What's New - ING DIRECT Business Term Deposits (suitable for DIY Super Funds) Review

Review - ING DIRECT Business Term Deposits (suitable for DIY Super Funds)

Product launched 1 Mar 2009. Review published 17 Jun 2009. Please read our disclaimer.

ING DIRECT provides a safe DIY Super investment with guaranteed returns, for greater peace of mind.

The stories of people who have been burnt by the stockmarket collapse have left investors well aware that what goes up, can come down much faster. The lesson that balance in the portfolio provides a degree of protection has been reinforced.

Term Deposits are a reliable way to guarantee your return by locking in an interest rate return for a set period, with funds committed through to a fixed maturity date.

The ING DIRECT Business Term Deposits are products specifically targeted at businesses and DIY Super Funds (or Self Managed Super Funds). They are easy to open and maintain, and provide a quick, straightforward medium for the cash component of a DIY Super Fund.

WHO DOES THIS SUIT?

ING DIRECT Business Term Deposits are open to registered Australian businesses, as well as DIY super trusts. DIY super cash investments suit investors looking for an online, easy to manage solution for the cash component of their DIY Super Fund investment portfolio.

USEFUL LINKS

HOW DOES IT WORK?

ING DIRECT Business Term Deposits keep the super investing process simple, whilst providing competitive returns.

To open the product, investors are required to verify three things – the entity (their business or super trust), the people operating the account, and the linked bank account. Existing customers who hold an ING DIRECT Business Optimiser account do not require any further documentation. You can apply for an ING DIRECT term deposit online. Combining an ING DIRECT Business Optimiser at call savings account with a series of ING DIRECT Business Term Deposits allows you to invest your DIY super with a range of options, with no ING DIRECT fees. Business Term Deposits can also be linked to an external bank account.

FEATURES & INNOVATIONS *

No ING DIRECT fees
Combined balances up to $1 million per customer are guaranteed by the Government for free until 12 October 2011
Simple application process
Competitive interest rates (see preceding graph)
30 day, 90 day, 180 day, 1 year, and 2 year terms available
Can link to an eligible high-interest, ING DIRECT Business Optimiser account
Bi-annual statements
Each business/DIY superfund can hold up to 9 different Business Term Deposits at any one time

* Additional terms, conditions and qualifications apply.

THINGS TO CONSIDER

With any Term Deposit, there is a need to be realistic about the amount of money you can afford to invest and the term you can afford to invest it for, otherwise you may sacrifice a portion of the interest if you require an early withdrawal.

Minimum deposit of $10,000 required, with no ability to deposit additional funds during the term.

The linked bank account must be in the same name as the Business Term Deposit account.

As with all term deposits, investors are protected from interest rate falls, but do not get the benefit of interest rises during the term of the deposit.

When the depositor applies for an account, they nominate what will happen to the deposit at the end of the term. They can change these instructions at any time during the term up to 2 business days before the end of the term.

ING DIRECT Business Term Deposits are open to registered businesses and DIY super trusts (not public companies, bare trusts or unincorporated associations). However, ING DIRECT offers comparable products for personal use too with the same term options, no fees and the same government guarantee applicable.

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