product disclosure statement

date: 1 June 2005

SavingsMaximiser

Term Deposit

INTRODUCTION 1What is the ING DIRECT Savings Maximiser and Term Deposit PDS? Features at a glanceMeanings of words used

GENERAL CONDITIONS FOR ALL ACCOUNTS 6

OPENING AN ACCOUNT 6How to open an accountIf more than one person opens an accountAccounts must be personal accountsMinimum age for opening an accountAccount opening checklist

JOINT ACCOUNTS 7Liability is individual and jointIf a joint account holder dies

ACCOUNTS OPENED AND/OR OPERATED BY ATTORNEYS 7

EXISTING BANK ACCOUNT 8

CLEARANCE OF CHEQUES 8

INTEREST RATES 8

NO ING DIRECT FEES 8

GOVERNMENT CHARGES 9

INTERACTIVE SERVICES 9Accessing your account using an Interactive ServiceTransactions permitted by an Interactive ServiceDeposit of fundsTransaction information

KEEPING YOUR CODES SECRET 11

LIABILITY FOR UNAUTHORISED TRANSACTIONS 12When you are not liableWhen you will have limited liabilityWhen you will be liableWarning: Account Aggregation ServicesLiability for unreasonably delaying notificationLiability caused by equipment malfunctions

CLOSING, AND STOPS ON YOUR ACCOUNT 14When we may place a stop on your accountHow your account may be closed

NO CREDIT 16You must not overdraw your accountWe may transfer money to cover any overdrawing

CHANGE TO CONDITIONS 16We may change these conditionsWe give you notice of any changesChange of name or addressChange of existing bank account

NOTICES AND RETURN MAIL 18

SPECIFIC CONDITIONS FOR SAVINGS MAXIMISER 18

Opening an accountInterestMaking depositsMaking deposits using the Interactive ServiceMaking deposits by chequeDeposits with an automatic savings planMaking withdrawalsStatement of accountCancelling or changing your instructions

SPECIFIC CONDITIONS FOR TERM DEPOSIT 22Opening an accountInterestMaking depositsMaking withdrawalsMaturity and re-investmentCancelling or changing your instructionsInvesting further funds on maturityStatement of account

OTHER IMPORTANT INFORMATION 26When we may actThe Code of Banking Practice The EFT CodePrivacy and ConfidentialityTax Implications, Tax File Numbers and Withholding Tax

WHAT TO DO IF YOU HAVE A CONCERN 27Contacting usWhat we will doWhat happens if we do not do thisWho else you can contact

DIRECT DEBIT REQUEST SERVICE AGREEMENT 301. Drawing arrangements. ING DIRECT’s commitment to you2. Your rights3. Your responsibilities

PRIVACY STATEMENT 321. Collection of your personal information from you or other sources2. Use and disclosure of your personal information3. Access to your personal information4. Receipt of further ING Group information

INTRODUCTIONWHAT IS THE ING DIRECT SAVINGS MAXIMISERAND TERM DEPOSIT PRODUCT DISCLOSURESTATEMENT (PDS)?This PDS gives you information to help you decide whetherthe ING DIRECT Savings Maximiser or Term Deposit willmeet your needs. Please read all sections of this PDScarefully before deciding to open a Savings Maximiseror Term Deposit.

If you decide to open an account, you should keep this PDSfor future reference. This PDS contains a summary of thekey features of the Savings Maximiser and Term Depositaccounts and also contains the terms and conditions thatapply to these accounts.

For more information please call ING DIRECT on 1800 502 192 or visit www.ingdirect.com.au

Some words used in this PDS have special meanings that areset out in the “Meaning of words used” section on page 4.

The information in this PDS is up to date as at 1 June2005. If this information changes and the changes arenot materially adverse, we will make this updated information available on our websitewww.ingdirect.com.au, or you can call us on 1800 502 192 to request a copy to be mailed to you.

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FEATURES AT A GLANCE

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Savings Maximiser

• No fixed term• No minimum deposit, withdrawal or balance• One variable interest rate on your entire balance• Interest rate may rise if market interest rates rise• No bank fees ever• 24 hour, 7 day access

Feature

Significant benefits

Interest rate may fall if market interest rates fallSignificant risks

No bank fees or charges everFees and charges

Current interest rates available on requestInterest rates

Calculated daily and credited monthly andwhen account closed

Calculation andpayment of interest

You may withdraw money from your account at any time

Withdrawal in advance of maturityand options at maturity

• Your account must be linked to no morethan one existing bank account withanother Australian financial institution

• You may transfer money to or from yourING DIRECT account by transferringmoney from or to your existing bankaccount

Existing bank account

Issued every three monthsStatement of account

• Your account can only be opened in apersonal name

• No more than two joint account holders• Only Australian citizens or permanent

residents may open an account

Significant accountconditions

If your Tax File Number or any applicable exemption is not provided,tax may be deducted at the highestmarginal rate plus the Medicare levyfrom interest earned on your account

Taxation implications

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Term Deposit

• One to five year terms (or as otherwise agreed)• No minimum deposit• One fixed interest rate on your entire balance• Protected from falling interest rates during the term• No bank fees ever• 24 hour, 7 day access

No access to increases in interest rates during the term

No bank fees or charges ever

Current interest rates available on request

Calculated and credited annually and at maturity

• You may withdraw all of your deposit before the end of the term.A reduced rate of interest may apply in these circumstances

• At maturity, you may renew all or part of your deposit (and maydeposit additional money) or transfer all or part of your deposit toyour existing bank account

• On maturity, unless you instruct us otherwise (at least one daybefore maturity date), your deposit is automatically renewed forthe same term as the maturing deposit

• Your account must be linked to no more than one existing bankaccount with another Australian financial institution

• Money withdrawn before or at maturity is transferred to yourexisting bank account

Issued every six months

• Deposit by cheque only• Your account can only be opened in a personal name• No more than two joint account holders• Only Australian citizens or permanent residents may open

an account

If your Tax File Number or any applicable exemption is notprovided, tax may be deducted at the highest marginal rate plus the Medicare levy from interest earned on your account

MEANING OF WORDS USED“Access Code” means the password you use to accessyour account using an Interactive Service.

“account” means your ING DIRECT Savings Maximiser orTerm Deposit.

“attorney” means a person authorised under a power ofattorney to act on your behalf.

“business day” means a week day except a national publicholiday or a public holiday in New South Wales.

“Code” means your Access Code or your Client Number.

