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ING Cash ISA (merged)
AJK_3
Posts: 24 Forumite
6.55% per annum guaranteed for 6 months from the day you open the account,
reverting to our Cash ISA variable rate of 5.13% p.a., equivalent to 6.0% AER*
reverting to our Cash ISA variable rate of 5.13% p.a., equivalent to 6.0% AER*
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Comments
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Another one that doesnt allow transfers in. Do any of the top rate ISAs allow this?0
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I'd stick with NS&I - you get an extra £6 with ING year one, then lose £20 odd a year for a long time...
Worth checking Kent Reliance - used to allow transfers in (think they're around 5.7%)0 -
They say this in a rather unusual way howeverKTF wrote:Another one that doesnt allow transfers in. Do any of the top rate ISAs allow this?
Leaving open the possibility that they could 'invite' you to transfer-in at some later stage..You cannot transfer funds to your ING Direct Cash ISA directly from ISAs held with other organisations, unless we let you know separately that you can do so.
Recalling that First Direct offered something quite similar 2 years ago, the best rate that can be achieved by this offer is to time your subscriptions as close together as possbile (eg 5th April for this year and 6th April for next) as the six months start running from account opening. So you can afford to wait a month or so before applying (and then to transfer out after 6 months of course!)
A note about the interest rate
Please note that the '6.55%' and '5.13% are 'simple' (not compound rates) - and ING actually pays the interest monthly so that it compounds to a higher figure - otherwise the '6.0%' rate is not achievable
Therefore 6.55% over 12 months is 0.5458333% per month (avg 30.4166 days)
Over the first 6 months this grows to
1.005458333^6 = 1.0332 (and note that 2x '3.32%' = '6.64%' not '6.55%)
Next the 6 months at '5.13%' - which is 0.4275% per month
1.004275^6 = 1.025926 (and 2 x '2.59%' = '5.18%' not 5.13%)
Over 12 months therefore we get:
1.0332 x 1.0259 = 1.06 ('6.0%').....under construction.... COVID is a [discontinued] scam0 -
Just checking my ING Direct Websaver account this morning and found that they appear to have launched a cash ISA. When did this happen? Is it any good? 6% AER - looks alright . . . I think.
A&L have a 7% but you have to have open a current account don't you?
Advice please - thinking about where to put my money coming up to April.0 -
Not really.
http://www.ingdirect.co.uk/savings/our_savings/isa/ING_web_site wrote:6.55% per annum guaranteed for 6 months from the day you open the account,
reverting to our Cash ISA variable rate of 5.13% p.a., equivalent to 6.0% AER
NS&I is still better imho...0 -
But you can't transfer into NS&I. Can't see anything on ING about transfers either. Is this a better rate than, say, Yorkshire E-ISA at 5.65%? I can never work theses rates out! Also, I believe Smile are increasing their ISA rates up to 1%.Is that right?0
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thumshie wrote:
Yes but NS&I is still 0.20% AER lower than ING's 6.00%AER plus for those who don't have £1k to put in straight away the ING one allows much smaller minimum investments and additional deposits. It seems like a good way of encouraging savers who are new/less familiar to ISAs.0 -
hansi wrote:But you can't transfer into NS&I. Can't see anything on ING about transfers either.
It does in the Ts'&Cs':
http://www.ingdirect.co.uk/common/tandc/ISA.pdfweb,_condition_b2 wrote:You cannot transfer funds to your ING Direct Cash ISA directly from ISAs held with other
organisations, unless we let you know separately that you can do so.
If you don't mind transfering your funds after 6 months (when the rate drops from 6.55%), it's a great ISA, otherwise if you're thinking long term and don't want to transfer and have 1k to invest you may be better of with the NS&I straight away..0 -
not sure I could be bothered with this just for 6 months, which is all it's good for IMHO, there's better rates to be had elsewhere, Kent Reliance for one, which is where I've got a few bob tucked away...
http://www.krbs.co.uk/directisa.aspx0
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