Home News ING announces new market leading term deposit rate

ING announces new market leading term deposit rate

ING has hiked its six month term deposit rate and now offers the highest return on market for such a stint.

First published on 17 Dec 2024

ING announces new market leading term deposit rate

From December 17, ING customers can earn 5.10% p.a. on six month term deposits of $10,000 or above.

This is now the highest six-month rate on the market, following Judo’s recent cut to its six-month return to 5.05% p.a. and narrowly edging out Heartland Bank and its 5.09% p.a. rate.

Heartland still offers 5.15% p.a. for nine month TDs.

This hike from ING is going against the grain – the Australian term deposit looks to be generally cooling as we close out 2024.

While the RBA kept the cash rate at 4.35% last Tuesday, a 'dovish pivot' in the accompanying statement saw market expectations on rate cuts shift.

As of 16 December, the ASX RBA rate tracker put the probability of a cut to 4.10% in February at 62%.

Shifting sentiment has seen Judo Bank and some other providers cut back term deposit rates recently, but this unexpected hike shows the outlook remains far from certain.

How much could you earn?

ING's top rate is available on balances from $10,000 all the way to $5,000,000, with interest paid at the term end.

If you opened an account tomorrow, here's how much you could earn on various sized deposits when the term concludes around June 2025.

Deposit Size	Interest After Six Months
$10,000	$255
$100,000	$2,550
$500,000	$12,750
$1,000,000	$25,500

Of course, these returns will be subject to your marginal tax rate.

Time to lock in?

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Looking for a fixed income investment? Check out some of the top term deposits in Australia

Deposit amount

Compare

Provider	Interest rate	Interest frequency	Term	Automatic Rollover	Maturity Alert	Early Withdrawal Available	Minimum Deposit	Joint Application	Online Application	as ofDecember 18, 2024

	5.05^%_p.a.	At Maturity	6_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	1000	$product[$field["value"]]	$product[$field["value"]]	More details
	SMSF Term Deposit - 6 months
SMSF Term Deposit - 6 months More details
	5.09^%_p.a.	At Maturity	6_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	25000	$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposit - 6 months
Term Deposit - 6 months More details
	5.05^%_p.a.	At Maturity	6_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	1000	$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposits - 6 months
Term Deposits - 6 months More details
	5.00^%_p.a.	At Maturity	6_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	25000	$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposit ($25,000+) - 6 months
Term Deposit ($25,000+) - 6 months More details
	5.00^%_p.a.	At Maturity	6_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	5000	$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposit - 6 months
Term Deposit - 6 months More details
	4.85^%_p.a.	At Maturity	6_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	5000	$product[$field["value"]]	$product[$field["value"]]	More details
	Macquarie Bank Term Deposit (<$1,000,000) - 6 months
Macquarie Bank Term Deposit (<$1,000,000) - 6 months More details

Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of December 18, 2024. View disclaimer.

Important Information and Comparison Rate Warning

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Harry O'Sullivan

Harry joined Savings in November 2022. With a degree in economics from the University of Queensland, Harry is interested in topics such as inflation and GDP, and is passionate about keeping Australians informed on the external factors that impact their personal finances.

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ING announces new market leading term deposit rate

How much could you earn?

Time to lock in?

SMSF Term Deposit - 6 months

SMSF Term Deposit - 6 months

Term Deposit - 6 months

Term Deposit - 6 months

Term Deposits - 6 months

Term Deposits - 6 months

Term Deposit ($25,000+) - 6 months

Term Deposit ($25,000+) - 6 months

Term Deposit - 6 months

Term Deposit - 6 months

Macquarie Bank Term Deposit (<$1,000,000) - 6 months

Macquarie Bank Term Deposit (<$1,000,000) - 6 months

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