What is ING's best term deposit rate?

ING's best term deposit rate is 5.30% p.a. for 12 months. ING also offers strong short-term rates: 4.75% p.a. for 3 months and 5.05% p.a. for 6 months. The minimum deposit is $10,000.

What is the minimum deposit for an ING term deposit?

ING requires a minimum deposit of $10,000 for term deposits — higher than the $5,000 minimum at most big-four banks and other challengers. There is no stated maximum for standard personal deposits.

Is ING a safe bank in Australia?

Yes. ING Bank (Australia) Limited is an APRA-regulated Australian ADI (authorised deposit-taking institution). Deposits up to $250,000 are protected under the Government's Financial Claims Scheme. ING is a subsidiary of the ING Group, headquartered in the Netherlands.

ING Term Deposit Review (2026)

Rates and details verified 3 October 2026

Rates can change without notice. Last verified: 3 October 2026 (AEST). Please confirm details on the bank’s official page.

Best rate

5.30%

p.a. for 12 months

Minimum deposit

$10,000

to open

3-month rate

4.75%

p.a. — strong for short terms

About ING Term Deposits

ING Bank Australia is a digital bank known for its Savings Maximiser high-interest account, but its term deposits are equally competitive. The 12-month rate of 5.30% p.a. places ING third among all providers on this comparison, behind only AMP Bank (5.40%) and Judo Bank (5.45%).

What sets ING apart is its short-term rates. At 4.75% p.a. for 3 months and 5.05% p.a. for 6 months, ING far exceeds the big-four banks at comparable terms — making it a strong choice for investors who don't want to lock in for a full year.

The main drawback is the $10,000 minimum deposit — double the $5,000 minimum at most other providers. ING is an APRA-regulated ADI and deposits are covered under the Government's Financial Claims Scheme up to $250,000.

Current Term Deposit Rates

Term	Rate (p.a.)	Notes
3 months	4.75%	At maturity — well above big-four 3m rates
6 months	5.05%	At maturity — strong 6-month rate
12 months	5.30%	At maturity

Minimum $10,000 applies across all terms. Check ING's website for the latest rates and available terms.

Pros and Cons

Pros

✓ Best short-term rates: 4.75% (3m) and 5.05% (6m)
✓ 5.30% for 12 months — third-highest among all providers
✓ APRA-regulated, Government deposit guarantee up to $250,000
✓ No establishment or management fees
✓ Trusted digital bank with strong savings track record

Cons

✗ $10,000 minimum — highest minimum of any provider we list
✗ 12m rate below Judo (5.45%) and AMP (5.40%)
✗ No branch network — digital only
✗ Early withdrawal conditions apply

How It Compares

AMP Bank Term Deposit (GO)
5.40% (12 months) — $5k min — highest 12m rate
Judo Bank Personal Term Deposit
5.45% (12 months) — $1k min
ING Term DepositReviewed here
5.30% (12 months) — $10k min — best short-term rates (3m/6m)
Suncorp Bank Term Deposit
5.40% (12 months) — $5k min
NAB Term Deposit
5.30% (12 months) — $5k min
CommBank Term Deposit
5.30% (12 months) — $5k min
Westpac Term Deposit
5.20% (12 months) — with online bonus, $5k min

→ Compare all term deposits

Related guides

View ING Term Deposit →

Information verified 3 October 2026. Rates and offers subject to change. Confirm current rates on ING's website before investing. This is not financial advice.