Estimate your investment growth based on current fixed interest rates.
Months
Years
At Maturity
Monthly
Annually
Total Interest Earned:$0.00
Final Balance:$0.00
Estimated Monthly Income:$0.00
Understanding ING Term Deposit Returns
A term deposit is a low-risk investment where you lock away a specific amount of money for a set period of time at a fixed interest rate. ING offers competitive rates for various terms, typically ranging from 90 days to several years.
How This Calculator Works:
Principal: The initial amount you intend to deposit.
Interest Rate: The fixed annual percentage rate (p.a.) offered by the bank.
Payment Frequency: If your term is longer than 12 months, you might choose to have interest paid monthly or annually. For shorter terms, "At Maturity" is the standard choice.
Example Calculation
If you deposit $25,000 for a term of 12 months at a rate of 4.90% p.a. with interest paid at maturity, your calculation would look like this:
$25,000 × 0.0490 = $1,225.00 in total interest.
Your total balance at the end of the year would be $26,225.00.
Key Considerations for Term Deposits
While term deposits offer certainty, remember that your funds are generally locked. Accessing your money before the maturity date usually incurs a notice period (often 31 days) and an interest rate reduction or "break fee." It is best to choose a term that aligns with your future cash flow needs.
function calculateTermDeposit() {
var principal = parseFloat(document.getElementById('depositAmount').value);
var ratePercent = parseFloat(document.getElementById('interestRate').value);
var termValue = parseFloat(document.getElementById('termValue').value);
var termUnit = document.getElementById('termUnit').value;
var frequency = document.getElementById('payoutFreq').value;
if (isNaN(principal) || isNaN(ratePercent) || isNaN(termValue) || principal <= 0) {
alert("Please enter valid positive numbers.");
return;
}
var rateDecimal = ratePercent / 100;
var termInYears = (termUnit === 'months') ? (termValue / 12) : termValue;
var totalInterest = 0;
var finalBalance = 0;
// Logic based on payment frequency
// Simplified standard calculation for term deposits:
// At Maturity: Principal * Rate * Time
// Monthly: Compound interest formula A = P(1 + r/n)^nt
if (frequency === 'maturity') {
totalInterest = principal * rateDecimal * termInYears;
finalBalance = principal + totalInterest;
document.getElementById('monthlyBreakdown').style.display = 'none';
} else if (frequency === 'monthly') {
var n = 12; // 12 times per year
finalBalance = principal * Math.pow((1 + rateDecimal / n), (n * termInYears));
totalInterest = finalBalance – principal;
var monthlyEst = totalInterest / (termInYears * 12);
document.getElementById('monthlyBreakdown').style.display = 'flex';
document.getElementById('monthlyValue').innerText = '$' + monthlyEst.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
} else if (frequency === 'annually') {
var n = 1; // Once per year
finalBalance = principal * Math.pow((1 + rateDecimal / n), (n * termInYears));
totalInterest = finalBalance – principal;
document.getElementById('monthlyBreakdown').style.display = 'none';
}
// Display Results
document.getElementById('resultArea').style.display = 'block';
document.getElementById('totalInterest').innerText = '$' + totalInterest.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('finalBalance').innerText = '$' + finalBalance.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
}