ING Term Deposit Rates: Why “ING Direct” Is an Outdated Name

August 23, 2026 3 Min Read

ING term deposit rates show up under two different brand names online. Only one of them is current. Here’s the real rate table, and why some sites still call it “ING Direct” years after that name disappeared.

This bank is one of 19 compared in our Australia Term Deposit Rates comparison guide.

Quick Answer: ING Term Deposit Rates

ING’s current term deposit rates run from 5.00% to 5.30% per annum. The exact rate depends on the term. The 12-month rate, at 5.30%, is ING’s best rate. It actually beats the 24-month rate of 4.70%. That’s not a typo. Longer doesn’t always mean higher. Some older listings still call this bank “ING Direct.” That name was ING Australia’s old brand. It dropped the word “Direct” years ago. Anything still using that name is showing outdated information.

The Real Current Rate Table

3 months sits at 5.05%. 4 months dips slightly to 5.00%.
6 months climbs to 5.20%. 7 months drops back down to 5.00%.
9 months sits at 5.10%. 11 months drops to 5.00%.
12 months is the best rate on the table, at 5.30%. No other term beats it.
24 months actually pays less, at 4.70%. This is lower than the 12-month rate, a real non-monotonic quirk.

“ING Direct” Is an Outdated Name

ING Australia dropped “Direct” from its branding years ago. The bank now goes by “ING” alone.
Some pages still use the old name. A ProductReview listing still sits at the URL “ing-direct-term-deposit.”
A comparison site’s page title also still says “ING Direct.” That’s a real, checkable sign the content hasn’t been refreshed.
If you see “ING Direct” today, treat it with caution. It likely means the page is old and its rate figures may be stale too.

Why 12 Months Beats 24 Months

This isn’t a mistake. Banks sometimes set a shorter-term “special” rate higher than a longer one to attract deposits at a specific length.
Don’t assume longer always pays more. ING’s own table proves that assumption wrong right now.
Check the whole table before committing. A 24-month term might feel like the safer, higher-paying choice, but right now it isn’t.
This pattern shows up across other banks too. It’s worth checking the full rate table every time, not just the top-line number.

Why Headline Rates Differ Slightly Across Sites

One comparison site quoted 5.30%. Another quoted 5.20%.
This likely comes down to timing. Comparison sites don’t always update at the same moment ING changes its rates.
ING’s own current table is the most reliable source. Always confirm there before applying.
A small gap between sites isn’t unusual. But it’s worth knowing which number is actually current.

FAQ: ING Term Deposit Rates

What is ING’s highest term deposit rate?
5.30% per annum for a 12-month term. That’s currently ING’s best rate on the table.

Is “ING Direct” the same as ING?
Yes, but it’s an outdated name. ING Australia dropped “Direct” from its branding years ago. Pages still using that name are showing old content.

Do ING’s term deposit rates increase with longer terms?
No. The 12-month rate (5.30%) actually beats the 24-month rate (4.70%), a genuine exception to the usual pattern.

Why do different sites show different ING term deposit rates?
Comparison sites update at different times, so their snapshots can differ slightly from ING’s current live rate.

Is ING’s term deposit product different from ING Savings Maximiser?
Yes. Savings Maximiser is a variable-rate savings account. A term deposit locks in a fixed rate for a set period.