ING drops rate

EalingSaver

ING has dropped its rate for new customers to 4% AER (variable of 2% plus bonus). I'm not quite sure what this means for those who opened when it was at 5.1% (including bonus of 2.17%) as they seem to talk about their underlying on bonus rates at gross rather than AER. But I'm guessing this means 4.17% for those who opened when the bonus was slightly higher.

roddydogs

Thats 3 times in as many weeks---i signed up when it was 4.64 (with bonus) after a few weeks they increased it to 5% with bonus.....Now this....Typical ING. 5% "Guarenteed for 1 year" but when u read the small print, its only the Bonus that is Gteed for 1 year.....not the 5%........Yes i know they all do it.

BusPass_2

As I posted earlier my wife and I have made bonuses of £70 due to opening account incentives.

I got a letter from them yesterday telling me my interest rate is 5% which includes the bonus.

We have taken the £70 but have not decided whether to invest further. I think I might stick where I am.

N1AK

I don't think anyone was expecting ING to operate a standard saving account with 5% fixed interest when interests have been dropping like this.

In fact I don't think a basic saving account exists that gives a fixed interest rate of 4% or above at the moment. If that's the case then the ING account is still good value.

I chose to go with ING because of the 2.17% bonus because given time all banks are going to move their interest rates towards the base rate, as things stand the ING bonus is nearly 150% the size of the base rate!

lpgm

roddydogs wrote: »

Thats 3 times in as many weeks

Eh? The last rate change was on 27 November.

roddydogs wrote: »

after a few weeks they increased it to 5% with bonus

Are you sure? But if so, that's a good thing isn't it?

roddydogs

No, because its "New customers only"

Milarky

The new bonus is 2% - the old bonus was 2.17% Customers will get the bonus at the date they opened the account - fixed for 12 months.

withnell

If you have the 2.17% bonus account, your account will now be earning 4.17% gross monthly, which is 4.23% AER - so still a reasonably good rate.

As for those with a standard ING account, paying 2%.....

roddydogs

Milarky wrote: »

The new bonus is 2% - the old bonus was 2.17% Customers will get the bonus at the date they opened the account - fixed for 12 months.

And the Bonus before that (The 2%) was 1.64%(In Nov i think)PS Customers only getting 2% total now only need to close for 3 Working Days to get the current Bonus, but be quick before it changes again!:rolleyes:

muffinhead

I applied for my account on the January 13th , I wonder if I'll get the 2.17% bonus or the reduced rate?