Q: What is a term account?

A Term Account is an account on which you deposit a fixed amount for a fixed period of time . At the end of that period the capital and interest will be automatically paid to the ING account of your choice (e.g. current account, savings account or invest account). You get a fixed interest rate. ING Term Accounts are linked to a reference account (ING Current Account or ING Invest Account). The titular holders, the proxy holders, as well as the powers of attorney, linked to the ING Term Account are identical to those linked to the reference account. At term, interest is paid into this reference account. For terms of more than one year, you automatically receive interest at the annual maturity date. Once opened, you can easily check the balance of your ING Term Account on your smartphone via the ING Banking app, on your computer with Home'Bank or at a branch.

Q: What are the advantages of a term account?

Fixed interest rate: the interest rate does not change. You know in advance how much your money will yield at the end. No entry and exit costs at the end maturity: you do not pay entry and exit costs at the end maturity, as is for instance usualy the case with investments. Various options: you choose how much and for how long you deposit your money in your term account. Visibility: you can easily consult your term account at any time in your ING Banking App or Home'Bank.

Q: What are the disadvantages of a term account?

The biggest disadvantage of a term account is that your money is blocked for the entire term. You can't withdraw it when you need a little something extra. You enjoy a fixed interest rate on a term account, which is usually an advantage. However, this can also be a disadvantage if the interest rate on regular savings accounts were to rise sharply.

Question 1

What is a term account?

Accepted Answer

A Term Account is an account on which you deposit a fixed amount for a fixed period of time. At the end of that period the capital and interest will be automatically paid to the ING account of your choice (e.g. current account, savings account or invest account). You get a fixed interest rate.

ING Term Accounts are linked to a reference account (ING Current Account or ING Invest Account). The titular holders, the proxy holders, as well as the powers of attorney, linked to the ING Term Account are identical to those linked to the reference account. At term, interest is paid into this reference account. For terms of more than one year, you automatically receive interest at the annual maturity date.

Once opened, you can easily check the balance of your ING Term Account on your smartphone via the ING Banking app, on your computer with Home'Bank or at a branch.

Question 2

What is the difference between a savings account and a term account?

Accepted Answer

The interest rate on a savings account can change at any time, while with a term account you enjoy a fixed interest rate for the entire term.
With a savings account you can deposit or withdraw money for free at any time. With a term account, the money is only available at the end of the term.

Question 3

What are the advantages of a term account?

Accepted Answer

Fixed interest rate: the interest rate does not change. You know in advance how much your money will yield at the end.
No entry and exit costs at the end maturity: you do not pay entry and exit costs at the end maturity, as is for instance usualy the case with investments.
Various options: you choose how much and for how long you deposit your money in your term account.
Visibility: you can easily consult your term account at any time in your ING Banking App or Home'Bank.

Question 4

What are the disadvantages of a term account?

Accepted Answer

The biggest disadvantage of a term account is that your money is blocked for the entire term. You can't withdraw it when you need a little something extra.
You enjoy a fixed interest rate on a term account, which is usually an advantage. However, this can also be a disadvantage if the interest rate on regular savings accounts were to rise sharply.

Question 5

Can you deposit extra money on a term account?

Accepted Answer

It is not possible to deposit money into a term account. However, you can open multiple term accounts with different amounts and durations at the same time.

Question 6

Can you withdraw money from a term account?

Accepted Answer

It is not possible to withdraw money during the term of the term deposit.

During the first 14 days after opening, you retain the right to close your ING Term Account free of charge. After this period of fourteen days, the ING Term Account can no longer be closed early, except in exceptional circumstances that must be assessed by ING. The bank will then make you a proposal, taking into account the possible damage it may suffer based on the market conditions at that time.

Question 7

Can I transfer funds that I have in an account at another bank to an ING Term Account?

Accepted Answer

You can transfer money from your account at another bank to your ING current account or ING Invest Account. Money available at ING can be used when opening an ING Term Account.