Ing Direct

al_yrpal

Following the BOE's decision to not change interest rates, Ing Direct savers are now suffering their month of sub-optimum interest rates (as well as the up to four day delay, and loss of interest in money movements). When will it end?

I moved my savings, did you?

System

Yes i ditched mine when they dropped their interest rates. I sent a letter off to ING yesterday asking them to close my account.

esalan

Instead of closing your account, why not just leave a balance of £1? When (if) it becomes competitive again, it will be easier to transfer money back instead of the hassle of opening a new ING account.

System

esalan wrote:

Instead of closing your account, why not just leave a balance of £1? When (if) it becomes competitive again, it will be easier to transfer money back instead of the hassle of opening a new ING account.

If and when it becomes competitive again, i will open another account with them, its straight forward enough to do.

lestamunda

Moved mine - closed account - I am sick to death with ING chopping rates before anyone else.

scbfung

as you guys know most of the bank give 4-5 % interested there will be not much point switching across but if your money is for retirement saving why now put in somwhere will give you better rate of return ???

CrazyChemist_2

I've got my savings in ING at the moment - is their rate still 4.5%? My other savings is with Nationwide e-savings which is 4.75% at the moment. Is it really worth switching for 0.25%?

Paul_Herring

Well despite the teething problems quite a few have had, mine's in ICICI at 5.15% AER. Note that ING's is 4.5% AER, not 4.5% Gross. Nationwide is 4.75% AER/Gross

al_yrpal

CrazyChemist wrote:

I've got my savings in ING at the moment - is their rate still 4.5%? My other savings is with Nationwide e-savings which is 4.75% at the moment. Is it really worth switching for 0.25%?

I'm in the same position. I just moved it all to Nationwide. There are better rates out there, but all with some catch or other.

If enough people move their savings on ING is going to get the message that instead of just pretending to treat everybody fairly, it actually starts doing what it says it does - viz - "Our high interest, simple savings account offers the same high rate for everyone with no catches, hassle or restrictions."

It isn't classified by any newspaper or organisation who rates savings banks as high interest any more.

I hate organisations that openly try to con the public, and treat us as idiots, and ING has now done that on several seperate occasions.

cloud_dog

Al, I think you've got a bit of a grudge against ING ;-)

OI know we've had this discussion before but I think you're going OTT with some of your comments about ING. If their rate is lower than others then move (as you and others have done) - simple. But....... dont belittle them regarding their service............

"as well as the up to four day delay, and loss of interest in money movements"........ Um, mine is usually done in three days (sometimes two), and every other online savings provider (unless they offer a current account) will have exactly the same process.

As Crazy Chemist points out they are only really 0.25% below normal good accounts (not top notch ones though), hardly scandalous.

You need to accept that they are running a business and if you dont like their practices then move (as you have done).

Me, I'm still with them for the time being as their customers service (proactively informing customers of the rate cut inadvance) and simple and clear approach to running a savings account is far in excess of other savings accounts I have been with (Halifax, A&L, Abbey, Smile, Co-Op to name a few).

The proof will be in the pudding when the BoE do lower rates (possibly in Feb) to see if ING then lower their rates again. If they don't then they've just been a bit clever and saved themsleves (cost us) 0.25% for three months. If they do lower their rates again then I will move the majority of my money (save for £1) elsewhere.

cloud_dog

CrazyChemist_2

al_yrpal wrote:

I'm in the same position. I just moved it all to Nationwide. There are better rates out there, but all with some catch or other.

If enough people move their savings on ING is going to get the message that instead of just pretending to treat everybody fairly, it actually starts doing what it says it does - viz - "Our high interest, simple savings account offers the same high rate for everyone with no catches, hassle or restrictions."

It isn't classified by any newspaper or organisation who rates savings banks as high interest any more.

I hate organisations that openly try to con the public, and treat us as idiots, and ING has now done that on several seperate occasions.

That's a very good point - I'll definitely think about doing that soon as I'm a bit annoyed about how they have recently dropped interest rates.