Leaving ING - where now?

mrbrown

Hello.
I did have a fixed term account with kaupthing, which was then obviously transerred to ING. ING honoured the interest rate of 7% ;-). However, the fixed term has now ended and the interest rate hase dropped 7 fold. Its a few thousand, so I want to find a good home for it - preferably fixed, that I can just stick it in and forget about it for a year or two. Does anyone have any suggestions? I see there are some quite good regular savings account out there - would I be better to drip feed the money from my ING (I havnt looked into whether I can setup a standing order on my ING account yet) into a regular savings account, or is there a good fixed account I can transfer the whole lot into?
I do have a fixed halifax reward account which means I can take up to 4 withdrawels out, but make as many deposits as I like. Im reluctant to do this however because
a) it was an absolute pain setting it up and had a bad experience and noone at the halifax helpline seemed to understand how to set it up or what the terms were - I had to get the answers from this forum!
b) Not sure if I can make a deposit of a large amount (well, a few grand).
Any suggestions or advice would be great.

mrbrown

Just to clarify: the halifax account I have is a Halifax Guaranteed Saver Reward which offers 5% fixed (if I remember correctly) for 12 months, but only if I stick to its terms & conditions.

G_M

You will not find a fixed rate account of 5% you can dump 'a few grand' into. If the Halifax T & Cs allow additional deposits, put it there. After all - you have completed the painful process of opening it, so reap the rewards!
No - I don't believe you can set up a standing order from ING.

soulsaver

You can only deposit a maximum of £9million:rolleyes: in the Halifax guaranteed saver reward - I assume its same as mine albeit I was a little earlier than yours and get 6.0% fix (til November). I think 'results' are to be published shortly and if there is no more bad news I plan to 'fill it up' (yeah, right..) with the proceeds of my fixes as they become due. It will take me way over the FSCS limit but I feel confident that LLoyds is at worst gonna be nationalised - and/or merged with a super bank BoELloydsRBSHBoSRock Group...

soulsaver

BTW I found it a doddle to operate in complete contrast to the opening process - Faster Payments still seem to be 'rare'. And making a BIG withdrawal online I haven't tested.

mrbrown

Thanks for the comments.
I am thinking of depositing everything into an Egg Savings Account which is paying 3.3% (rather than the Halifax account as I noticed it says that if you dont deposit atleast £1k a month into the linked account then you dont get the 5% fixed rate. Its quite likely that my linked account monthly deposits will drop below £1k for a month or two - which means I would lose my fixed rate). Or I was thinking of moving it into a normal account and then drip feeding it into a regular savings account (Barclays spring to mind, although I already have a reg savings account with them - so not sure if I can have two). Or (just thinking about it), move everything into the Egg account and then drip feeding that amount into the Regular Savings account. I wander if the Egg account caters for standing orders.

ghostbusters

mrbrown wrote: »

Hello.
I did have a fixed term account with kaupthing, which was then obviously transerred to ING. ING honoured the interest rate of 7% ;-). However, the fixed term has now ended and the interest rate hase dropped 7 fold. Its a few thousand, so I want to find a good home for it - preferably fixed, that I can just stick it in and forget about it for a year or two. Does anyone have any suggestions? I see there are some quite good regular savings account out there - would I be better to drip feed the money from my ING (I havnt looked into whether I can setup a standing order on my ING account yet) into a regular savings account, or is there a good fixed account I can transfer the whole lot into?
I do have a fixed halifax reward account which means I can take up to 4 withdrawels out, but make as many deposits as I like. Im reluctant to do this however because
a) it was an absolute pain setting it up and had a bad experience and noone at the halifax helpline seemed to understand how to set it up or what the terms were - I had to get the answers from this forum!
b) Not sure if I can make a deposit of a large amount (well, a few grand).
Any suggestions or advice would be great.

may I ask why you choose not to leave in ING at 4% for 6 months and then decide?

apt

mrbrown wrote: »

Thanks for the comments.
I am thinking of depositing everything into an Egg Savings Account which is paying 3.3% (rather than the Halifax account as I noticed it says that if you dont deposit atleast £1k a month into the linked account then you dont get the 5% fixed rate. Its quite likely that my linked account monthly deposits will drop below £1k for a month or two - which means I would lose my fixed rate). Or I was thinking of moving it into a normal account and then drip feeding it into a regular savings account (Barclays spring to mind, although I already have a reg savings account with them - so not sure if I can have two). Or (just thinking about it), move everything into the Egg account and then drip feeding that amount into the Regular Savings account. I wander if the Egg account caters for standing orders.

Mr Brown, I think you should check the terms of your Halifax deal. I think the 5% websaver had no requirement to fund a current account with £1,000 a month. That was the 6% Guaranteed Saver Reward. Also the £1,000 funding requirement does not mean you have to keep a balance of £1,000 in the current account. You are allowed to pay in £1,000 and take it straight out. You could also use a smaller amount say £250 and pay in and take it out four times in the month.

bjorn_again

ghostbusters wrote: »

may I ask why you choose not to leave in ING at 4% for 6 months and then decide?

Exactly, we (mrs bjorn and myself) each had a KE account which have just become ING and we are moving money in right now. Can't see many better options over six months.

ad44downey

The only way is up when you leave ING

ghostbusters

got a letter from ING yesterdy..seems it is now 6 months @ 3.51 gross per annum (2.53) AER

back to birmingham midshires ( 2.87 AER) then or northern rock @ 2.5% AER ???