“Client Number” means the number we give you to usewith your Access Code to use an Interactive Service.

“Direct Associate” means an ING DIRECT customer servicerepresentative.

“Direct Debit Request” means your signed authorisationform to withdraw funds from your existing bank accountand to credit them to your Savings Maximiser or any otheraccount you have with ING DIRECT. The Direct DebitRequest is referred to as the “DDR Schedule” in the DirectDebit service agreement.

“EFT Code” means the Electronic Funds Transfer Code ofConduct.

“EFT institution equipment” means any electronicequipment, electronic system, communications system orsoftware controlled or provided by, or on behalf of, aninstitution that subscribes to the EFT Code to facilitateelectronic funds transfers (that is, funds transfers initiatedthrough electronic equipment in relation to which a code,customer identifier, card or other device or component mustbe used).

“existing bank account” means an account held by you inAustralia with another financial institution acceptable to usand nominated by you in accordance with these conditions.

“ING DIRECT” means ING Bank (Australia) Limited (ABN 24 000 893 292) (AFSL 229823) of 140 Sussex Street,Sydney, New South Wales.

“Interactive Service” means any service we provide, or athird party provides on our behalf, that allows you to accessyour accounts electronically using a secret code (such as anAccess Code and/or personal identifiers). It includes ourinteractive telephone service and the ING DIRECT website.

“Temporary Access Code” means the initial Access Codewe give you to allow you to access your account using anInteractive Service until you select another Access Code.

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“unauthorised transactions” means any transaction fromor to your account conducted using an Interactive Servicethat is not authorised by you. It does not include anytransactions carried out by you or by someone else withyour knowledge and consent.

“us” and “we” means ING DIRECT.

“Welcome Letter” means the letter we send to you oncewe open your account that states your initial deposit andinterest rate for your account, your Client Number, youraccount number and your Temporary Access Code.

“you” means each person who opens an account. If there ismore than one, “you” means each of you separately andevery two or more of you jointly. “You” includes yoursuccessors and assigns.

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GENERAL CONDITIONS FOR ALL ACCOUNTS

OPENING AN ACCOUNT

How to open an accountTo open an account you, or your attorney (if your attorney is authorised to open an account), must:

• fill in and sign the documents we require, e.g. ourapplication form;

• provide the details we request concerning your existingbank account, e.g. a copy of a statement of your existing bank account which is not more than sixmonths old.

If more than one person opens an accountIf you open and hold an account with one other person, thisis called a joint account. An account cannot be opened inmore than two people’s names.

Accounts must be personal accountsAccounts can only be opened and operated by individuals intheir personal capacity. An account must not be opened oroperated for business, trade, superannuation or trusteepurposes or on behalf of a deceased estate. Accounts canonly be opened by Australian citizens or permanentresidents of Australia.

Minimum age for opening an accountYou must not open or operate an account if you are 12 years old or under.

Account opening checklistTo open an account you must ensure that:

• the account is in a personal name or names;

• you have provided your:

– Australian residential address– Australian telephone number (not a mobile phone number)– mother’s maiden name– date of birth– confirmation of your existing bank account details;

• your existing bank account is in the same name(s) as theapplicant(s), and you have provided us with:

– a cheque drawn on the existing bank account; or– a copy of the existing bank account statement (the

statement should not be more than six months old and cannot be a print out of an online record of the existing bank account).

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JOINT ACCOUNTS Liability is individual and jointIf you have a joint account you and your joint accountholder may operate the account independently of eachother. You are individually liable and jointly liable with yourother joint account holder to us concerning the account forboth:

• your share of an amount owing to us; and

• the share of an amount owing to us by your joint account holder.

This means that we can ask you (or your joint accountholder) for the whole of the amount owing to us (refer to“We may transfer money to cover any overdrawing” onpage 16).

If a joint account holder diesIf one joint account holder dies, we treat the balance of theaccount as belonging to the other living account holder.This is known as the right of survivorship.

ACCOUNTS OPENED AND/OR OPERATED BY ATTORNEYS

If an account is to be opened by an attorney on yourbehalf, the attorney must provide us with all documentsand details requested by us (refer to “Opening an account”on page 6).

If an account is to be operated by an attorney, the attorneymust:

• fill in and sign the documents we require, e.g. our powerof attorney application form;

• provide us with any documents or other information werequire; and

• give us the documents and other details we require concerning the appointment as attorney (such as an original or certified copy of the relevant power of attorney).

If you have appointed an attorney to open and/or operateyour account, you must ensure that your attorney complieswith the conditions of your account.

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EXISTING BANK ACCOUNT

You or your attorney must nominate an account withanother financial institution to use with any account youhave with us. We refer to this account as being your“existing bank account”. You may only have one existingbank account linked to your ING DIRECT account atany one time.

Your existing bank account must be held in Australia and bein the same name as your account with us. If you have ajoint account with us your existing bank account must alsobe in the same names as your joint account. If you haveauthorised an attorney to operate your account, theattorney must also be authorised to operate your existingbank account.

Your existing bank account is the account:

• from which we will transfer money, if instructed to make adeposit to your Savings Maximiser account; and

• to which we will transfer money, if instructed to withdrawmoney from your Savings Maximiser or Term Depositaccount, in accordance with these conditions.

CLEARANCE OF CHEQUES

When a cheque is deposited to your account, that moneycannot be used or withdrawn until we have cleared thecheque and the money becomes “cleared funds”.Clearance usually takes three to five business days.

If a cheque is dishonoured (that is, the bank on which it isdrawn refuses to pay the value of that cheque), then wedebit your account for the amount of that cheque and anyinterest that has accrued on that amount which has beencredited to the account.

INTEREST RATES

Information about current interest rates for all accounts isavailable from ING DIRECT and will also be set out in yourstatements of account.

NO ING DIRECT FEES

There are no bank fees payable on your account. You may,however, incur fees on your existing bank account whenyou transfer funds between your existing bank account andyour ING DIRECT account. To find out whether any suchfees apply, please contact the financial institution whereyour existing bank account is held.

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GOVERNMENT CHARGES

All government charges will be debited to your account. At the date of this PDS there are no government chargesassociated with the accounts. However, the governmentmay introduce charges in the future. You can obtain detailsof current government charges (if any) by calling ING DIRECTon 1800 502 192.

