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ING 5.1% fixed 6-month for existing customers (merged)
teksat2k
Posts: 53 Forumite
No details on website but email received today (so presumably others account holders will know about this).
As this is fixed 6-month term, no withdrawals allowed without closing account, which incurrs 90-days loss of interest. Can deposit £1-£499,999 but strangely only £49,999 in any one account, so for savers with over this amount, they open multiple accounts.
When you ring Customer Services on 0800 279 4040 (need customer number, pin number / memorable date they can defer account opening date to 2nd August for those taking advantage of the current 6% offer.
Personally, will not be bothering as may need to user money for house purchase so will be transferring money out (probably to ICICI)
As this is fixed 6-month term, no withdrawals allowed without closing account, which incurrs 90-days loss of interest. Can deposit £1-£499,999 but strangely only £49,999 in any one account, so for savers with over this amount, they open multiple accounts.
When you ring Customer Services on 0800 279 4040 (need customer number, pin number / memorable date they can defer account opening date to 2nd August for those taking advantage of the current 6% offer.
Personally, will not be bothering as may need to user money for house purchase so will be transferring money out (probably to ICICI)
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Comments
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Sounds like a good deal
Must be the best 6 month rate on the market.
Anyone got any more details? Is it existing customers only?
The £49,999 probably comes from the fact that this is a fixed rate bond and
if more than £50k is deposited a bond becomes a "qualifying term deposit"
which makes it very difficult to break early without tax issues.0 -
Is this 5.1% gross or AER?
If the latter ICICI is still better anyway (albeit only by .05%, but certainly not worth withdrawing from ICICI if you're already with them)
Otherwise, if gross, are they doing the same with this as their 6% promotion where you get the bonus at the end of the period?Conjugating the verb 'to be":
-o I am humble -o You are attention seeking -o She is Nadine Dorries0 -
Apparently, not all ING account holders were notified of this new deal.
On ringing Customer Services, I was told SOME of those who took up their current 6% interest offer, have been notified by e-mail.
However, anyone can take up the offer, providing they have an ING variable a/c to link it to.
For those looking for somewhere to park their savings when the 6% interest ends on 2 August, it's an alternative to ICICI's HiSave a/c, currently offering 5.05% gross with no strings.
If you're still nervous about ICICI, Citi's new, easy access online saver is worth considering too.
5.00% gross, including 0.54% bonus interest for 6 months
Minimum balance £10,000
http://www.citibank.co.uk/uk/persona...ver/fsaver.htmPeople who don't know their rights, don't actually have those rights.0 -
Is this 5.1% gross or AER?
It's 5.1% AER, 5.04 grossPeople who don't know their rights, don't actually have those rights.0 -
If you call them up and ask them to open it on August 2, will the money from the savings account be moved over automaticaly or will you have to login and do that yourself?0
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teksat2k wrote:No details on website but email received today (so presumably others account holders will know about this).
As this is fixed 6-month term, no withdrawals allowed without closing account, which incurrs 90-days loss of interest. Can deposit £1-£499,999 but strangely only £49,999 in any one account, so for savers with over this amount, they open multiple accounts.
Are you sre you can't withdraw some withot closing account?
My email says:
"Please be aware that if you were to decide to close your fixed-rate savings account before the end of the 6 month term, you will incur a loss of interest. We would deduct 90 days of gross interest from the interest you have earned or, if you have earned less than 90 days interest, no interest will be paid to you."
That doesn't seem to preclude some withdrawals.
Will probably give them a ring in the morning to make sure.0 -
This looks like a bit more than a one off - more of a new product alongside their existing savings account. I have the Terms and Conditions leaflet now and it cotains these as a separate section after a summary of the 'general' T&Cs for the existing account.
Interest will be paid at the end of the 6 months - not during (Condition 3.1)
You may hold up to 10 fixed rate savings accounts (Condition 1.3, as stated above) - suggesting that they see several of these running alongside each other and new (possibly higher) fixed rates with various terms will become avalable in the future.
N.B. '5.04 gross' to '5.10 AER' works out as follows:
Account fixed for six months, so interest paid 'half-yearly' at the 'gross' rate.
Half the yearly gross rate is 2.52%
102.52% x 102.52% = 105.10%
Anyone think that ING will look to 'downgrade' its existing savings account over time by offering higher (but fixed) rates alongside it? If so they would not be the first people to do that sort of thing.
Some people here have expressed dissatisfaction with ING in the past as it became clear that they were no longer matching BOE rate rises in full etc and are now about 0.5% 'behind' where they would have been had they simply matched the BOE througout. Comments? Are they still a good account? I certainly think so and welcome getting offers like this in the post. But I'd be interested to hear how other people feel about ING now they are three years old?.....under construction.... COVID is a [discontinued] scam0 -
Hi,
Got a letter from ING today offering me the chance to setup a new account ING fixed rate Savings Account
Seems you need to open another account with them the interest being 5.1% AER for 6 months. If u take the money out before though they take 90 days interest off u unless u have earned less than 90 days where u pay nothing
After 6 months your money will automatically be transferred back to your regular savings account
You dont get the interest until the end of the 6 months term
You can put in a max of £499.999
This doesnt seem like sure a good deal to me or am I missing something ?"The time is always right to do what is right"0 -
I`m in the 6% deal at the moment.
Haven`t had an email about the fixed 5.1% but would be happy to switch to it on 2nd AUG.
With the avrage account paying 4.5%,even if the BoE puts it up a quarter,a lot of the saving rates won`t even give the full rise.
So 5.1% for 6 months looks goog value to me.0 -
I've just gone for it.
Had a letter from them today.
Open to existing customers only.
ING are very good on CS as the guy I spoke to said for me to start it from the 2nd August as I'd put money in during their 6% offer.
That way I wouldn't lose out
If it's not a bargain, it's not worth buying
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