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SMSF Term Deposit

SMSF Term Deposit

SMSF Business Term Deposit

A fixed interest rate for your SMSF with a Business Term Deposit. You choose the timeframe

Features

Why open a Business Term Deposit for your SMSF?

Fixed interest rate

Get a fixed interest rate for the timeframe of your choice on deposits of $10,000 or more.

Know your savings are guaranteed

Combined savings balances up to $250,000 per customer are guaranteed by the Australian Government.

Pay no ING fees

With every cent deposited earning you interest with no fees, all your money gets the chance to grow.

Invited to join an application?
Open a Business Term Deposit for your SMSF
Rates and fees

No ING fees, fixed rates

Get fixed interest rates on deposits of between $10,000 and $10 million.

Term
Interest Rates

90 day rate

120 day rate

180 day rate

210 day rate

270 day rate

330 day rate

1 year rate

2 year rate

Invited to join an application?
Open a Business Term Deposit for your SMSF
How to get started

Put your SMSF Term Deposit to work

1. Open your term deposit

Open a Business Term Deposit online or by downloading a form. Existing Business Term Deposit or Business Optimiser account holders may be able to open additional accounts over the phone.

2. Choose your maturity option

Tell us what to do with your money when the term ends. You’ve got three options to choose from.

3. Grow your SMSF savings

Rollover your principal and interest to see your SMSF savings grow.

When opening your account:
You must be

A registered SMSF

An Australian resident for taxation purposes

18+ years old (applicant plus all signatories)

Have a minimum deposit of $10,000

If your SMSF already holds an open Business Term Deposit or Business Optimiser, you might be able to open additional accounts by contacting us on 133 464.
You'll need to give us

Your personal and business contact details, as well as contact details for all trustees and authorised users if applicable

Business bank account details (to link to your Business Term Deposit). Please note, the ING Orange Everyday is a personal bank account and can't be linked to your Business Term Deposit

An Australian Business Number (ABN), Tax File Number (TFN) or exemption code (otherwise tax is deducted at the highest marginal rate)

A certified copy of the trust deed

Invited to join an application?
Open a Business Term Deposit for your SMSF

Early withdrawal interest amount

Because life changes, your term deposit can too. See the table below to check the interest rate reduction that will apply if you choose to close your term deposit before the maturity date. To close your account before the maturity date, just give 31 days notice (except in the case of financial support) by calling 133 464.

Percentage of time elapsed at termination date
Interest rate reduction as percentage of your term deposit interest rate

0% to less than 20%

90%

20% to less than 40%

80%

40% to less than 60%

60%

60% to less than 80%

40%

80% to less than 100%

20%

Interest will be calculated from the date your account was opened to the date it is closed by applying the interest rate applicable on opening day less the following interest rate reduction.

Related questions

Got a question about SMSF Business Term Deposits?

Chances are, you'll find the answer in our FAQs.
Here are some of the more common questions we get asked.

  • You can open a Business Term Deposit online.

    Before you start, make sure you:

    • are at least 18 years old and an Australian resident
    • have a minimum deposit of $10,000
    • have an Australian driver's licence or passport
    • have an Australian bank account in the same name as the term deposit. This can be an ING Business Optimiser or an external account held with another Australian Financial Institution.

    Apply online

    1. Select the entity type (e.g. individual trustee or company trustee).
    2. Enter the required business details.
    3. Choose your term and investment amount.
    4. Provide your term deposit maturity instructions.
    5. Add your nominated bank account (this is the account used to fund your term deposit and receive funds at maturity).

    Your nominated bank account must:

    • be in the same name as the term deposit
    • accept direct debits and credits
    • have enough funds for the investment amount
    • not be an ING account, except the Business Optimiser

    We'll review your application and contact you if we need more information.

    When your application has been approved, we'll direct debit the funds from the account that you nominate on your application.

    We'll also send you a letter with your Business Term Deposit details.

    If your trust or SMSF already holds an open Business Term Deposit or Business Optimiser account, you may be able to open additional accounts by contacting us on 133 464.

  • Yes, you can open a Business Term Deposit if you’re an existing ING customer.

    If you are an ING personal banking customer, and your business is not yet known to us, you can apply for a Business Term Deposit either by applying online using our digital application process, or, you can submit an application by email by selecting “Download forms".

    If your business is already known to us, you can choose to apply online or alternatively, if you already hold an open Business Optimiser or Business Term Deposit, you can call us to open an additional account over the phone.

  • All deposits to a Business Term Deposit account are made via direct debit from the linked bank account you nominate during the application process. Your term deposit will be funded once your application and direct debit has been processed.

    You can choose to nominate an external bank account or an ING Business Optimiser.

    Your nominated bank account must:

    • Be in the same name as the term deposit
    • Accept direct debits and credits
    • Have enough funds for the investment amount
    • Not be an ING account, except the Business Optimiser
Need help? Call our Customer Care Specialists on 133 464.