INTERACTIVE SERVICES

Accessing your account using an InteractiveServiceYou can use your Client Number and Access Code to accessyour account using an Interactive Service. We will supply youwith your Client Number and a Temporary Access Code. Thefirst time that you use an Interactive Service, you will berequired to select a personal Access Code. The InteractiveService will provide you with instructions to follow in order toselect your personal Access Code. Once you have selectedyour personal Access Code you will be able to use theInteractive Service. You may also access your account bycalling a Direct Associate and providing your Client Numberand answering key identity questions.

You authorise us to act on your, or your attorney’s,instructions in relation to any transaction. If it is not possibleto carry out these instructions the transaction will not beprocessed. We can defer processing a transaction or seekfurther information from you or your attorney beforecarrying out an instruction. Instructions can only becancelled or changed in accordance with these terms (referto “Cancelling or changing your instructions” on page 25).You are responsible for ensuring that you or your attorneygive us the correct instructions.

You acknowledge that the Interactive Service may beinterrupted by systems failure and that you may betemporarily unable to access or transact on youraccount. You may still access or transact on youraccount by calling a Direct Associate on 1800 502 192.

If you have a joint account, each joint account holder will be given a separate Client Number and Temporary AccessCode. Each joint account holder may individually use theInteractive Services using his or her own Client Number andpersonal Access Code.

If your account is to be operated by an attorney, theattorney can only access your account by calling a DirectAssociate, providing the attorney’s Client Number andanswering key identity questions.

The Interactive Service belongs to ING DIRECT and yourright to access the Interactive Service is for your ownbanking use only and is restricted by the provisions of this PDS.

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Transactions permitted by an Interactive ServiceYou may conduct the following transactions using anyInteractive Service:

• enquire about your account balance; or

• change your Access Code (an Access Code can only bechanged by the person who selected that Access Code).

If you have a Savings Maximiser you can also:

• deposit money to your account from your existing bankaccount;

• withdraw money from your account to your existing bankaccount;

• request a change to your existing bank account; or

• obtain details of your last ten transactions.

You may conduct the following additional transactions usingthe ING DIRECT website only:

• obtain details of all transactions on your SavingsMaximiser;

• set up, vary or cancel an automatic savings plan underwhich money will be deposited into your SavingsMaximiser from your existing bank account at regularintervals; or

• obtain details of the last ten transactions in relation toyour Term Deposit.

Your attorney can do any of these transactions (exceptchange your Access Code or obtain details of alltransactions on your Savings Maximiser) by calling a DirectAssociate, providing the attorney’s Client Number andanswering key identity questions.

Deposit of fundsWhere you make a deposit of funds into your SavingsMaximiser using an Interactive Service and there is adiscrepancy between the amount recorded on theInteractive Service as having been deposited and theamount recorded by us as having been received into youraccount, we will notify you of the difference as soon aspossible and will advise you of the actual amount creditedto your account.

Transaction informationWhere your transfer to or from your account is conductedby voice communication (for example, by speaking with aDirect Associate or through our interactive telephoneservice), we will provide you with verbal receiptinformation/confirmation details in accordance with the EFT Code, unless you tell us at the time of the transactionthat you do not want a receipt.

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Where your transfer to or from your account is conductedusing an Interactive Service in some other way (for example,using the ING DIRECT website), we will issue you with areceipt in accordance with the EFT Code to confirm yourtransaction.

We recommend that you write down or, where possible,print or save your receipt information/confirmation details foryour records. You should check your receipt information/confirmation details against the relevant statement ofaccount and, if you believe there is an error, or if you haveany other concerns, you should let us know (refer to“What to do if you have a concern” on page 27).

KEEPING YOUR CODES SECRETIt is important to keep your Access Code and Client Number secure. You agree to take all reasonableprecautions to ensure that your Access Code and ClientNumber are not misused and remain secure andconfidential. In particular, you must not:

• tell anyone your Access Code (including any member ofyour family or your attorney); or

• permit anyone else, whether acting as your agent or not,to access the ING DIRECT website using your ClientNumber and Access Code.

You must tell us as soon as you realise that another personknows your Access Code. You can tell us by calling one ofour Direct Associates on 1800 502 192, 24 hours a day, 7 days a week. We will then:

• issue you with a receipt number (or other referencedetails) acknowledging your notification; and

• ask you to select a new Access Code using our interactivetelephone service. If you do not select a new Access Codewhen we ask you to, we will place a stop on youraccount.

If for any reason these telephone facilities are not available,any losses that occur while these facilities are not availablebecause you did not tell us that another person knows orhas used your Access Code are our responsibility. You willnot be liable for them provided that you notify us within areasonable time of the facilities becoming available again.

If we know or suspect that another person knows yourAccess Code or Client Number, we may place a stop on youraccount. In that event, you may contact us to obtain a newAccess Code and have the stop removed from your account.

LIABILITY FOR UNAUTHORISED TRANSACTIONS

When you are not liableYou will not be liable for losses incurred or suffered by you that:

• relate to any of your Codes which are forged, faulty,expired or cancelled (eg. a cancelled Access Code);

• arise from transactions made through the InteractiveServices that require the use of your Access Code thatoccur before you have received that Access Code(including a reissued Access Code);

• are caused by the fraudulent or negligent conduct of ouremployees or agents or those of companies involved innetworking arrangements with us;

• result from the same transaction being incorrectly debitedmore than once to the same account;

• result from an unauthorised transaction that occurs afteryou have notified us that the security of your Access Codehas been breached; or

• result from an unauthorised transaction if it is clear thatyou have not contributed to the losses.

When you will have limited liabilityIf it is not clear whether you have contributed to the losscaused by an unauthorised transaction, the amount of yourliability arising from the unauthorised transaction (whereyour Access Code was required to perform the transaction)will be limited to the least of:

• $150;

• the actual loss at the time we are notified that the securityof your Access Code has been breached; or

• the balance of the account from which value wastransferred in the unauthorised transaction.

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When you will be liableIf we can prove on the balance of probability that youcontributed to the loss arising from the unauthorisedtransaction:

• through your fraud;

• by voluntarily disclosing your Access Code to anyone,including a family member, a friend or your attorney;

• by keeping a record of all of your Codes withoutmaking a reasonable attempt to protect the security ofthat record(s) on the one article, or on several articles,so that the Codes may be lost or stolen at the sametime;

• by using your birth date or an alphabetic code which isa recognisable part of your name, as your Access Codeand you have been warned by us against doing so; or

• by acting with extreme carelessness in failing to protectthe security of your Access Code in any other way,

you are liable for the actual losses which occur before weare notified that the security of your Access Code hadbeen breached, except for:

• that part of the total losses incurred on an accountwhich is more than the balance of the account;

• losses incurred on any accounts which we have notagreed with you could be accessed using theInteractive Service;

• losses incurred as a result of conduct that we expresslyauthorised you to engage in; or

• losses incurred as a result of you disclosing, recordingor storing an Access Code in a way that is required orrecommended by us for the purposes of you using anaccount access service expressly or impliedly promoted,endorsed or authorised by us.

