ING Term Deposits

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If you’re looking for a way to invest money for a set period at a fixed interest rate, then you might be interested in learning more about ING’s term deposits.

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What terms are available on ING term deposits?

According to ING, it offers term deposits with terms (the length of time your money is deposited) ranging from 90 days to two years.

You can use Canstar’s term deposit calculator to help you work out what term length might be suitable for you. One factor to consider is that longer terms typically come with higher interest rates, but you would have to wait longer to benefit from the higher interest rate that can come with reaching the maturity date.

When deciding on a term deposit, it’s a good idea to carefully consider the length of the investment term, as some products may charge a fee and require a certain notice period if you need to access your money early.

When is interest paid on ING term deposits? 

Interest is paid on ING term deposits at the end of the term (at maturity), or on the term deposit anniversary each year if the term is more than one year or the deposit is rolled over.

Does ING have a notice period and charge an early withdrawal fee for withdrawals?

At the time of writing, ING requires you to provide notice of 31 days if you wish to access your money early. If you have less than 31 days remaining on your term, ING says the earliest you can access your money is at maturity (if hardship does not apply).

ING charges an interest rate reduction if you withdraw your money before the end of the term. For example, according to ING, if less than 20% of your term has been completed then they will apply a 90% interest rate reduction.

ING’s website and Product Disclosure Statement provide more information on any interest adjustments or other early withdrawal penalties that may apply.

Does ING charge any other fees for term deposits?

At the time of writing, no additional fees were listed by ING in relation to its term deposits.

For current information on fees and how they apply, please check the Product Disclosure Statement or contact ING.

How to apply for an ING term deposit

Before applying for an ING term deposit, aim to first compare it against other term deposits on the market to ensure it is the right one for you.

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If applying, consider ING’s eligibility criteria (below) and what you might need to have on hand, such as:

  • Your TFN (Tax File Number)
  • Proof of ID, such as your driver’s licence or passport
  • Personal details, including your residential address, contact information and potentially information on your current job

If you’re applying for a term deposit on behalf of a business, self-managed super fund or other type of entity or organisation, you may need to supply different documents to those listed above. The terms and conditions that apply to your term deposit may be slightly different.

To see if you can apply online for an ING term deposit, just check to see if ‘apply online’ is ticked in Canstar’s term deposit tables and visit  ING’s website.

Eligibility criteria

According to ING, when applying for a term deposit, you will need to meet the following eligibility criteria:

  • Personal Term Deposit must be in a personal name or names
  • You must be an Australian resident
  • You must be at least 13 years old
  • You must be investing a minimum deposit of $10,000
  • You must be willing to invest for a time frame within the minimum and maximum terms specified (see above)

What happens to an ING term deposit when it reaches maturity?

According to ING, when a term deposit reaches the end of its term, you can instruct ING to:

  • Renew your standard term for the same standard term
  • Renew your standard term for a different standard term
  • Renew your standard term to mature on a date selected by you
  • Renew your term deposit maturing on a date selected by you to a standard term deposit
  • Renew your term deposit maturing on a date selected by you to a new date selected by you
  • Close your term deposit and transfer the closing balance to your linked bank account

ING says it will act on instructions given up to one business day before the maturity date. ING says if you do not provide instructions, it will transfer the closing balance to your linked account.

About ING

ING Direct was founded in 1999 as a subsidiary of the Dutch multinational bank, ING Group.

Today, ING Direct claims to have over 1.5 million customers. As a direct bank, ING Direct has no branches, operating primarily via phone and online banking. It is headquartered in Sydney.

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Written by: Tamika Seeto | Last updated: February 14, 2019