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ING Direct 6.0% Interest on 6 Month Term Deposit ($10,000 Min) + $50 Visa Gift Card Bonus - No Fees

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ING Direct 6.0% Interest on 6 Month Term Deposit ($10,000 Min) + $50 Visa Gift Card Bonus - No Fees
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undercut on 11/10/2011 - 10:28 ingdirect.com.au (1078 clicks)
Last edited 11/10/2011 - 10:30

Just saw this on TV.
ING Direct are offering 6.0% interest on 6 month term deposits with a $10,000 minimum deposit.

Plus get a $50 Visa gift card as a bonus.

TERMS:

Term Interest rate
30 day rate 4.75% p.a.
90 day rate 5.60% p.a.
120 day rate 5.75% p.a.
180 day rate 6.00% p.a.
210 day rate 5.80% p.a.
270 day rate 5.80% p.a.
330 day rate 5.80% p.a.
1 year rate 5.80% p.a.
2 year rate 5.80% p.a.
Interest rates are current as at 02/09/2011 and are subject to change. The interest rates that apply to Personal Term Deposits are the interest rates that are current on the date the Term Deposit is opened.

T&Cs:
Interest rates are current as at 02/09/2011 and are subject to change. The interest rates that apply to Personal Term Deposits are the interest rates that are current on the date the term deposit is opened. The $50 Visa gift card offer is available until 19/11/2011 to new Personal Term Deposit customers, and is limited to one gift card per customer including joint accounts. To be eligible for the gift card, applicants must register their details on this site and open a Personal Term Deposit. The Visa gift card will be sent to your residential address within three weeks of your Personal Term Deposit being opened. Universal Visa Gift Cards are issued by Heritage Building Society Limited ABN 32 087 652 024. AFSL/ACL No. 24098. A loyalty bonus rate is added to the rate of the new Personal Term Deposit at renewal and is not cumulative. Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. You should read the Terms and Conditions booklet at ingdirect.com.au and consider if a Personal Term Deposit is right for you before making any decision. Personal Term Deposits are issued by ING DIRECT, a division of ING Bank (Australia) Limited ABN 24 000 893 292. ING DIRECT's colour orange is a trade mark of ING DIRECT and the ING Group of companies.

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closed Comments

  • [Deactivated] on 11/10/2011 - 10:33
    -1

    $10,000 min and poor interest rates. I understand these rates are locked in but even with ubank you would get a better rate.

    • overlook on 11/10/2011 - 11:07
      +3

      no you dont. UBANK 6 months term deposit is 5.81% if you talk about the saving account, please realise that your bank account interest rate will follow cash rate. So if tmr, RBA drop it to 5%, i am sure that ur ubank saving interest rate is 5.5% the most.

      i just rolled over my td like 2 weeks ago…dammit. why didnt this deal come out earlier…

      • 2stroksmokr on 11/10/2011 - 11:24
        -1

        Your response is just silly. Ubank all the way. RBA is fine.

        • mangew on 11/10/2011 - 13:38

          I am interested in a term deposit but like previous poster said, looks like its only 5.81% at best for a term deposit. ING at 6% looks better at the moment, Can you convince me why I should choose Ubank over ING? Everyone seems to be quoting 6.51% for Ubank but that is their savings account with $200/month deposits. Cannot compare a term deposit to a svaings account. I want a term deposit, you reckon they are negotiable?

        • overlook on 11/10/2011 - 14:37

          i would say no..especially banks are having too much money atm, where ppl dont take loan..which is why the rate dropped recently

      • [Deactivated] on 11/10/2011 - 14:45
        -2

        please read my reasoning where i say that a term deposit rate is locked in. I'm talking about the UBANK saver which is currently 6.51% and has been for some time.

        This rate unlike a term deposit offers flexibility like if i needed to access the cash in emergencies.

        Anyways everyone to their own, i guess this is a locked in rate and offers an advantage to those who don't want to be able to touch their money for 6 months…

    • SummerMan on 14/10/2011 - 05:52
      -1

      I agree.

  • Castrom8 on 11/10/2011 - 10:36
    +1

    Not bad for ING, especially when you consider the $50 gift card. But in regards to interest, Bankwest offers 6% all the time on their e-saver account every month you make no withdrawals. If you do, it's simply a bit less interest for that month. No minimum, no term. I've been having that account for many years now and am loving it.

