ING Bank 4.25% Summer Savings Promotion Rules and Regulations

General:

  1. The ING Bank of Canada (the "Bank") Bonus Interest Offer (the "Offer") starts on June 1, 2007, and continues until August 31, 2007 (the "Promotion Period"). The Offer is applicable to new deposits to Canadian Dollar Investment Savings Accounts ("ISA"), Business Investment Savings Accounts ("BISA") and Retirement Savings Plan Investment Savings Accounts ("RSP ISA") [hereinafter collectively referred to as "Applicable Accounts"] to a maximum of $100,000.00.
  2. During the Promotion Period, the Bank will calculate Bonus Interest on eligible net new deposits for existing Applicable Accounts each time the account balance exceeds the May 31, 2007 balance. For Applicable Accounts created during the Promotion Period by new clients or existing clients without an Applicable Account, the Bank will calculate Bonus Interest on eligible daily closing balances for the duration of the Offer.

Bonus Interest:

  1. "Bonus Interest" shall be the difference between 4.25% and the Bank’s standard posted rate of interest payable on Applicable Accounts. For example, on May 10, 2007, the Bank’s posted rate of interest on Applicable Accounts was 3.50%. As the difference between the posted rate and 4.25% is 0.75%, the Bonus Interest rate payable on that date would have been 0.75% (4.25% - 3.50% = 0.75%). Bonus Interest Earned Daily = Net New Deposit Dollars X (0.0075 ÷ 365)
  2. Subject to the limits and qualifications more fully contained in these Rules and Regulations, Bonus Interest shall be calculated daily and payable monthly on net new deposits on Applicable Accounts created prior to this Offer. Bonus Interest shall be calculated daily and payable monthly based on the eligible daily closing balances of Applicable Accounts created during the Offer, subject, again, to the aforementioned limits set out herein.
  3. Bonus Interest shall be paid on the first $100,000.00 of net new deposit dollars. No net deposits or eligible daily balances to which Bonus Interest would otherwise qualify shall be greater than $100,000.00.
  4. Except where money is transferred from an ISA into a RSP ISA, Bonus Interest will not be paid on direct or indirect transfers between Applicable Accounts. New contributions to an eligible RSP ISA, however, will be eligible for the Bonus Interest rate, including contributions made from another Applicable Account.
  5. Bonus Interest will not be paid on transfers to external accounts that are subsequently deposited back into one or more Applicable Accounts unless such deposits increase the aggregate balance in the respective Applicable Account above the aggregate balance as at May 31, 2007. In such case, only the portion above the May 31, 2007 aggregate balance may be eligible for Bonus Interest.
  6. Bonus Interest shall not be paid and shall not be payable until the end of the month in which it is calculated. Any Applicable Account closed prior to the payment of Bonus Interest will forfeit any Bonus Interest calculated but not paid during the month.
  7. All interest payments are ineligible for the purposes of calculating Bonus Interest payment and will not be calculated for the purposes of determining eligible daily balances. In other words, any interest paid into an Applicable Account, including Bonus Interest, will not be treated as a new deposit for subsequently calculating Bonus Interest payments.

Eligibility:

  1. Applicable Accounts created prior to June 1, 2007, are eligible for Bonus Interest on the portion of the account balance that exceeds the Starting Balance as at May 31, 2007.
  2. New clients, and existing Bank clients with no current Applicable Accounts, are eligible to participate in this Offer should they open an Applicable Account during the Promotion Period. Under these circumstances, an Applicable Account’s total daily account balance will qualify for Bonus Interest, excluding any interest payments made thereto.
  3. Existing Bank clients who have an open Applicable Account prior to June 1, 2007, may open a new ISA, BISA or RSP ISA account, however, only the Applicable Accounts opened prior to June 1, 2007 are eligible to participate in the Offer. Existing Applicable Accounts will qualify for this Offer when balances exceed their May 31, 2007 balance.

Limitations:

  1. Should the Offer not be capable of running as planned for any reason, including infection by computer virus, bugs, tampering, unauthorized intervention, fraud, technical failures, or any other causes beyond the reasonable control of the Bank which corrupt or affect the administration, security or proper conduct of this Offer, the Bank reserves the right at its sole discretion to, without advance notice, terminate or suspend the Offer, in whole or in part, or modify it in any way.
  2. The Bank reserves the right at its absolute discretion to vary, delete or add to any of these rules and regulations from time to time without prior notice. In the event of conflict, these Rules and Conditions shall prevail over any of the contents of any brochure or other promotional materials advertising this Offer.
  3. The Bank reserves the right to withdraw the Offer in whole or in part, or to vary any of the Rules and Conditions herein at any time and from time to time without notice at its absolute discretion. The Bank reserves the right to end the Offer earlier or to extend Promotion Period further at its absolute discretion.
  4. The Bank reserves the right, at its sole discretion, to suspend, disqualify, limit or revoke this Offer to any account holder it finds or believes to be manipulating or otherwise abusing the process, fairness, integrity or operation of the Offer.

ING DIRECT is part of the ING group of companies, one of the largest financial service organizations in the world with more than $1 trillion in assets. ING DIRECT is a member of the Canada Deposit Insurance Corporation.

† Summer Savings Sale rate of 4.25% is calculated daily, paid monthly and in effect from June 1, 2007 to August 31, 2007. The rate will be applied to the first $100,000 of Investment Savings Account balance growth from June 1, 2007 to August 31, 2007. This rate does not apply to internal balance transfers made from other ING DIRECT accounts including GICs.

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