Ing Direct

al_yrpal

BOE interest rate on hold again. Ing Direct must be in a dillema. I notice that the lifebuoy is now having the centre obscured to hide the lousy interest rate.

James240

is this why ig to less interest on my money this month? sorry but not entirely up to speed with whats happening....

kenshaz

Greycrow wrote:

ING are just a bit too clever.
They've obviously reached their launch target figures for customers and and funds and now feel that they can start paying more mundane rates on the assumption that most investors wont be bothered to change.
I've withdrawn some funds but am waiting,before moving the rest, to see if the new year and the recent freeze on the base rate will produce more attractive schemes from other institutions.
I am not inclined to close the ING account but rather to leave a small amount like £1 there. It will be simplier to move money back in later, should I wish, and it will cost ING to maintain the account. It's our money and we can play clever with it too.

An excellent analogy,you should go into strategy banking

kenshaz

Rhino666 wrote:

It's always a good idea to leave £1 in savings accounts when you transfer elsewhere. Most are fickle when it comes to interest rates and if they do become competitive again it is usually only a case of doing a quick BACS transfer to return your money to them. Openng a new account will involve form filling, supplying ID, etc and takes a fair bit of time and effort.
A drop of 0.25% is equivalent to a days interest lost every 19 days, if the higher rate is 4.75%. It usually means a loss of at least 2 days interest when transferring so needs to be weighed up.
I would also recommend doing BACS transfers on a Monday/Tuesday so that there is little chance of the transfer taking in non-banking days on a weekend.

Why not try chaps transfer no interest lost ,same day transfer ,but it does cost about twenty pound

kenshaz

kenshaz wrote:

Why not try chaps transfer no interest lost ,same day transfer ,but it does cost about twenty pound

but you cannot chaps from an ING account

isasmurf

al_yrpal wrote:

BOE interest rate on hold again. Ing Direct must be in a dillema.

and Abbey... and Alliance & Leicester... and Lloyds TSB... and Nationwide... and First Direct... And Halifax... Need I go on? In case you hadn't noticed ING Direct weren't the only ones to drop their interest rate in last month or so.

I don't know what you have against ING Direct.

al_yrpal

isasmurf wrote:

I don't know what you have against ING Direct.

Initially, I was a very good ING customer. But finally saw through their tactics which was to attract millions of customers by initially offering excellent rates, and then making a series of sneaky premature small rate reductions, relying on peoples inertia to stay with them.

I prefer the more straightforward approach of the remaining mutual building societies which is to offer competitive leading rates without the b****.

I believe in Martin's dictum which is along the lines of 'take no prisoners and play them at their own game.' I believe that pointing out ING's activities is doing MSE'ers a favour. As a board monitor, I thought you'd be on the side of the public, not ING Direct's? :money:

AP

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.

You can leave the account open with £0.00 balance and do not have to close it.