ING DIRECT is giving customers the option to pick the maturity date of their Term Deposit at any time, online – a welcome innovation in the booming Term Deposit market.

The personal TD market has been growing rapidly, increasing by 112% since 2007, a growth of $114 billion (CANSTAR CANNEX), and makes up the largest portion (44%) of the personal deposit market.

ING DIRECT’s Brett Morgan says, “We see this as a simple way of improving an already popular product to better fit the needs of our customers by allowing them to tailor the terms to suit their unique financial circumstances.

“The benefits of a term deposit are obvious – earning a great rate of interest on money which is locked away – however often people are constrained by the terms placed on them by their provider,” he says.

Other features of an ING DIRECT Term Deposit include:
•    The option to receive the interest earned at the end of the term and renew the original term deposit amount.
•    Earn a Loyalty Bonus when you renew your term deposit to the same or a different term

New and existing customers can choose any maturity date beyond a minimum term of 30 days and within a maximum term of 365 days.

Media contact:
Caroline Thomas
Ph: 02 9018 5160
M: 0413 317 225
caroline.thomas@ingdirect.com.au

About ING DIRECT
ING DIRECT began operating in Australia in 1999. By doing business online, over the phone and through intermediaries, ING DIRECT keeps it overheads low and passes the savings onto customers in the form of competitive rates. Today, it has grown to become Australia’s fifth largest retail bank, with $22 billion in deposits, more than $37 billion in loans and around 1.4 million customers.

Please note ING DIRECT is never abbreviated to ING