    • Daniel15 on 11/10/2011 - 13:10
      +1

      I'm with UBank - They offer 6% even if you do withdrawals, and 6.51% if you deposit at least $200 per month.

  • [Deactivated] on 11/10/2011 - 10:38
    +1

    So ubank, virgin, rabo all offer 6.51% on savings account.
    the only clincher on this is possibly the $50 visa card subject to fees.
    But you're money is tied up for 6mths

  • Domingo on 11/10/2011 - 10:39

    I get 6.51% with UBank every month. Works out to $51 more a year on that minimum amount (simple interest, can't be bothered figuring out the compounding… but it would only make UBank come out even more ahead.)

    • djones145 on 11/10/2011 - 10:44
      +3

      it really depends on what you think RBA will do to interest rates

      some say they will drop on melbourne cup day
      and more in Dec
      which emans ubank and bankwest rates will fall

      some say they wont drop and remain as current

      for me, mortgage means no savings lol and i pray for a rate fall :P

      • Domingo on 11/10/2011 - 10:51

        If I wanted to play the rate game, I'd probably put my money into foreign currency rather than fiddle for the sake of a few dollars with fixed-term term deposits.

        • djones145 on 11/10/2011 - 10:55
          +1

          playing the FX game will lead to a lot of sleepness night :(

          i did that recently on a holiday
          not fun!

        • overlook on 11/10/2011 - 11:12

          you saying as if you really have the ability to earn alot in forex trading.

    • ozscharfschutze on 11/10/2011 - 10:53
      +3

      If you deposit the minimum $10000 for 6 months, getting an extra $50 is equivalent to an extra 0.5% at the time of deposit, making this deal's annual interest rate at 7%. Compounding won't make that much difference since the interest rate is pretty low.

      • [Deactivated] on 11/10/2011 - 14:26

        <confused> 6.0% + 0.5% = 7%?

        10k @ 6.51% paid monthly = $10,670.78 in 12mths
        10k @ 6% paid twice yearly = %10,609.00 in 12mths + $50 = $10659.00
        both assume interests for these deposits remain the same.

      • ufohunter on 11/10/2011 - 17:45
        +3

        The $50 card has the benefit of being tax free

  • bitcoinorbust on 11/10/2011 - 10:41
    -6

    deal sux

  • tuckertime on 11/10/2011 - 10:48
    +2

    if only it were 6% rather than 6% pa

  • Obs on 11/10/2011 - 10:54
    +5

    UBank $10k @ 6.51% compounded for 6 months = $329.95
    Ing $10k @ 6% for 6 months simple interested = $300 + $50 visa gift card bonus = $350.00

    Hopefully my maths is right.

    • [Deactivated] on 11/10/2011 - 10:58

      Yes, that is my calculation too. You will get $20 extra after 6 months and $50 upfront.

      • muzzamo on 11/10/2011 - 11:02
        +2

        i guess the only disadantage is that you have to spend the visa gift card on something, rather than leaving it in a savings account.

      • Domingo on 11/10/2011 - 12:10

        You mean $30 less after 6 months, but $50 upfront?

      • cateyneow on 12/10/2011 - 23:29

        yep i got the same result for the bal after 6 months:

        $10331.75 with ubank 6.51%

        with ING $10305.37 + $50 so thats $10355.37 ($20 bucks better off)

        In actual fact, if you commit to a $200 ASP w ubank per month you are inevitably getting 7%pa so after 6 months, you will have $10357.16

        Also, lets say this interest, on top of your job is taxed @ 30%

        Tax Payable for each option is:

        @ 6.51=3100
        @ 7.01=3107
        @ ING=3092 *gift card is not taxable

        so really, with ING you are better off by $20+$8 (from tax) =$28

        It boils down to: is it worth the hassle of setting a new thing up and doing the paperwork for $28!

        I'd prefer getting two free Tontine pillows this weekend instead of ING paperwork!

        • cateyneow on 13/10/2011 - 00:50

          oops paste the wrong column!! how do i delete a post!!

          yep i got the same result for the bal after 6 months:

          $10331.75 with ubank 6.51%

          with ING $10305.37 + $50 so thats $10355.37 ($20 bucks better off)

          In actual fact, if you commit to a $200 ASP w ubank per month you are inevitably getting 7%pa so after 6 months, you will have $10357.16

          Also, lets say this interest, on top of your job is taxed @ 30%

          Tax Payable and the amount to keep for each option is:

          @ 6.51=99.53; $232
          @ 7.01=107.15; $250
          @ ING=91.61 *gift card is not taxable; $214+$50@264

          so really, with ING you are better off by $32

          It boils down to: is it worth the hassle of setting a new thing up and doing the paperwork for $32!

