ING Direct websaver 6.6%

neilsedaka

I qualify for the 6.6% (variable) rate for new funds paid into my existing ING Direct websaver account between 2 September 2008 and 2 March 2009. I would like to clarify (1) do the new funds have to stay in the account until the 2 March 2009 to qualify for the 6.6%, or (2) can funds be paid in and partially withdrawn before 2 March 2009 and still qualify for the 6.6% for the days that the funds were in the account?

In other words does it work (1) like a fixed term account until 2 March 2009, or (2) is it flexible with the 6.6% calculated on the daily balance even if the funds are not all in the account on 2 March 2009?

I hope that makes sense. With interest rates on the way down I want to be clear about how much flexibility I may have.

dougz_2

My understanding was (1)=No (2)=Yes

neilsedaka wrote: »

I qualify for the 6.6% (variable) rate...

Where do you see the "(variable)" bit after 6.6%? They invited me too and it just says 6.6% full stop. It talks about the existing rate as variable, but noticeably not with the special rate. So it sort of implies the 6.6% rate should be fixed until March. While it does not actually say "fixed" either, the way it is written could be interpreted as meaning that. What do others think?

pressuredrop_2

Bonus rate fixed, total rate variable, so 6.6% AER variable.

IMO etc.

It's instant access so I'm unconcerned about the rate.

Milarky

neilsedaka wrote: »

do the new funds have to stay in the account until the 2 March 2009 to qualify for the 6.6%

No...

can funds be paid in and partially withdrawn before 2 March 2009 and still qualify for the 6.6% for the days that the funds were in the account?

Yes....

The important point is that they only count money in excess of the Websaver account balance as at the start day for the bonus. Also, don't pay into your 'Direct Saver' by direct debit and then transfer - that won't qualify as it is not counted as 'new money' once it has hit another ING account. Therefore (since they can't DD into the websaver) you have to send the payment directly to the Websaver - which I understand can now go via 'faster payments' if your bank is using this...

pressuredrop_2

Milarky wrote: »

that won't qualify as it is not counted as 'new money' once it has hit another ING account.

I don't understand. Evidence would be pleasant.

shown73

I don't understand either. As I interpreted it, any addition to the web saver qualifies for the 6.6%. Is there another way of depositing in the web saver, other than via the direct account? I'm certainly not arguing, I'd just like some clarification.

dougz_2

Well this is how it is described on my latest statement they recently posted to me:

GET A 6.6% AER BONUS RATE ON YOUR WEB SAVER ACCOUNT
Remember, any savings you pay into your account between 2 Sept 2008 and 2 Mar 2009 will receive a 6.6% bonus rate while your existing savings will continue to enjoy a rate of 5.00% AER (variable).

It does not specifically say the additional savings have to be new to ING, just the Web Saver account, although I am now worried after what Milarky said, and maybe I should move the money back out and re-deposit it the 'right' way?

I again notice they put (variable) after the 5% and not the 6.6%, which suggests the 6.6% is not variable. Although if they want to add the 6.6% bonus on top of the 5%, making a variable total I am more than happy

shown73

I wouldn't move anything until your sure.

elektra

shown73 wrote: »

I don't understand either. As I interpreted it, any addition to the web saver qualifies for the 6.6%. Is there another way of depositing in the web saver, other than via the direct account? I'm certainly not arguing, I'd just like some clarification.

You can deposit direct into websaver by quoting sort code and account number. I have justed tested this from an external current account - transfer was completed as a faster payment.

To qualify for the bonus it has to be money from external source. This is what they quoted me on phone yesterday.

Milarky

elektra wrote: »

To qualify for the bonus it has to be 'new' money from external source. This is what they quoted me on phone yesterday.

And the 'girl from ING' is also my source of my remarks too. I specifically asked about this - they expect you to make a direct payment and internal transfers wouldn't count

One way to test the theory is to go to the Websaver account activity screen and note the qualifying balance...

My screen current looks like this:

ING Direct Web Saver Account-XXXXXXXX

Bonus interest rate of 6.41 % on balances over £ 0.04 until 02-Mar-2009
Current variable interest rate of 4.89 % on balances up to and including £ 0.04
Interest earned during calendar year (£): 0.01
Tied Savings Account: YYYYYYYY

After transferring £1 from my Direct Saver to the Websaver just now the base balance (4p) displayed has not changed.- after having a balance of £1.04 - This suggests that all deposits and internal transfers might be considered 'new money'

However it might also be a false indicator. The only way to be sure is deposit a bit more (say £100) and wait until the end of the month and check whether the interest actually paid looks right - However, whilst I'm not up to speed on all the details of this offer, previous offers have involved paying the bonus at the end of the promotional period (so you don't know whether you are getting the amount you think you should be until it is too late!)

elektra

That is interesting - I don't get a screen like you described above. There is no mention of what bonus rate I would get - although they mentioned 6.5% on phone.