Warning: Account Aggregation ServicesSome companies provide account aggregation servicesthat allow you to view account information from differentinstitutions on the one webpage. To use an accountaggregation service, you are usually required to give theservice provider your account details and your Codes.

We do not endorse, promote or authorise the use ofaccount aggregation services in connection with youraccount(s) or an Interactive Service.

Please remember that if you disclose your Access Codeto another person, you will be liable for any transactionson your account(s) made by that person using thatAccess Code.

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Liability for unreasonably delaying notificationIf we can prove on the balance of probability that you havecontributed to a loss caused by an unauthorised transactionby unreasonably delaying notification that the security ofyour Access Code has been compromised after you becomeaware of the loss, theft or breach, you will be liable to us forthe actual losses incurred between:

• the time you first became aware of any of these events;and

• the time we are actually notified of the relevant event,

except for:

• that part of the total losses incurred on an accountwhich is more than the balance of the account; and

• all losses incurred on any accounts that we had notagreed with you could be accessed using theInteractive Services.

Liability caused by equipment malfunctionsWe are responsible to you for any loss caused by a failure of an EFT institution’s equipment to complete a transactionaccepted by an EFT institution’s equipment in accordancewith your instructions.

However, if you were aware, or should have been aware,that the EFT institution’s equipment was unavailable for use or malfunctioning, our responsibility will be limited tocorrecting errors in the account and refunding any chargesor fees imposed as a result.

CLOSING, AND STOPS ON YOUR ACCOUNT

When we may place a stop on your accountWe may place a stop on your account if:

• you fail to select a new Access Code when asked to doso (refer to “Keeping your Codes secret” on page 11);

• we are required to do so by court order or otherwise by law;

• you die;

• we know or suspect that your Codes are no longersecure and confidential (refer to “Keeping your Codessecret” on page 11); or

• we have received returned mail because you have notadvised us of a change of address (refer to “Notices andreturn mail” on page 18);

• if you have not provided us with your mandatory security details.

You will not be able to access or transact on your accountuntil the stop is lifted.

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How your account may be closedYou or your attorney (if you have authorised yourattorney to do so) may close your account at any timeby calling a Direct Associate on 1800 502 192 andrequesting that the account be closed. If the account isa joint account we will need instructions from you or yourjoint account holder before closing the account.

We may close your account by giving you seven days’notice. However, we may also close your accountimmediately and without notice (and without providingreasons) or refuse to process any transactions if:

• you breach one of these terms and conditions;

• we suspect fraudulent activity or a breach of law;

• we cannot verify your identity; or

• we cannot verify your existing bank account.

Before the account is closed you must pay any amount youowe us (including any unauthorised overdrawn amount).You remain liable for all transactions or government chargesmade before or at the time of closing the account.

On the date your account is closed, we will pay you anycredit balance of the account by transferring that amount toyour existing bank account. We will not issue a cheque.

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NO CREDIT

You must not overdraw your account You must not, and your attorney must not, overdraw youraccount or make a withdrawal or transfer of an amountgreater than your account balance. If the account doesbecome overdrawn you must immediately clear your debt tous and ensure your account is in credit. If we close youraccount because it is overdrawn, the final statement foryour account may show a zero balance. However, you muststill clear your debt to us (refer to “We may transfer moneyto cover any overdrawing” on page 16).

Under no circumstances do we provide any credit on youraccount.

We may transfer money to cover anyoverdrawingIf your account is overdrawn, you authorise us to transfermoney held in any other account you have with us(whether or not a joint account) or, if we have anapproved Direct Debit Request, from your existing bankaccount, into the overdrawn account up to the amountowing. However, we do not have to do this and we arenot liable for any loss you may incur if we choose to dothis, or not to do this.

If any other account you hold with us is overdrawn(whether or not a joint account), you authorise us totransfer money from your account up to the amountowing. However, we do not have to do this and we arenot liable for any loss you may incur if we choose to dothis, or not to do this.

We will promptly inform you if we transfer money in thisway to cover any overdrawing.

CHANGE TO CONDITIONS

We may change these conditionsWe may change the conditions for any ING DIRECTaccount. However, we agree not to make a changethat introduces a bank fee or charge (other than agovernment charge) to any account.

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We give you notice of any changesWe will give you at least 30 days’ prior notice in writing (orsuch longer period as is required by legislation or any othercode of conduct that we subscribe to, if any) of any changethat:

• increases your liability for losses relating to transactionsperformed on your account using an Interactive Service;

• varies the method of calculating interest;

• varies the frequency of crediting interest; or

• introduces or varies balance ranges within which interestrates apply.

You agree that we may give you notice of other changes,sufficient to satisfy any applicable legislative requirements,either by:

• writing to you;

• advertisement in a national or local newspaper; or

• giving you notice in another manner allowed by law.

You agree that we may write to you or advertise in anational newspaper if a government charge is introduced or varied unless the introduction or variation to thegovernment charge is advertised by a government,government agency or representative body.

Subject to satisfying applicable legislative requirements,advance notice of a change relating to the InteractiveServices or your use of, or access to, them may not be givenwhere the changes are necessary to immediately restore ormaintain the security of our systems or an account.

Change of name or address You must tell us as soon as there is a change to your nameor to your address. You must also tell us, or ensure that yourattorney tells us, if there is a change to the name or addressof your attorney. You must make sure we have yourAustralian residential address.

If you change your name, you must send us a certified copyof evidence satisfactory to us of your change of name. Youmust also change the name of your existing bank accountto your new name and tell us the new details of yourexisting bank account.

Change of existing bank accountPlease call us on 1800 502 192, or visit our website,www.ingdirect.com.au, if you or your attorney wish tochange your existing bank account or any of the details ofyour existing bank account. We will tell you whatinformation we need and the procedure to follow when youor your attorney contact us. Your new existing bankaccount or requested changes will not take effect until

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verified by us. This will take three to ten business days.

