisfaction!

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10

    Name not supplied | New South Wales

    reviewed almost 6 years ago

ING

About ING

ING is part of the ING Group, one of the world's largest financial institutions, but it isn't like other banks. ING pioneered branch-less banking in Australia, getting rid of branches and passing on the savings to customers in the form of better rates and lower fees. From high interest savings accounts and term deposits to low rate home loans, ING aims to keep your banking simple.

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