ING Term Deposit

1.90% p.a.1 year

yes

ING Term Deposit

1.90% p.a.1 year

yes

Mozo Review   ING Term Deposit Review

Last updated: 20 February 2020.

What's hot:
  • 1.90% p.a for a 1 year term

  • 2020 Mozo Experts Choice Award winner

  • 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 a wide range of term options and competitive interest rates ranging right up to 1.90% p.a. for a 1-year term - that’ll leave you wondering whether this account was specifically designed for you! Plus, ING even picked up a 2020 Mozo Experts Choice Award in the best Term Deposit category.

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 1.10% p.a. rate for a 3-month term, right up to 1.90% 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.

Who it's 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.

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 25 February 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
  • 1.10% p.a. ($10,000 to $5,000,000)

  • 1.75% p.a. ($10,000 to $5,000,000)

  • 1.80% p.a. ($10,000 to $5,000,000)

  • 1.10% p.a. ($10,000 to $5,000,000)

  • 1.80% p.a. ($10,000 to $5,000,000)

  • 1.10% p.a. ($10,000 to $5,000,000)

  • 1.90% p.a. ($10,000 to $5,000,000)

  • 1.90% 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
8.7/10
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.

    Read full review

    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
    Less
    Jen, New South Wales reviewed about 6 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.

    Read full review

    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
    Less
    Elizabeth, New South Wales reviewed about 6 years ago
  • Overall 10/10
    Excellent interest rates and customer service

    Great interest rates and excellent customer service.

    Read full review

    Great interest rates and excellent customer service.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Margaret, Western Australia reviewed about 6 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 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.

    Read full review

    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
    Less
    Gary, New South Wales reviewed about 6 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 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!

    Read full review

    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
    Less
    Mozo community reviewer, New South Wales reviewed over 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.

See ING term deposits

Promoted

Citi

Citi

Term Deposit

$250,000.00

Promoted

UBank

UBank

Green Term Deposit

$1,000.00

Promoted

Judo Bank

Judo Bank

Term Deposit

2.00% p.a.

$1,000.00

Promoted

UBank

UBank

Term Deposit

1.60% p.a.

$1,000.00

Promoted

Citi

Citi

Term Deposit

$250,000.00

Promoted

UBank

UBank

Green Term Deposit

$1,000.00

Promoted

UBank

UBank

Term Deposit

1.60% p.a.

$1,000.00