If your attorney wants to change your existing bankaccount, your attorney must be an authorised user of orhold a power of attorney for:

• your present existing bank account; and

• the new existing bank account which your attorneyintends to link to your account.

Delays may be caused if you or your attorney request achange in your existing bank account on the same day asyour existing bank account is closed.

We will promptly process any instructions you or yourattorney give us to cancel your Direct Debit Request inaccordance with the Direct Debit Request Service Agreementyou entered into at the time you or your attorney gave usyour Direct Debit Request, (refer to “Direct Debit RequestService Agreement” on page 30).

If you or your attorney cancel your Direct Debit Request,you or your attorney will not be able to transfer fundsfrom your existing bank account to your account untilyou or your attorney provide a replacement Direct DebitRequest. If you or your attorney cancel your existingbank account, you or your attorney will not be able totransfer funds between your existing bank account andyour ING DIRECT account until you or your attorneynominate a replacement existing bank account andprovide a replacement Direct Debit Request.

NOTICES AND RETURN MAIL

We will send notices to your postal address, except for someconfidential information, which we may send to yourresidential address for security reasons.

If you change your address and don’t tell us, we can stillgive notice to you by writing to the address last recordedwith us. If we receive returned mail for your accountbecause you have not advised us of a change of address,we may place a stop on your account, so that you (or yourattorney) cannot withdraw money until you contact us.

SPECIFIC CONDITIONS FOR SAVINGS MAXIMISEROpening an accountTo open a Savings Maximiser, you or your attorney (if yourattorney is authorised to open an account) must provide uswith:

• a completed Savings Maximiser application form includingdetails of your existing bank account;

• any other documents or information we may require;

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• a copy of a statement of account for your existing bankaccount which is not more than six months old; and

• a cheque payable to “ING DIRECT” drawn on your existingbank account for the amount of your opening deposit ORa Direct Debit Request. If we are provided with a DirectDebit Request, you or your attorney authorise us to debityour existing bank account for the amount of your openingdeposit in accordance with that Direct Debit Request.

Please note: we will not accept a cheque which is drawnon an account other than your existing bank account asyour opening deposit.

Once we approve your application and accept your openingdeposit we will notify you. The amount specified as theopening deposit will be withdrawn from your existing bankaccount on, or shortly after, the date of that approval.

You can have up to nine Savings Maximiser accounts at anyone time. Please note that you can only have one existingbank account linked to a Savings Maximiser account at anyone time (refer to “Existing bank account” on page 8).

InterestInterest is calculated daily on the daily closing balance ofyour account using the following formula:

Daily closing balance x interest rate (as a percentage)

365

Interest begins to accrue on the day the opening deposit ismade to the account. It is credited to your Savings Maximisermonthly at the end of the last day of each month and onthe day when the account is closed.

Any interest credited to your account is available for youruse on the next business day after it has been credited toyour account.

The initial interest rate for your account is set out in theWelcome Letter or email sent to you at the time we acceptyour deposit.

When calculating the daily closing balance of your account,we do not include any amount that you have requested bewithdrawn from your account, but which has not yet beentransferred to your existing bank account (for example,because a withdrawal request is not made on a businessday, or is made after 4pm (Sydney time) on a business day).(Refer to “Making withdrawals” on page 21).

The interest rate for your account is variable and may bechanged by us at any time. You agree that we may tell youabout the change by giving you a notice in writing or bypublishing an advertisement in a national or localnewspaper.

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Making depositsYou, or an attorney who is authorised to make deposits toyour account, may make deposits into your account:

• by transferring money from your existing bank account toyour Savings Maximiser using an Interactive Service (yourattorney can only do this by calling a Direct Associate,providing the attorney’s Client Number and answering keyidentity questions);

• by transferring money from your existing bank account toyour Savings Maximiser under an automatic savings plan;

• by arranging a direct deposit (from salaries etc). Pleasenote, to do this you must provide the ING DIRECT BSBNumber (923-100) and your account number shown onyour account statement (not your Client Number), withany other required information to the depositor orfinancial institution making the deposit; and

• by cheque (refer to “Making deposits by cheque” on page 21).

Please note that you cannot transfer money from oneSavings Maximiser account to another Savings Maximiseraccount.

Deposits made after 4pm (Sydney time) on a business daywill be treated as if made on the following business day.

Please note that we will only accept deposits in Australiandollars.

You cannot deposit money:

• by international drafts;

• by traveller’s cheque; or

• in cash.

Making deposits using the Interactive ServiceDeposits can only be made using an Interactive Service ifyou or your attorney give us a properly completed DirectDebit Request form. We use this form to show the financialinstitution at which your existing bank account is held thatwe have your authority to withdraw money from yourexisting bank account and deposit it in your SavingsMaximiser.

You or your attorney will usually be able to use anInteractive Service to make deposits three business daysafter you or your attorney give us the properly completedDirect Debit Request form.

When you or your attorney deposit funds into your accountusing an Interactive Service, they will not be available forthree business days.

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Making deposits by chequeIf you or your attorney make a deposit by cheque, thecheque must be payable to ING DIRECT, or be payable toyou and correctly endorsed to ING DIRECT, and drawn onan Australian financial institution. We do not accept acheque endorsed to ING DIRECT if originally made out toany other person. A cheque for your initial deposit must bedrawn on your existing bank account. A subsequent depositby cheque must be accompanied by a deposit slip and/oryour account number.

Deposits with an automatic savings planIf we receive your automatic savings plan request after thestart date you have nominated in that request, we will makethe first withdrawal from your existing bank account underthe automatic savings plan on the next date requestedunder the terms of the automatic savings plan.

Making withdrawalsYou can make a withdrawal of any cleared funds in youraccount by using an Interactive Service. Your attorney (ifauthorised to make withdrawals) can also do this by callinga Direct Associate, providing the attorney’s Client Numberand answering key identity questions. The funds areelectronically transferred to your existing bank account.

If a withdrawal is made before 4pm (Sydney time) on abusiness day, the withdrawn funds are generally transferredto your existing bank account by the next business day.

You cannot nominate your Savings Maximiser in a DirectDebit Request you give to any other financial institutionor organisation. We will not set up periodic direct creditsfrom your Savings Maximiser to accounts at otherfinancial institutions or organisations.

