ING direct bonus rate

Dodge1664

Hi folks,

I recently opened an ING direct savings account as they were offering 2.17% bonus for 12 months on top of their basic rate.

The strange thing is that I've had no written confirmation that this rate applies to me, and there's no indication on the web page either. I raised this with customer services, who in addition to assuring me that the rate does apply to me, said that they have records which could be examined in the event of a dispute. Problem with that is they also have control of those records, whereas I have nothing at all! Seems like a funny way of doing business to me. Normally both sides are given copies of any contractural agreement.

Does anyone else with one of these accounts possess written confirmation of the bonus rate that actually applies?

cheers

atypical

I have a NatWest e-saver with a 2.1% bonus however don't have any written proof of the fact. It's not something I'm worried about but I agree they should send some written verification.

Though the basic interest is applied to my account and then interest named "royalties bonus" is added so I suppose that acts as proof that I have a bonus.

erb

I got written confirmation of the 2.17% bonus fixed for 12 months in the welcome letter they sent me shortly after the account was opened. Check your welcome letter .

I can not find anything on their web site when I log in to my account to say I have the 2.17% bonus as the link to interest rates just takes me to the current lower rates.

Dodge1664

ok, thanks erb. I didn't get a welcome pack for some reason - guess they were inundated, and stuffed up. I've requested one now, so let's see.

Superbenj

Hi

Does anyone know how the bonus interest actually applied on this account? From what I can gather it seems that the bonus interest will be placed into the account after 12 months or so.

I will be withdrawing my funds from the account before its been in the account for 12 months. Will I still get the bonus interest on the full amount for the period that it was in the account, or does the money have to be in the account for 12 months in order for it to work?

Cheers
Ben

savetilibleed

Dodge1664 wrote: »

Hi folks,

I recently opened an ING direct savings account as they were offering 2.17% bonus for 12 months on top of their basic rate.

The strange thing is that I've had no written confirmation that this rate applies to me, and there's no indication on the web page either. I raised this with customer services, who in addition to assuring me that the rate does apply to me, said that they have records which could be examined in the event of a dispute. Problem with that is they also have control of those records, whereas I have nothing at all! Seems like a funny way of doing business to me. Normally both sides are given copies of any contractural agreement.

Does anyone else with one of these accounts possess written confirmation of the bonus rate that actually applies?

cheers

My welcome letter says nothng about the bonus interest rate. The only letters that do, and then not directly, are the letters one gets when the interest drops. It quotes the new preferential rate (for me 3.21% AER) and that it will revert to the standard rate of 1.1% AER at the end of the bonus period (not telling you when that is either). I tend to phone to be sure when I know from here or www.emoneyfacts.co.uk. Even then they tell you the gross rate not AER.

Last time I phoned I conplained at the fact this isn't on their website so it shows changes as they occur. Their defence for not doing that is they would have to do everyone's account individually. I don't buy that personally. In they have the info available on a screen with one's personal interest rate (dependant on when the account was opened) that data could be fed to customers screens.

savetilibleed

Superbenj wrote: »

Hi

Does anyone know how the bonus interest actually applied on this account? From what I can gather it seems that the bonus interest will be placed into the account after 12 months or so.

I will be withdrawing my funds from the account before its been in the account for 12 months. Will I still get the bonus interest on the full amount for the period that it was in the account, or does the money have to be in the account for 12 months in order for it to work?

Cheers
Ben

Surely there would be no incentive to save if you have to wait until the year end for the bonus interest to be added. I've changed my balance by adding to the account several times so calculations are a bit messy. It will be only at the end of this month, if I add no more, that I'll stand a chance of working out what the interest is, bearing in mind the one change in March, and if it has been correctly applied to include the bonus.

cplatten

The problem that you have would be solved if banks and building societies were forced to print the interest rate on statements so we know how much we are really getting.

I have a supposedly "high rate" Internet account with Nationwide which has gone down from around 5% to 0.2% in 3 years and wouldn't have even known if I hadn't have rung them due to doing a financial review. My ISA interest has also dropped significantly without being informed.

I suggest that everyone sign Martin's Petition, however, I have tried twice now and the email link that is sent from the website (to confirm your signature) doesn't work. I have emailed MSE.com but just received an automatic and unrelated reply so I am posting the problem here, hoping someone can sort the petition out.

savetilibleed

cplatten wrote: »

The problem that you have would be solved if banks and building societies were forced to print the interest rate on statements so we know how much we are really getting.

I suggest that everyone sign Martin's Petition, however, I have tried twice now and the email link that is sent from the website (to confirm your signature) doesn't work. I have emailed MSE.com but just received an automatic and unrelated reply so I am posting the problem here, hoping someone can sort the petition out.

Exactly! I have complained to ING. They simply said they would have to change everyones account screen manually as people have different bonus rates according to when they signed. I don't accept that. If the CS operator can tell me, then that info can be fed to "my" account page.
I signed that petition and had no problem with it.

cplatten

The petition has probably got the problems since you signed it. I tried a couple of days ago and then again this morning but to no avail. I have signed loads of others before so I know the routine.

Oh well, I tried to make myself heard...

savetilibleed

savetilibleed wrote: »

I've changed my balance by adding to the account several times so calculations are a bit messy. It will be only at the end of this month, if I add no more, that I'll stand a chance of working out what the interest is, bearing in mind the one change in [STRIKE]March[/STRIKE] April, and if it has been correctly applied to include the bonus.

I calculated my interest added on 30/4/09 of my ING account. I made no additions or withdrawals during the April and there was one rate change on 17/4/09. It worked out dead right when I calculated the 16 days @ 2.536% net + 14 days @ 2.14% net. BTW I still don't have the letter about that 17/4/09 rate variable change.

I do so wish they would have it on individual's page as the interest changes, also I'll need to know exactly when the bonus ends (or better, a bit before). Well see what does change when their new website is launched. :rolleyes: