KE Transfers to ING

jingle68

i havnt had a letter from ING yet,just an email on monday this week explaining i should have received a 'transfer pack' & my KE fixed rate bond matures on monday 9th Feb !
I rang them today & was told my bond will go into a 4% account (2% bonus included) on monday.
Should we be receiving new account/login details?

Essenchill

Geoffo_M wrote: »

4% is a good rate, but only for 6 months.

Not necessarily - it's a variable rate. Although it has a 2%(?) bonus on top of their variable rate, its not definitely going to stay at 4% for 6 months....

Davesnave

Should we be receiving new account/login details?

Yes, after the weekend, apparently; even those of us who don't actually have an account! (I can log into KE, but when I get there, it tells me my account is closed.)

On a separate issue, will ING be issuing tax certificates on behalf of KE, I wonder?

withnell

Geoffo_M wrote: »

Yes, I received that letter this morning. I can't see what they are up to. 4% is a good rate, but only for 6 months. Is it worth the bother. But for some reason, this is the carrot dangled to tempt us to give up the variable + 0.3% guaranteed til 2012. This isn't very good at all - so why do they want us to give it up? Or am I missing something?

ING rates always used to be base rate, or just below (back in the days of 5%+) - they're obviously assuming that the economy will recover, and don't want the guarantee still on. I'm going Option 2, but mainly because I opened an ING account a few weeks back while I still counted as an new customer!

yorksrabbit

New to MoneySavingExpert with an ING question so I'm glad I found this part of the website.

I have also received a letter from ING about my transferred KE account saying it's all happening over this weekend, and then between February 9 and March 9 I can choose either to have a variable six-month interest rate of 4% gross / 3.03% AER or have a guaranteed Bank of England base rate plus 0.3% gross until February 2012.

A long term promise is all right but I'm looking to maxmise my savings over the next 6 to 12 months and although I don't agree with Jeremy Clarkson's comment I appreciate the underlying sentiment because I don't believe this government is capable of anything but incompetence and self interest.

So would experienced savers on here recommend I take the ING "option 1" of 4% gross, which might be 3% gross at this rate, or close the account and go somewhere else?

Thanks.

withnell

It all depends on what other rates you can get - I don't think anyone can predict which banks will go which way with their rates

Essenchill

yorksrabbit wrote: »

So would experienced savers on here recommend I take the ING "option 1" of 4% gross, which might be 3% gross at this rate, or close the account and go somewhere else? Thanks.

The question may well be, where else could you take it and get a rate of even 3%? The options now are very limited. At 4% the rate is very attractive at the moment, but as its variable, it could change tomorrow... It's a difficult one.

jzi19

Good to see there is faster payments transfer available with this. Option one for me - Ater six months, I'll review the situation - if others are more competitive, i'll jump ship.

bjorn_again

Received my new log-in details this morning, all very "friendly" and was able to access my new ING account. Balance shows as Nil although I have/had circa £36k in my KE. The email did say the transfers would take place today and tomorrow so I expect the funds to be there by Monday.
Quite impressed with the way it's gone so far, way better than recent experiences with Scottish Widows.

yorksrabbit

Essenchill wrote: »

The question may well be, where else could you take it and get a rate of even 3%? The options now are very limited. At 4% the rate is very attractive at the moment, but as its variable, it could change tomorrow... It's a difficult one.

Thank you essenchill and withnell. I will go for Option 1 and also have a look at other accounts, Tesco Finance was doing a bonus deal but I'm not sure if it's still available. Thank you both again.