ING launches term deposit without the term

Investors can now access a term deposit without a lock-in period with the launch of the ANZ Flexible Term Deposit Fund through ING Australia’s OneAnswer.

With a highly competitive interest rate of 7.30 per cent p.a. for OneAnswer and 7.60 per cent p.a. for OneAnswer Select after platform fees and paid monthly, a key feature of this term deposit is that investors have no lock-period and no pre-set maturity to receive the rate. So forget 90 days, 180 days or even 365 day terms.

George Lytas, ING Australia’s Head of Product for Personal Investments said: “Current market volatility has seen an increased demand for cash deposit products, but rather than introduce yet another term deposit product ING decided to deliver a product with all the benefits of a term deposit, but without the key negative – the lock-in.

“The ANZ Flexible Term Deposit Fund is exclusive to OneAnswer and offers investors the security of a set interest rate plus, unrestricted access to their funds, and the flexibility to move that cash into any of the other 75 investment funds on OneAnswer.

“As a wholesale investor in ANZ bank deposits, OneAnswer is able to provide an innovative investment structure (the no lock-in) and a forward crediting rate so that investors know the interest amount five business days before the beginning of each month.”

The addition of the ANZ Flexible Term Deposit Fund on OneAnswer now allows an investor to manage a range of diversified and specialised funds through the one administration solution – reducing paperwork and consolidating statements for greater convenience.

The ANZ Flexible Term Deposit Fund is available from 1 July through OneAnswer Personal Super and Investment Portfolio.  The minimum initial investment for Personal Super is $2,000 and $5,000 for Investment Portfolio. Investors in these products can access the ANZ Flexible Term Deposit Fund with a minimum investment of $250.