ING - any views?

JohnAnt

ING Direct still (astonishingly, and presumably not for much longer) offers 6% for new accounts, including a hefty one-year bonus. I've opened one, but I was a bit cautious when I saw Martin hasn't included it in his best buys. I wondered if there was some general problem with ING? All I need is a good rate for a temporary hold of a small sum of a few thou in a safe place.
It's guaranteed by the Dutch government (100K euros, which is, er, more £ than it was a year ago!)
Any views, anyone? When I research, I can't see any problems with ING being flagged up at present.

Paul_Herring

I think it's just the general view of those who started saving with them when they were first over here getting tired of their 'one simple rate' promise being broken. Repeatedly.

And while the bonus may be guaranteed for a year, the underlying base rate isn't; it's variable.

roddydogs

Ive opened one-the 1.67% bonus is guaranteed for 1 year, of course the base rate will go down-but so will all the other Instant Access A/cs .you can always withdraw it anyway. Why not open with the minimum, you can add more within 1 year and still get the bonus!

opinions4u

I think it's simple.

Chase the best buys and be prepared to change provider regularly. I would hold fire until early December to see what the market genuinely brings from the 1.5% base rate cut. And remember that there is likely to be a further cut in December too!

You know and I know that a 6% variable rate account is not going to be 6% by the end of December, let alone at the end of the bonus period.

A couple of HBOS options which appeal at the moment (but need opening and funding quickly) are:

Bank of Scotland IASA Reward 5.8% FIXED
4 withdrawals
Additional deposits
£5k minimum
www.bankofscotland.co.uk/savings (apply by phone though).

Halifax Web Saver Reward 5% FIXED
4 withdrawals
Additional deposits
£50 minimum balance
www.halifax.co.uk/savings (make sure you fund the £50 before any deadline they impose).

I would hazard a guess that the ING rates will be below 5% by the end of December so sticking £50 in the Web Saver Reward would be a good insurance policy for many on here! And if rates don't fall further, it's only £50 and is still earning an ok rate.

natman

Hi.

I have 2 concerns with ING.
1. This has been mentioned on this thread, they are very quick to drop rates once they have you as a customer. I had an ISA, 1st year was fantastic, the year later, the interest went down alarmingly to probably one of the worst............So I would be prepared to shift it.

2. The compensation scheme..............I beleive it is a passport scheme and not a British compensation scheme ( similar to ICESAVE Icelandic bank) Our government thankfully are/have actually bailed out ICESAVE as if it was a British compensation scheme, but I am not convinced it would do the same again.

I have been burnt with a few saving accounts recently - ICESAVE( just got my money back now) and Kaupthing edge( this account has been taken over by ING and many are taking their savings from ING)

I am pulling my savings back to this country and have opened in the past couple of months-
Bradford and Bingley esaver 3
Birmingham midshire saver 2
Coventry poppy appeal fix rate at 6.25%

If you have not got an ISA, I would defo look at that being your first strategy for looking after your savings - Most ISA's are variable and will probably drop, so perhaps fixing may be an idea.

KENT RELIANCE BS Direct variable rate cash ISA - Under 25s 6.26%
SCOTTISH WIDOWS E-Cash ISA - 6%

Some other accounts you may want to look at are in the post above, but these may also be of interest -
Tesco esaver - 6.25% variable( there is a thread on this account and it does take a bit of time to open)

Yorkshire Building society ebond fixed - 5.58%

BIRMINGHAM MIDSHIRES Internet 6 Month Fixed Rate Bond 5.83%

Hope you found this helpful

roddydogs

Where is this "Poppy" a/c paying 6.25%?

Baldur

roddydogs wrote: »

Where is this "Poppy" a/c paying 6.25%?

Pulled on 11th November, according to - https://www.emoneyfacts.co.uk/news/savings-news.aspx?newsarticleid=177928

natman

roddydogs wrote: »

Where is this "Poppy" a/c paying 6.25%?

Hi, They pulled it last week, but i managed to apply and get my funds in. It was advertised and highlighted on the forum over the last month or so........... heres the thread

http://forums.moneysavingexpert.com/showthread.html?t=1274551&highlight=poppy

Too late though now.....

pem2

roddydogs wrote: »

Where is this "Poppy" a/c paying 6.25%?

With Coventry BS but annoyingly they've pulled it last week.

blondieleopard

i know this is not about ING...but has any one any thoughts on EGG...cos of this citibank crisis in states....is egg in any danger???
anyone ??
thnx

Pssst

blondieleopard wrote: »

i know this is not about ING...but has any one any thoughts on EGG...cos of this citibank crisis in states....is egg in any danger???
anyone ??
thnx

Separate banking licenses,see

http://www.egg.com/visitor/0,,3_104246--View_2189,00.html?param=home