Statement of accountWe will issue you with a statement of account every threemonths and after your account is closed. If you require acopy of a particular statement, please call us. Eachstatement of account will record all transactions on youraccount since the last statement of account. Werecommend that you check your statement of accountcarefully. If you believe that there is a mistake on yourstatement of account, or you believe a transaction was notauthorised by you, you should tell us as soon as possible(refer to “What to do if you have a concern” on page 27).

Cancelling or changing your instructionsDeposits using an Interactive Service. An individualtransfer to your Savings Maximiser from your existing bankaccount using an Interactive Service cannot be stopped or

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suspended unless you or your attorney instructed us tomake the transfer on a business day, and contact us to stopor suspend those instructions before 4pm, Sydney time (forinstructions given before 4pm Sydney time) or midnightSydney time (for instructions given on or after 4pm) on thesame day. If the transfer cannot be stopped or suspended,new instructions to transfer the funds from your SavingsMaximiser to your existing bank account must be given tous, to reverse the transaction.

Automatic Savings Plans. You or your attorney can stopor suspend an individual transfer to your Savings Maximiserfrom your existing bank account under an automaticsavings plan by calling us on 1800 502 192 before 4pm(Sydney time) at least two clear business days before thetransaction is to occur. A transfer to your Savings Maximiserunder an automatic savings plan cannot be stopped orsuspended after this time.

Direct Deposit Arrangements. You or your attorney canonly stop or suspend an individual deposit under a directdeposit arrangement by contacting the depositor orfinancial institution making the deposit.

Withdrawals from your Savings Maximiser. You or your attorney cannot stop or suspend a transfer from yourSavings Maximiser after instructions have been given to usunless you or your attorney instruct us to make the transferon a business day, and contact us to stop or suspend thoseinstructions before 4pm Sydney time (for instructions givenbefore 4pm Sydney time) or midnight Sydney time (forinstructions given on or after 4pm) on the same day. If thetransfer cannot be stopped or suspended, new instructionsto transfer the funds from your existing bank account toyour Savings Maximiser must be given to us, to reverse the transaction.

SPECIFIC CONDITIONS FOR TERM DEPOSITS

Opening an accountTo open a Term Deposit, you or your attorney (if your attorneyis authorised to open an account) must provide us with:

• a completed Term Deposit application form - includingdetails of your existing bank account and the term youhave selected (the term must be for a minimum of oneyear and a maximum of five years, or some other termthat we agree to in writing);

• any other documents or information we may require; and

• a cheque payable to "ING DIRECT" drawn on yourexisting bank account for the amount of your openingdeposit. (refer to “Making deposits” on page 23).

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Once we approve your application and accept your deposit,we send you a Welcome Letter as a record of receipt ofyour deposit.

InterestInterest is calculated annually on each anniversary of theopening of your account by applying the interest rate forthe term you have selected to the amount of your depositon that date. Interest is credited annually and on thematurity date of the deposit. It is credited to your accountand becomes part of your Term Deposit. If the day on whichinterest is credited to your account is not the maturity date,interest for the next year of your Term Deposit is calculatedupon the new amount of your Term Deposit (refer to“Making withdrawals” on page 23 for information on howinterest is calculated if you redeem your account early).

Term Deposit interest rates may vary according to theterm of the deposit.

The interest rate that applies to your account is set out inthe Welcome Letter sent to you at the time we accept yourdeposit.

Making depositsDeposits can only be made by cheque. Each cheque mustbe payable to ING DIRECT and be drawn on your existingbank account. We will also accept a cheque endorsed toING DIRECT if the cheque was originally made payable toyou, using the same name as the name of your accountwith us.

Please note: we will not accept a cheque drawn on anaccount other than your existing bank account for youropening deposit.

You, or an attorney who is authorised to make deposits toyour account, may not make a deposit after making theopening deposit or during the term of the deposit.

Deposits made after 4pm (Sydney time) on a business daywill be treated as if made on the following business day.

You cannot deposit money:

• by international drafts;

• by traveller’s cheque; or

• in cash.

Please note that we will only accept deposits in Australiandollars.

Making withdrawalsTo make a withdrawal from your Term Deposit on thematurity date you must advise us no later than theday before the maturity date.

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If you have a joint account, we will need instructions from youor your joint account holder before we allow a withdrawal.

These advices and instructions can also be given by an attorneywho is authorised to make withdrawals on your behalf.

Early redemption. You may request to withdraw allyour money from your account before the maturity dateby advising us no later than the day before the date youwish to withdraw all of your money. You may not makea partial withdrawal of your money from your TermDeposit before the maturity date. The interest we payon the money withdrawn will be calculated from the dayon which the opening deposit is made or the day onwhich interest was last credited (whichever is the later) tothe day of the early withdrawal, using an interest ratedetermined by us that may be lower than theinterest rate that would otherwise have applied toyour Term Deposit. The interest rate that will apply forthis period will depend on how much time is left until thematurity date. The table below shows the adjustments tobe applied to withdrawals in advance of maturity.

Table: Adjustment to be applied

Time until the Adjustmentmaturity date to be applied

Less than 1 year Interest rate less 1.4% paLess than 2 years Interest rate less 1.6% paLess than 3 years Interest rate less 1.9% paLess than 4 years Interest rate less 2.10% paLess than 5 years Interest rate less 2.25% pa

ExampleYou have lodged a four year deposit of $100,000 with a Term Deposit Rate of 5.5% pa. After three years and 60 days,you ask to withdraw the entire balance of your account.

Interest for the first three years is calculated at the originalTerm Deposit Rate of 5.5% pa, meaning that your creditbalance after three years is $117,424.13.

As there is less than one year to the maturity date when youask to withdraw the entire balance of your account, interestfor the remaining 60 day period is calculated by applying anadjusted interest rate of 4.1% pa (the interest of 5.5% paless 1.4% pa) to your $117,424.13 credit balance. Thismeans that your closing credit balance after three years and60 days is $118,215.53.

Please note: this example is for illustrative purposes only.

Where you or an attorney authorised to withdraw moneyfrom your account requests ING DIRECT to withdraw all ofyour money from your Term Deposit before maturity we willclose your account and transfer the credit balance of your24

account to your existing bank account.

Maturity and re-investmentAt least three weeks before the maturity date of thedeposit, we send you a maturity advice letter seeking yourinstructions about the deposit and setting out the currentdeposit conditions. You will need to contact us for thecurrent interest rates.

You may tell us:

• to renew all or part of the deposit for a term offered by usat the rate of interest applying to that term on thematurity date; or

• to pay all or part of the deposit to your existing bankaccount on the maturity date and to close your account.

