Summary

Get a competitive interest rate for your SMSF and choose a term length that suits you.

To open a SMSF Term Deposit with ING, you need to open a business term deposit. The minimum investment amount is $10,000, and you can choose a term length that suits you from three months to two years.

As a business / SMSF customer, you need to have a minimum combined balance of $50,000 across any ING Business Optimiser and ING Business Term Deposit accounts held in your business entity's name (or SMSF name).

Pros

Fixed interest rate
Term lengths from three months to two years
Reliable, predictable returns
No account keeping fees

Cons

Minimum combined balance of $50,000 across business accounts

Details

Key details

Product Name	ING SMSF Term Deposit
3 month interest rate	0.50%
4 month interest rate	0.50%
6 month interest rate	1.50%
7 month interest rate	0.80%
9 month interest rate	1.70%
12 month interest rate	2.00%
24 month interest rate	2.40%
Minimum Opening Deposit	$10,000
Minimum age requirement	18
Government guarantee	Yes

Eligibility

Minimum Age Requirement	18
Joint account availability	No
Min Deposit	$10,000
Available to children	Not available for children

2nd most Loved brand in 2024 Customer Satisfaction winner

ING

ING came in second place for the customer satisfaction award with an overall score of 4.48 out of 5. Finder Banking Satisfaction Awards 2024.

Key features

$0 Account keeping fees

There are no monthly fees charged on the account.

Guaranteed by the Australian Government

Balances of $250,000 per customer is covered by the Government Guarantee.

What interest rate do I receive?

The interest rate that applies to your SMSF term deposit is the interest rate that is current on the date the term deposit is opened.

What's the maximum amount I can have in a SMSF term deposit?

The maximum amount is $10 million.

Is there a minimum balance?

You can open a term deposit with $10,000 or more. However, you need to maintain a minimum combined balance of $50,000 across any Business Optimiser and Business Term Deposit accounts held in your business entity's name.

What range of terms are available?

You can choose from the following terms: 90 days, 120 days, 180 days, 210 days, 270 days, 330 days, 1 year and 2 years.

Can be linked to any Australian business bank account or ING Business Optimiser account

The linked account for your SMSF term deposit must be an external business account or ING Business Optimiser. Unfortunately ING doesn't accept credit cards or passbooks. Compare other ING products here.

31 days notice to access your term deposit early

If you need to access your funds before the maturity date, you will need to give at least 31 days advance notice. Interest rate penalties will also apply.

What happens when my SMSF term deposit matures?

When you apply for your term deposit, you'll be asked to choose from the following maturity options: renew principal and interest, renew principal only or close the term deposit. When the term deposit matures, there is a seven-day grace period should you change your mind.

This article discusses the key features associated with ING SMSF Term Deposit. Users are requested to read all scheme-related documents carefully before applying.

Launch term deposit calculator

How to apply

You can open a term deposit online in less than 15 minutes.

Eligibility

Minimum age. You must be over 18 years old.
Residency requirements. This account is for Australian residents only.

Depository requirements. You must be prepared to invest at least $50,000.
SMSFs only. This account is for SMSF or business use, not for personal customers.

Documentation needed

Having the following documentation next to you as you fill in the application will ensure that ING has all of the information they need:

Tax file number. You are not required to provide your tax file number (TFN) but it does enable ING to withhold tax on your earnings at the correct rate.
Identification. Your identity will have to be verified online using information from your Australian passport, Driver's Licence or Medicare Card.

Compare other SMSF term deposit accounts

1 - 6 of 31

Name	3 Mths p.a.	4 Mths p.a.	5 Mths p.a.	6 Mths p.a.	7 Mths p.a.	11 Mths p.a.	12 Mths p.a.	24 Mths p.a.
Judo Bank SMSF Term Deposit	3 Mths p.a. 5.00%	4 Mths p.a. -	5 Mths p.a. -	6 Mths p.a. 5.15%	7 Mths p.a. -	11 Mths p.a. -	12 Mths p.a. 5.00%	24 Mths p.a. 4.75%	Go to site More Info Compare
Beyond Bank SMSF Term Deposit $100,000 min. deposit$5,000,000 max. deposit	3 Mths p.a. -	4 Mths p.a. -	5 Mths p.a. -	6 Mths p.a. -	7 Mths p.a. -	11 Mths p.a. 4.95%	12 Mths p.a. -	24 Mths p.a. -	Compare
ING SMSF Term Deposit $10,000 min. deposit	3 Mths p.a. 0.50%	4 Mths p.a. 0.50%	5 Mths p.a. -	6 Mths p.a. 1.50%	7 Mths p.a. 0.80%	11 Mths p.a. -	12 Mths p.a. 2.00%	24 Mths p.a. 2.40%	More Info Compare
Australian Unity SMSF Term Deposit $5,000 min. deposit	3 Mths p.a. 4.60%	4 Mths p.a. 1.10%	5 Mths p.a. 1.10%	6 Mths p.a. 4.65%	7 Mths p.a. 1.45%	11 Mths p.a. 1.70%	12 Mths p.a. 4.50%	24 Mths p.a. 3.90%	Compare
Rabobank Term Deposit (SMSF) $1,000 min. deposit$2,000,000 max. deposit	3 Mths p.a. 4.85%	4 Mths p.a. -	5 Mths p.a. -	6 Mths p.a. 4.90%	7 Mths p.a. -	11 Mths p.a. -	12 Mths p.a. 4.75%	24 Mths p.a. 4.20%	More Info Compare
Macquarie Bank Term Deposit $5,000 min. deposit$999,999 max. deposit	3 Mths p.a. 4.95%	4 Mths p.a. 4.90%	5 Mths p.a. -	6 Mths p.a. 4.90%	7 Mths p.a. -	11 Mths p.a. -	12 Mths p.a. 4.85%	24 Mths p.a. 3.90%	More Info Compare

Showing 6 of 31 results

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ALEXANDRA

July 17, 2018

Hi, can I open 1-year term deposit my the name of 14 YO daughter? advert rate is 3%, is it correct?

Arnold

July 17, 2018

Hi Alexandria,

Thanks for your inquiry

Yes, the ING SMSF term deposit allows you to open a term deposit for children below 18. You may open an account online by visiting ING’s website.

Hope this information helps

Cheers,

Arnold

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ING SMSF Term Deposit

Pros

Cons

2nd most Loved brand in 2024 Customer Satisfaction winner

ING

Key features

$0 Account keeping fees

Guaranteed by the Australian Government

What interest rate do I receive?

What's the maximum amount I can have in a SMSF term deposit?

What range of terms are available?

Can be linked to any Australian business bank account or ING Business Optimiser account

31 days notice to access your term deposit early

What happens when my SMSF term deposit matures?

This article discusses the key features associated with ING SMSF Term Deposit. Users are requested to read all scheme-related documents carefully before applying.

Launch term deposit calculator

How to apply

Eligibility

Documentation needed

Compare other SMSF term deposit accounts

Your reviews

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