ING Direct has launched a new option for its term deposits, allowing customers to pick a date for the maturity of their investments at any time online.
New and existing customers can choose a maturity date between 30 and 365 days with the option to receive the interest earned at the end of the term and renew the original term deposit amount.
The innovation came as recent Canstar Cannex research found the personal term deposit market had grown by 112 per cent since 2007 — a growth of $114 billion. It currently makes up around 44 per cent of the personal deposit market.
