1 photo
ING Personal Term Deposit

ING Personal Term Deposit

3.0 from 11 reviews

See the Best Term Deposits in 2019 as rated by Australians on ProductReview.com.au.

Bye Bye, ING

If you do not look after your existing customer with a good saving maximiser rate, we have to say bye bye!!! There are more competitive online rate in the market.


Unethical for them to remove the Rollover Bonus on Existing Customers

I had gone with them on a couple of Term Deposits because of the Roll Over bonus after doing my sums. However, a few months into the terms, they informed that the Bonus rate will be removed. This is not right and deceptive advertising. I will be seeking an inquiry into this practice.


Term deposit

i had two yr term deposit 2.85%+0.1% bonus royal interest if keep doing it.
They cancelled the royal interest just in the sudden after 1 yr, i felt annoyed because i lost 0.1% interest rate. I applied for early termination, the guy mentioned i will get my money for total approx 41510 after 31 days. But after 31 days i only received 40880, i called and asked why, another staff mentioned it seemed computer error then will transfer to management team for further investigation. Then next day i called n spoke to one of their management term, they mentioned the amount i received was correct. i said how come the guy gave me wrong info and 630 huge differ. She listened to the record and still kept saying the guy didn't give me wrong info and said the guy said approximate but 630 differ approximate? I dun think so. And why another guy said it was computer error, i always thought i can get my 630 back. I will close all my account with ING. The manager kept saying they didn't give me wrong info of cos she said so becoz don't want to admit that then giving me 630 back! The manager just tried to cover their butt!!


If I could rate them zero I would

I’m a small investor who is medically retired and my term deposit is all the money I have. I wish I had considered all of my options prior to investing with ING. They were "clinical" with their dealings with me & their parameters for approval appeared to be extremely limited. There was no empathy & I believe I was treated unfairly.

I’ve had several previous term deposits with ING, once before needing to take part of my money prior to the due date with no drama, but this time once I invested my money with them it appears I lost all of my rights to it until after the due date.

Ok, you don't expect that you will need to break the deposit before the due date when you invest it, but sometimes things happen, a once in a lifetime opportunity comes up & you need some of your money back. Bad luck to me though, when this happened and I needed part of my money urgently before it matured & I couldn't prove to them that I would suffer financial hardship. Not only did I not get my money, I lost out on the once in a life time offer, lost a huge chunk of interest & suffered health wise because I dared to ask for some of my own money back.

I had to make an application to their "hardship collections team", which was declined, when I queried what else I needed to do, they advised I needed to provide specific documentation proof as to why I needed the money. I did as they asked and It felt like they made me beg & jump through hoops to get back MY OWN MONEY, only to have my application declined again because it didn’t fit into their very small parameters of their policy, even after supplying the required documentation they told me I needed to & doing exactly what they said to do.
When I asked to speak to the manager I was told " the answer would still be the same" and after pushing to be transferred, he was no help & hung up on me. Zero points for customer service.. I felt like I was being treated like a criminal the whole time dealing with the ING hardship collections team trying to get my own money back.

To rub salt in the wound they took away the majority of interest earnt during the period it was invested. Ok fair enough I expected a penalty on the 1 month period already served, but I dont think it should have applied to the additional 31 days they held my money for ransom. So basically from what I can work out they got to use my money for free during this additional 31 day period.

In my case from the $135 I should have received, I only received $27 for the 2 month period- 1 month it was invested for + their additional 31 days holding period-they took away $108 as penalty. Sound fair? I don't think so. I believe if they hold onto your money for ransom & get to use it for an additional 31 days they should pay the full amount of interest for that period, not a rip off percentage.

The people I dealt with had no empathy towards me & the several hereditary chronic illnesses I suffer with (the main one being heart disease) or my reasons for needing my money, weren't even a consideration at all in their "determination". It didn’t fit their very small parameters & that was that. No further correspondence will be entered into.
I was put through unnecessary stress that I can ill afford and I’ve been suffering more with health flare ups since because of it.

How times have changed since the days when I worked in a bank. The customer was always put first & health issues were always taken into account in the final decision regardless of their policies. They were treated as a every case was different basis.

