ING adjusts rate temporarily to 3.25% on Web Saver account for existing customers

EalingSaver

savetilibleed wrote: »

I had assumed this was an obsolete account as it isn't featured anywhere. I found a link Historic product interest rates terms and conditions at the bottom of the page you get if you click the Savings tab. It is no longer available - or maybe that isn't news

Well, as an old ING customer who left them and then found themselves shuffled back in, perhaps I can shed some light.

As I recall, the Web Saver was a "special" account that they introduced. Having trumpted themselves as 'straight forward single rate no nonsense' etc. on launch, there came a point where their rates were dropping like a stone. A lot of customers started leaving, and at some point they woke up and took notice. They then introduced this 'special' WebSaver account, available I tihnk to existing customers only (unusually), with a higher almost competitive rate. I remember this because it was launched/advertised the very day I was about to close my account down. Instead I switched my money into this 'new' account. Of course, after a period they then dropped the rate on this as well. Unlike what I do these days, I eventually closed it and left ING (as opposed to keeping it open with a minimal amount just in case....).

So slightly amused to see that it has been allowed to drift along, presumably on some crummy rate, and is again being used as a flagship attraction.

On a separate but related note.....INGs standard account is now offerring 3% but ONLY FOR NEW CUSTOMERS !!! So having found my way back to ING courtesy of KE collapse I'm not eligible for this, and am stuck on 2.7. Have tried to cajole them by phone to move me across, but they are not playing ball.

So alround, standard ING tricks. However, marginally better than A&L which are the worst ever for this kind of rates high jinks.

MoneySavingIndian

Hi All,

I had a question or two, I was hoping one of you could answer.

Would it be an idea to move all my money out of my Websaver (to an external account). Then transfer it back into the Websaver to earn the 3.25% for 6months. If this would work, do I have to transfer it directly to the Websaver or can I transfer it to a standard ING account and then accross to the Websaver?

What are your thoughts, I can't see why this wouldn't work. It would be an idea to wait until they pay my monthly interest and then move the monies out.

Thanks in advance.

Steve_xx

MoneySavingIndian wrote: »

Hi All,

I had a question or two, I was hoping one of you could answer.

Would it be an idea to move all my money out of my Websaver (to an external account). Then transfer it back into the Websaver to earn the 3.25% for 6months. If this would work, do I have to transfer it directly to the Websaver or can I transfer it to a standard ING account and then accross to the Websaver?

What are your thoughts, I can't see why this wouldn't work. It would be an idea to wait until they pay my monthly interest and then move the monies out.

Thanks in advance.

I can't see why it wouldn't work. No wait a minute, maybe it would not work, read this bit:

This means that any savings you put into the Web Saver over the amount you held on 17 July 2009, will earn 3.25% equivalent AER* until 17 January 2010. [FONT=Verdana, Arial, Helvetica, sans-serif]After 17 January 2010, the rate will revert back to the standard variable Web Saver rate, currently 1.0% AER.[/FONT]

Twosheds

Steve_xx wrote: »

I can't see why it wouldn't work. No wait a minute, maybe it would not work, read this bit:

This means that any savings you put into the Web Saver over the amount you held on 17 July 2009, will earn 3.25% equivalent AER* until 17 January 2010. [FONT=Verdana, Arial, Helvetica, sans-serif]After 17 January 2010, the rate will revert back to the standard variable Web Saver rate, currently 1.0% AER.[/FONT]

I agree - it won't work. If you look at the account itself online, the rate is specific to money above a specified amount which is your balance on the date this offer started.

I too am a member of the "wouldn't touch them with a barge pole" club with 0.01p in the ordinary account and a zero balance in the web saver, but I'm prepared to take their money as it's a better rate than many and easier to get going as I already have the account open.

sabretoothtigger

Thats lucky I had the balance at zero just before that

MoneySavingIndian

Ahh, I guess not, thanks for the help. Yep, lucky you had the balance at zero!

ElusiveLucy

ING have been messing about with rates on the Web Saver account for a while now. I had a bonus rate on savings in mine over a certain amount that expired a while back anf finally got round to moving my money to another, higher interest account about 10 days before I got the latest email. I have now moved the money back into my web saver account, so it all qualifies for the higher rate.

I was wondering whether this offer had been sent to all web saver account holders, or whether they had targeted people who had moved their money out.

lpgm

Just a reminder the offer's over now. All back to 1%. The last amount of higher interest was paid yesterday, so it's time to move it out if you want to.

Steve_xx

lpgm wrote: »

Just a reminder the offer's over now. All back to 1%. The last amount of higher interest was paid yesterday, so it's time to move it out if you want to.

I thought that the bonus period ended on 17 January?

lpgm

Steve_xx wrote: »

I thought that the bonus period ended on 17 January?

That's right. I'm just saying it was paid yesterday, being the end of the month.