          I'd prefer getting two free Tontine pillows this weekend instead of ING paperwork!

        • m0nkeycheese on 14/10/2011 - 23:10

          Its good if you are already a customer with them

    • tanoshiiki on 11/10/2011 - 11:01
      +1

      So roughly a bonus of $20 if taking up this offer.

      Other considerations:
      - The bonus is slightly less liquid than pure cash.
      - Will RBA revise rates downwards with UBank (or other similar providers) subsequently going down?
      - What if you need "emergency" access to your $10k during those 6 months?

  • VBO on 11/10/2011 - 10:59

    I's a better deal than Ubank
    And RBA is very likely to drop rate in 6 months time which makes this deal even better.

    • [Deactivated] on 11/10/2011 - 14:58

      but RBA doesn't set uBank rates

      • [Deactivated] on 11/10/2011 - 16:20
        +1

        Facepalm

  • leonheart1 on 11/10/2011 - 11:02
    -1

    I don't really get these term deposits.
    Why would you lock your money away for a lower interest rate than say the ubank saver at 6.51%?

    • SomeGuyOnOzB on 11/10/2011 - 11:39
      +4

      What the other guys said. If you are happy to spend $50 of your interest (ie the VISA card), then this works out to be 7.00% p/a.

      If you aren't happy to be spending that gift card, then you have to work out what the $50 spend is worth to you. (though since you can use a VISA gift card at many places, you can just spend it and take $50 less cash out of your savings for groceries)

      • m0nkeycheese on 11/10/2011 - 17:49

        This guy speaks the truth! Just take the visa to do your weekly shopping and then transfer the $50 you saved to your high interest account. Ive been an ING customer for many years and pending I can get this deal being a current customer im doing it ;)

        They are calling me back tomorrow if a current customer is eligible.

      • SomeGuyOnOzB on 18/10/2011 - 06:21

        Are current customers eligible? :)

        Though I definitely see what a lot of people are saying. The difference between the two isn't that much … where have all the bigger promotions gone? Oh well :)

    • leonheart1 on 11/10/2011 - 19:50

      Sorry, I didn't mean to neg vote, just that the damn SGS 2 is hard to use sometimes.
      Don't let the negs stop you from posting, OP! :D

  • allergic2work on 11/10/2011 - 11:15
    -1

    $10,000 min??? really???

    • m0nkeycheese on 11/10/2011 - 17:54
      +2

      Go back to Dollarmites then.. High rollers only :P

  • chickentaste on 11/10/2011 - 11:27
    -1

    yaaawn. Ubank FTW.

  • georgedn on 11/10/2011 - 12:04

    consider also that to get the Ubank 6.51%pa, you need to deposit an additional $200 each month.. otherwise its 6.01%pa

    • Domingo on 11/10/2011 - 12:11

      Where as the minimum term deposit is $10,000… If you have $10k in your term deposit, you can probably afford to deposit $200/month.

    • tanoshiiki on 11/10/2011 - 12:13
      +1

      You can always take the $200 out as well. It's not a requirement that the $200 increases the balance each month.

  • cuteduck on 11/10/2011 - 12:28
    +1

    It is Tax FREE for A$ 50

    • c64 on 11/10/2011 - 14:03
      +1

      you are supposed to declare all your income

      • ozblogger on 11/10/2011 - 15:39
        +1

        Not Taxed if its a GIFT :)

        • c64 on 11/10/2011 - 16:04
          +1

          yeah, it's called a gift card, but in the context of this promotion it's not actually a "gift"

  • dkslim on 11/10/2011 - 12:52
    -3

    Considering that there is a risk of losing your gift card, it's simply not worth it.

    • c64 on 11/10/2011 - 22:59
      +1

      you could say that for a $50 note sitting in your wallet as well.

  • [Deactivated] on 11/10/2011 - 14:59
    +1

    what about the fees associated with using the $50 visa gift card?

    • c64 on 11/10/2011 - 16:03
      +1

      none if you use at coles/iga/kmart/bunnings etc

  • Peccavi on 11/10/2011 - 16:21

    Do existing customers get the $50 visa gift card as well?