It seemed to me that ING have forgotten that they were using MY money and that "my money" has helped them invest & earn huge profits for their shareholders. Apparently I was screwed by them with the help of ASIC government department who introduced this ridiculous “31 day rule”. Good on you ASIC for allowing ING to benefit more from my money than I have.
I would have thought that they receive enough profits to cover any downfall they might suffer and it shouldn’t be up to small investors to cover them. I’d wager a bet the 31 day rule doesn’t apply to any large businesses/corporations that invest their money.

Oh and when you try to make a complaint against them they offer the solution of going to the ombudsman. Yeah right......good luck with that. I was told my complaint can take up to 60 days to be dealt with and I still wouldn't get my money before the 31 days were up. That was a total waste of time & energy.

My experience with ING was dreadful & I won’t ever deal with this bank again. I've taken my money to a building society where they want you as a customer and show you some respect while using your money, plus they don't hold your money for ransom. The 31 day rule doesn’t apply to them & my money is covered in case of any financial downfall they might suffer. Win win situation I say.

Goodbye ING You’ll never have my business again.

All professionally handled - but be aware interest on 24 mo term deposit no paid annually.

Hard to rate as all contact was handled in a professional and friendly manner - however all the previous term deposits i had over 1 year term paid interest annually so assumed this was implied feature for all. ING 24 month term deposit interest paid on maturity, ie after 2 years vs annually. If this is factored into planning may well provide a 4-5 star experience as noted by others.

Excellent term deposit product. Good systems. Intelligent customer service. Decent rate.

I've used ING Direct term deposits for both personal and SMSF funds for some years, and am very satisfied.

Their rates are generally close to the best available, even before you include the 0.1% roll-over loyalty bonus. Their back office systems work reliably (both internet and iPhone app) and they communicate well (letter 3 weeks before maturity date; written confirmation of new TD; six-monthly statements at 31/12 and 30/6). Their customer service team are intelligent and empowered to take decisions. What more could I ask for?


I really like the ING direct savings account and term deposit accounts. They are easy to set up over the internet. Transferring savings out of other low paying bank accounts and getting much betting interest is always a great idea. It has one of the highest interest rates for term deposits as well which all adds up. A great tool to use when saving for a deposit on a house. The support staff are easy to get hold of on the phone and are very helpful.
Easy to use web site and very helpful support staff.
None I can think of.


After a potentially disasterous situation with another bank was narrowly avoided, I decided to open up a large term deposit with ING on a 6 month rate. They were very friendly and helpful on the phone and guided me through the steps of opening the account online. Everything went perfectly, the funds transferred through smoothly and I got a fantastic rate, so I'm very pleased so far. Website is easy to use and I can log on to see my interest accumulate every day if I want to.
Everything. Website easy to navigate and phone staff helpful
No cons so far.


good fixed in interest rate. excellent customer service by phone when i needed to break a term deposit early. setting up the term deposit is really easy and if you are an existing ingdirect.com.au customer you do not need to fill in any extra paperwork
good competitive rate of interest. really to set up online if you are an existing ingdirect customer
ing recently increased the minimum balance of their term deposits to $10,000. this is a real negative as it used to be great to be able to lock away smaller sums ($1000+) but they do not seem interested in these smaller deals now


I love ING, it has been the easiest banking experience i have ever had in my life. I started using their term deposits about 18 months ago and have been more than happy with the service. I like that interested is calculated daily so you get interest on interest. My only gripe is that lately they are not as competitive as other banks anymore and if you shop around there are other online based accounts that pay better rates of interest. I really hope ING pick up their game because i would love to continue to use their services.
Easy to use website and make the transactions
Rates are no longer competitive


ING are a great bank for their customers, but this is not one of their better products any more. It used to have really competitive rates but now it is just middle of the road. Really only worthwhile if you are already an ING customer and are looking for the convenience of having all your money in one place.
All the good things about ING in general - great customer service, reasonably competitive rates, easy to join.
The rates are not as competitive as they used to be back in the days when ING was in a class of its own. Better deals to be found elsewhere now.

Questions & Answers

Sorry, there are no questions yet.

ProductReview.com.au has affiliate partnerships. These do not influence our content moderation policies in any way, though ProductReview.com.au may earn commissions for products/services purchased via affiliate links.