ING Term Deposit Review (2026)
Rates and details verified 18 May 2026
Rates can change without notice. Last verified: 18 May 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 Judo Bank (5.45%) and AMP Bank (5.40%).
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
- Judo Bank: 5.45% for 12m, $1k min — highest 12m rate
- AMP Bank: 5.40% for 12m, $5k min
- ING: 5.30% for 12m, $10k min — best short-term rates (3m/6m)
- Suncorp: 5.30% for 12m, $5k min
- NAB / CommBank: 5.20% for 12m, $5k min
- Westpac: 5.10% for 12m (with online bonus), $5k min
Information verified 18 May 2026. Rates and offers subject to change. Confirm current rates on ING's website before investing. This is not financial advice.