Your selected term deposits
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.
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
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.
Minimum $10,000 deposit. No account keeping fees. Terms from 3 months up to 2 years. Interest can be paid into a different bank. Balances up to $250,000 are guaranteed by the Australian Government. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
| 3 months | 4.85% p.a. | ($10,000 - $5,000,000) |
| 4 months | 4.85% p.a. | ($10,000 - $5,000,000) |
| 6 months | 4.95% p.a. | ($10,000 - $5,000,000) |
| 7 months | 4.65% p.a. | ($10,000 - $5,000,000) |
| 9 months | 4.65% p.a. | ($10,000 - $5,000,000) |
| 11 months | 4.60% p.a. | ($10,000 - $5,000,000) |
| 1 year | 4.95% p.a. | ($10,000 - $5,000,000) |
| 2 years | 4.40% p.a. | ($10,000 - $5,000,000) |
Your selected term deposits
I really banking with ING. I started out many years ago as they were giving customers $25 to join. I thought this was great. They always have the best interest rates. They are easy to get in contact with and very reliable for an online bank
Good bank and interest rates
Great service . Phone wait times are manageable and they now have 24/7 call centres Staff are always helpful and easy to talk to
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.
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.
Apply online through the bank’s website, via the ING app or over the phone.
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.
The minimum opening deposit for all ING term deposits is $10,000.
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.
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.
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.
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.
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.
* Different interest rates apply to different amounts or different interest payment frequencies.
^See information about the Mozo Experts Choice Term Deposit Awards
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