If we do not receive your instructions at least the daybefore the maturity date, we automatically renew thedeposit (including any interest credited to your account)for the same term as the maturing deposit at the rate ofinterest applying to that term on the maturity date andotherwise on the same terms as the maturing deposit.

Cancelling or changing your instructionsYou or your attorney can stop, suspend or changeinstructions to pay all or part of the deposit to your existingbank account on maturity by giving us written instructionsbefore 4pm (Sydney time) on the date on which the depositis to mature. If the deposit is to mature on a day which isnot a business day, you must give us these writteninstructions before 4pm on the last business day before thedeposit is to mature.

Investing further funds on maturityOn maturity you or an attorney authorised to make depositsto your Term Deposit can redeposit the amount in youraccount, together with additional funds if you wish, as perthe terms outlined in your maturity letter. Additional fundscan only be deposited by cheque in accordance with thesection “Making deposits” on page 23.

Statement of accountWe will issue you with a statement of account every sixmonths and after your account is closed. If you require acopy of a particular statement, please call us. Eachstatement of account will record all transactions on youraccount since the last statement of account. Werecommend that you check your statement of accountcarefully. If you believe that there is a mistake on yourstatement of account, or you believe a transaction was notauthorised by you, you should tell us as soon as possible(refer to “What to do if you have a concern” on page 27).

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OTHER IMPORTANT INFORMATION

When we may actIf we are obliged to act on a day that is not a business day,we may act on the next business day.

The Code of Banking Practice ING DIRECT has adopted the Code of Banking Practice aspublished by the Australian Bankers’ Association on 1August 2003 and modified in May 2004. The relevantprovisions of this Code apply to your account if you are a“retail client” under the Corporations Act. Generally thismeans the Code will apply to you.

In addition to this PDS, general descriptive informationabout our services and procedures is available on requestsetting out our account opening procedures, obligationsregarding the confidentiality of your information, complainthandling procedures, bank cheques, the advisability ofinforming us promptly when you are in financial difficultyand the advisability of reading the PDS applying to youraccount.

If you would like a copy of this information, pleasecall one of our Direct Associates on 1800 502 192available 24 hours, 7 days a week and ask for a copyof the booklet titled “General Information on theCode of Banking Practice”.

The EFT CodeING DIRECT warrants to comply with the EFT Code as itapplies to your dealings with ING DIRECT. This code appliesto funds transfers to or from your account that are initiatedthrough the Interactive Services.

Privacy and ConfidentialityAt ING DIRECT we recognise that privacy and security ofpersonal information is important to our customers. Werespect the confidentiality and security of your personalinformation and we are committed to protecting it at alltimes.

We have a general duty under the Privacy Act and the Code of Banking Practice to keep information about youconfidential except in certain circumstances (for example,where the law requires us to disclose information about youor where you agree to us disclosing your information).

For more information on our commitment to privacy, pleasesee the Privacy Statement at the end of this booklet or askus for a copy of the booklet “General Information on theCode of Banking Practice” or visit the “Privacy” page onour website, www.ingdirect.com.au

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Tax implications, Tax File Numbers andWithholding TaxSaving has tax (and sometimes social security) implicationsthat are particular to your circumstances. Interest earned onyour account is generally taxable and you should discuss thiswith your professional tax adviser.

You are not required by law to provide your Tax FileNumber to us if you do not wish to do so. However, if youdo not do so, or if you do not give us details of anyexemption available to you, we will be obliged to deducttax at the highest marginal rate plus the Medicare levyfrom the interest we pay you on your account.

In the case of a joint account, we require Tax File Numbersor details of any available exemption from both accountholders.

If you, or your joint account holder, are a non-resident (or become a non-resident) for tax purposes, then you (or your joint account holder, whoever is the non-resident)are required to provide us with your (or your joint accountholder’s) country of residence for tax purposes. If thisinformation is not provided to us, we may be obliged todeduct tax at the highest marginal tax rate, plus Medicarelevy from the interest we pay you on your account.

WHAT TO DO IF YOU HAVE A CONCERN

Contacting usYou should contact us immediately if you or your attorneysuspect an error on your account (including an accountstatement) or if you have experienced any other problemconcerning use of your account or an Interactive Service.You should do this by calling us on 1800 502 192, 24 hoursa day, 7 days a week.

To help us resolve your concern, it is important that you giveus all the information that you have in relation to yourconcern. We may also require you to confirm in writing theinformation you have provided.

What we will doWe will promptly look into your concern and decide whatcourse of action should be taken. If your complaint is notimmediately settled to the satisfaction of both you (or yourattorney) and us, we will tell you the steps you must take sothat an investigation may proceed. We will advise you inwriting of our procedures for the investigation andresolution of your concerns.

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Within 21 days of receiving relevant details of yourcomplaint we will either:

• complete our investigation and tell you in writing of theoutcome; or

• tell you in writing that we need more time to completeour investigation.

Unless there are exceptional circumstances, we shouldcomplete our investigation within 45 days of you giving usthe relevant details of the complaint. If there are exceptionalcircumstances where we do not complete the investigationwithin 45 days, we will:

• inform you of the reasons for the delay;

• give you monthly updates on the progress of yourcomplaint; and

• specify when a decision can reasonably be expected,unless we are waiting for a response from you and youhave been advised that such a response is required.

Once we have completed our investigation of thecomplaint, we will promptly tell you in writing of theoutcome of our investigation and give you reasons for thatoutcome (including references to the relevant provisions ofthe EFT Code).

Where, as a result of our investigation, we discover that theaccount has been incorrectly credited or debited, we will,where appropriate, promptly adjust the account (includingappropriate adjustments for interest and charges or both)and tell you in writing of the amount with which theaccount has been debited or credited as a result.

Where we determine that you are liable for at least part ofthe disputed amount, we will, in most cases, make relevantevidence available to you and will advise you whether therewas any system malfunction at the time of the transaction.

We do not have to do this where your liability is determinedunder the PDS and your account is adjusted within sevenbusiness days of receipt of your complaint.

What happens if we do not do thisWhere we do not observe the appropriate allocation ofliability or complaint investigation and dispute resolutionprocedures that are set out in this PDS or fail tocommunicate the reasons for our determination of theallocation of liability by reference to relevant aspects of theEFT Code, and this contributed to a decision we makeagainst you or results in delay in the resolution of yourcomplaint, we or the Australian Banking and FinancialServices Ombudsman may determine that we are liable forall or part of the amount of the transaction that is thesubject of your complaint.