    • m0nkeycheese on 11/10/2011 - 16:42

      I would like to know too, I think ill call em

      • m0nkeycheese on 12/10/2011 - 20:22

        Existing customer ARE eligible YAY!

        • Peccavi on 12/10/2011 - 23:18

          Thanks for confirming that.
          So do you apply using that link above, or do you log in to your account first and apply from there?

        • m0nkeycheese on 14/10/2011 - 23:07

          Apply for the card, then open the account through ING. its pretty straight forward it tells you what to do

  • mangew on 11/10/2011 - 17:51

    Still people are rate comparing ING TD with a Ubank savings account they are entirely different types of accounts. I still do not see how Ubank TD beats ING TD at present. Please enlighten me on a TD deal that would beat this one as I am keen to invest moolah for a trust/beneficiary.

  • SrMoure on 11/10/2011 - 18:09
    -1

    BANK saver which is currently 6.51%

    • c64 on 11/10/2011 - 22:58

      yeah, but with the bonus $50 the ing deal works out to be better (assuming you can lock away $10k for 6 months).

  • Onyx1607 on 11/10/2011 - 19:52
    +1

    Herp der derp. Why so many incommensurable comparisons between a savings account and this term deposit offer?! It's two different financial instruments and I can't believe OzBargainers - presumably people who like to save money have somewhat of an idea of what to do with that money they're saving, can't figure out the difference between an at call bank account, with variable interest rates; and a fixed term deposit with a declared interest rate.

    According to infochoice.com.au, ING's offer of 6% is the second highest interest rate for a term deposit of $10k and 6mths. The only other credit union offering higher (6.15%) is MCU.

  • ccrap on 11/10/2011 - 20:48
    +1

    Good deal if you want the security of fixed rate for 6 months should rates fall AND are certain you will not need access to the money during that time.

    If those 2 conditions don't work for you, then get high interest online savings accounts with ubank/virgin/rabo which at ~6.51%.

    Simple. Having said that, appreciate the discussions around which product is more attractive in plain dollar terms.

  • shortgum on 12/10/2011 - 22:37

    good deal. an extra $50. but need to think how to arrange my $10K finance before 19/11

  • yht on 13/10/2011 - 10:04

    Is it only for new customer ? What about if you are their existing customer, will the offer be valid ?

  • shortgum on 14/10/2011 - 05:02

    Apply for this account just one day before the melbourne cup day would be best option. To see whether interest rate cut. But at the same time you locked in the 6% and just open the account within 3 weeks!

    • ccrap on 14/10/2011 - 18:08

      Good thinking - anyone see any issues with this?

      Only thing I can think of is that even if rates go down, with ASP bonus included, the uBank rate might be more (maybe 6.01?) and that would be without locking away your money for 6 months.

    • [Deactivated] on 30/10/2011 - 22:56

      Too late. rates already down to 5.8%

      • YadaYadaYada on 31/10/2011 - 22:27

        Crap I was going to take this up but now the interest rate drop means $20 loss if you deposit $10K.

  • YadaYadaYada on 24/10/2011 - 13:32

    Has anyone actually done this? What is the method for transferring funds to this account? Do you need to write a check or can you direct deposit into the account?

    • [Deactivated] on 30/10/2011 - 22:55

      direct debit from nominated account

  • shortgum on 31/10/2011 - 22:17

    the 5.8% is making this offer little to no benefit compare to ubank 6.51% montly compound interest. the difference is extra $6.93 include add $50 bonus.

    will see how much interest rate cut or different will make tommorrow.

  • SomeGuyOnOzB on 02/11/2011 - 20:55
    +1

    Ubank dropped to 6.11% (including the bonus saver) :S

    • TtiGeR on 02/11/2011 - 22:11

      Would love to see UBank defender's reactions.

      Last year, when RBA increased rate by 0.25%, UBank didn't move.

      This year, when RBA decreased rate by 0.25%, UBank decreased the base rate by 0.4%.

      Considering compound interest, a $42.375 decrease in pre-tax interest pa for 10K savings. Or a $105.938 decrease per month for 300K savings (comparing to typical 300K loan size).

  • jackofspade on 04/11/2011 - 18:44

    Has anyone receive the gift card?

    • mangew on 05/11/2011 - 08:10

      no not yet, but enquired and they replied: Will be sent to address on application 3 weeks after opening account for eligible customers.

  • shortgum on 18/11/2011 - 04:35

    5.7 now

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