ING Direct 5% Rate for NEW Customers Only

Willywombat_2 · 9 January 2009 at 9:57PM

It appears that ING are now offering 5% AER for new customers only.

I was one of those who invested with Kaupthing Edge and when KE collapsed, our accounts were taken over by ING and given a pretty duff interest rate. I therefore took my money out as soon as I could, and invested it elsewhere, with a more reasonable rate, although I did keep the ING account open with just a couple of pounds in there in case their rate became more competitive again in the future.

I was forced into 'joining' ING when Kaupthing Edge collapsed. It was not my choice to join them at that time. It therefore appears that I am ineligible to apply for the 5% account as I am not a 'new customer'.

My question is this - Has anyone in the same boat approached ING to argue that they should be eligible to apply as a new customer, and been successful?

shindigger · 9 January 2009 at 10:09PM

I closed 2 accounts with ING yesterday. I will be re-applying as a new customer next week. They can only say no.
I still blame ING's interset rate pyrotechnics for my Icesave woes. Plus my own avarice of course. We musnt forget that must we??:whistle:

Dave2012_2 · 10 January 2009 at 3:50PM

I just called them and asked about this, as I too have a KE account. They said if I open the ING account I'll get the bonus and earn 5%.

Anyone else?

JaySL · 10 January 2009 at 4:08PM

i just called, told them i have KE a/c but they still said it is ok to open the a/c and get bonus. Guess I have to wait and see

Willywombat_2 · 11 January 2009 at 10:50AM

Thanks, all, for your replies. I might well give them a call.

savetilibleed · 11 January 2009 at 2:03PM

Just opened one of these last night as another option for my "spare" money that isn't fixed if it happens be at the best rate, even if it is only for a year. Then I'm out! It's so easy to open!

Lorian · 11 January 2009 at 2:05PM

Remember its a variable rate with bonus, not fixed at 5% so you'll need to keep an eye on it.

spike87 · 11 January 2009 at 2:51PM

So because it's a variable rate, I can open the account today at 5% and then next week they could drop it?

glitterygert · 11 January 2009 at 4:11PM

can I just ask a question?, it's about the bit that says you have to link it to your current account, for direct debits, does that mean I can't just put a lump sum in, and then leave it there, but have to put in money on a monthly basis, or is it so that your interest gets paid to your current account? if you see what I mean, hope i've explained myself properly. Thanks

meanmachine_2 · 11 January 2009 at 4:18PM

glitterygert wrote: »

can I just ask a question?, it's about the bit that says you have to link it to your current account, for direct debits, does that mean I can't just put a lump sum in, and then leave it there, but have to put in money on a monthly basis, or is it so that your interest gets paid to your current account? if you see what I mean, hope i've explained myself properly. Thanks

It's just so you can move money in and out. No regular savings commitment required.

But that really is the least of your worries.

As others have pointed out, ING ISN'T covered by the FSCS. So if it went under you'd be entirely in the hands of the Dutch government.

After the Icesave mess, I'd rather put my money on the fire than put it in a foreign bank.

But each to their own.

trojjer · 13 January 2009 at 2:57PM

As opposed to being entirely at the mercy of the UK government, or any other government at the moment?

ING Direct 5% Rate for NEW Customers Only

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