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Who else you can contactING Bank is member of the Banking and Financial ServicesOmbudsman scheme. If our conclusions do not resolve yourconcerns or we take more than 45 days to complete yourinvestigation, you may wish to contact the Banking andFinancial Services Ombudsman:

• by calling 1300 780 808; or

• writing to:

Banking and Financial Services OmbudsmanGPO Box 3AMelbourne VIC 3001.

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DIRECT DEBIT REQUEST SERVICEAGREEMENTIf you have any queries concerning this agreement or anydrawings made under it, please contact ING DIRECT on1800 502 192. If you wish to stop or cancel your drawingarrangements, please direct your query to us initially inaccordance with Section 2 of this Direct Debit Requestservice agreement.

1 Drawing arrangements.ING DIRECT’s commitment to you

The details of your drawing arrangements are shown inyour DDR Schedule. These arrangements may include theright to draw funds from the account specified in that DDRSchedule for deposit into your Savings Maximiser or anyother account you have with ING DIRECT. We will give youwritten notice of any changes to your drawingarrangements at least 14 days before those changes occur.

If a drawing date falls on a day which is not a business day,the drawing will be made on the next business day.

We reserve the right to cancel your drawing arrangements iftwo or more drawings are returned unpaid by the financialinstitution with which your existing bank account is heldand to arrange an alternative payment method with you.

We will keep your direct debit records and account detailsconfidential, except where the disclosure of certaininformation to your financial institution is necessary toenable us to act in accordance with your drawingarrangements.

2 Your rightsYou can cancel, alter or suspend your drawingarrangements at any time by phoning us at least twobusiness days before the cancellation, alteration orsuspension is to take effect. You can also stop or defer anindividual drawing by calling us at least two business daysbefore the date that drawing is to be made. If you considerthat a drawing has been initiated incorrectly, you should calland seek assistance from one of our Direct Associates forimmediate attention. All contact should be made byphoning 1800 502 192.

If you have authorised your attorney to do so, your attorneycan exercise your rights under this section 2 on your behalf.

3 Your responsibilitiesIt is your responsibility to:

• ensure that your existing bank account can accept directdebits (direct debiting may not be available on allaccounts. Please check with your financial institutionbefore completing the DDR if you are uncertain);

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• check the above account details for your existing bankaccount against a recent statement from the financialinstitution where it is held. (Please check with yourfinancial institution if you are uncertain);

• ensure that there are sufficient clear funds in your existingbank account by the due date to enable drawings to bemade in accordance with your drawing arrangements. Ifthere are insufficient funds in your existing bank accountto enable a drawing to be made, any amount debited toyour account in anticipation of that drawing being madewill be reversed. With ING DIRECT there are no fees to payexcept standard statutory Government charges;

• ensure that the authority given to us to draw on yourexisting bank account is consistent with the accountauthority or signing instructions held by your financialinstitution for that account;

• advise us if your existing bank account is transferred,closed or any other account details change;

• arrange a suitable payment method if your drawingarrangements are cancelled;

• ensure that your attorney does the above if you do not.

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PRIVACY STATEMENTAt ING DIRECT we recognise that privacy and security ofpersonal information is important to our customers. Werespect the confidentiality and security of your personalinformation and we are committed to protecting it at alltimes.

1 Collection of your personal information fromyou or other sources

ING DIRECT only collects such personal information as isnecessary to manage your account and to communicatewith you about ING DIRECT and the products and serviceswe offer.

By completing your ING DIRECT application form youconsent to our use and disclosure of your personalinformation as outlined in this privacy statement.

2 Use and disclosure of your personalinformation

In managing your account, there may be occasions wherewe need to disclose your personal information to:

(i) Other financial institutionsTo other financial institutions, such as banks, credit unionsand building societies, in order to set up and manage youraccount and manage banking transactions.

(ii) Other organisationsOther ING Group entities and/or organisations, such as:

• other ING Group companies in order to service other INGproducts you may have within the Group. You can choosenot to have us disclose your personal information to INGGroup companies for this purpose by contacting usdirectly, however please be aware that we may then beunable to provide particular products or services whichrequire this disclosure, such as managed investmentproducts;

• organisations undertaking reviews of the accuracy andcompleteness of our information;

• authorised organisations providing confidential mailingservices, maintenance of our information technologysystems, and printing of our standard documents andcorrespondence;

• organisations providing analysis and research to ING DIRECT regarding our products, services andcustomer relationships;

• our solicitors, valuers and insurers for our loan products;

• credit reporting or information verification agencies inorder to obtain and provide details of credit history orstatus.

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We only disclose personal information to such organisationsfor the provision of the specified management services.

(iii) Third PartiesPersonal information will only be disclosed to third parties,for example your financial adviser, mortgage intermediary,power of attorney and appointed agent, when you haveauthorised us to do so. If you wish to amend or withdrawthis authority please notify us in writing.

3 Access to your personal informationYou may request access to the personal information that wehold about you, your account(s) and any other ING productsor services by contacting us directly or by contacting the ING Privacy Officer at GPO Box 75, Sydney, NSW, 2001.Requests for access to your personal information may onlybe made by you.

4 Receipt of further ING Group informationYour personal information held by ING DIRECT will not bedisclosed to any other ING Group company for marketingpurposes unless you specifically consent to receive suchinformation. You can choose to receive information onother ING Group products and services by contacting usdirectly.

You may elect not to receive further information about ING DIRECT or our products by calling, writing to us orcontacting us online.

Our privacy statement may be updated from time to time,as we strive to improve the standard of service we provideto you.

If you would like further information regarding privacy,you can review the ING Privacy Policy online atwww.ingdirect.com.au or request a copy by eithercalling or writing to us.

This privacy statement applies to ING Bank (Australia)Limited and to its trading names ING Bank and ING DIRECT.

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Call 1800 502 192

24 hours a day, 7 days a week

Mail us (no stamp required) at:

ING DIRECT

Reply Paid 2682

Sydney NSW 2001

Log on to our website at

www.ingdirect.com.au

Visit us at our Customer

Information Centres:

Sydney – 347 Kent Street

Melbourne – 140 Queen Street

Brisbane – 100 Edward Street

This PDS and the Savings Maximiser and Term Deposit accounts are issued byING DIRECT, a division of ING Bank (Australia) Limited ABN 24 000 893 292,AFSL 229823. SM00006/ING893 05/05