ING v TESCO ?

jingle68

Hi, my ING account of 30k (was KE) is now paying 3.5% , my Tesco account is currently paying 4% incl bonus, is it worth the hassle of transferring my ING savings across to Tesco for the sake of less that 0.5% ?

anselld

Anything could happen in the next two months, which is how long it will take!!

anselld

Sorry, I missread that the first time, thought you were considering opening a Tesco account (which takes 2 months )

Since ING accept but do not send faster payments you will lose £2.83 per day in transfer process, say 4 days, £11.31. (gross)

If things stay the same you will get 41p per day more interest (gross). So it would take 28days to get back where you started.

ie It depends how long the 0.5% difference lasts. If Tesco are still waiting to respond to the latest 0.5% cut you might lose out.

Money_maker

My ING acc only pays around 1.98%. Will not transfer as I know ING can transfer funds to my bank in 2 working days. How quick is tesco?

anselld

Tesco use faster payments both ways, ie instant (unlike their opening procedure)

G_M

I've been considering a similar move, though from ING to existing Investec account. However, ING will not let me switch direct - must go to a 'linked account' (which can only be a cheque issuing account), so it's a double move: ING to c/a then c/a to Investec.

However as ING have just further reduced their rate to 3% I'll prob do it. Start on Monday to avoid cash getting stuck in never neverland over a weekend!

mike22

anselld wrote: »

Anything could happen in the next two months, which is how long it will take!!

Why in the next two months?