A&L or ING?

thegame24

I'm currently trying to decide between a&l and ING for a savings account however I'm a bit confused. Is the ING 3.16% gross alot better than the a&l 3.15%? the reason I'm thinking it would be better to have a savings account with a&l is because i'm thinking about opening a current account with them however i'm a bit unsure how the bonus works as well? any help?

Baldur

The main difference is that ING's rate is fixed for 12 months, A&L's is not - only the 1.65% Bonus is fixed for 12 months.

Theoretically, A&L could later reduce the underlying rate to 0.05% and you'd only be receiving 1.70%.

thegame24

if the rate stayed as they state and i got the bonus as well, that would make it the better offer than ING? does anyone know how likely A&L are to reduce the rate? In terms of people's experience, would they recommend A&L or ING?

Baldur

thegame24 wrote: »

if the rate stayed as they state and i got the bonus as well, that would make it the better offer than ING?

The bonus is INCLUDED in the A&L rate, not additional to it.

As for choosing between them, neither are brilliant in my experience - your choice.

bjorn_again

Baldur wrote: »

The bonus is INCLUDED in the A&L rate, not additional to it.

As for choosing between them, neither are brilliant in my experience - your choice.

I have just moved £50k to each. If neither are brilliant, where do you suggest?

Baldur

Neither are brilliant in terms of customer service and ING in particular have, in the recent past, have a history of 'headline grabbing' rates on their variable rate products which rapidly drop to an uncompetitive level..

I wouldn't suggest anywhere, it's a matter of personal choice after reading the Terms & Conditions of the wide range of accounts offered.

isofa

Personally I'd not choose either, A&L are part of the shambles which are Santander (read the millions of complaints from Abbey customers about service issues). ING the bank which consistently hooks people in and drops rates, plus there are it's only covered by the Dutch scheme if they go bust, and there are talks of INGs rating being downgraded by Moody's.

However, as with Baldur, I'm not suggesting anywhere, do your research, try here for the best buy accounts: http://www.moneyfacts.co.uk/money/savings/1/short-term-fixed-rate-bonds.aspx (just navigate through to savings rather than bonds)

jon-on-one

Baldur wrote: »

The main difference is that ING's rate is fixed for 12 months, A&L's is not - only the 1.65% Bonus is fixed for 12 months.

Theoretically, A&L could later reduce the underlying rate to 0.05% and you'd only be receiving 1.70%.

A&L could also increase the variable rate. In fact, base rate goes up, it will be almost expected by consumers

Well worth just having as many of these accounts open as you can, even if you dont put any money in them. One week, an account tops the table, the next week, it goes to the middle. Dont take it personally, just vote with your feet. Only thing that worries me is the amount of time it takes to move money between a/cs - the rate tarts should realise that it can often become a false economy, all of this moving of funds from one place to another, constantly chasing the best...

jimbow25

Alliance and leicester are more likely to bring out a new issue rather thn pass an increased rate on to everyone.

In fact as of tomorrow the rate has gone down for the latest issue - it is now 3% and not 3.15%, see here

socrates

jimbow25 wrote: »

Alliance and leicester are more likely to bring out a new issue rather thn pass an increased rate on to everyone.

In fact as of tomorrow the rate has gone down for the latest issue - it is now 3% and not 3.15%, see here

You CAN still get this (3.15%) if you phone up and make enough of a fuss - and say that was mislead etc etc.

They will give it to you

sagalout1954

I can't get past being nervous of any foreign compensation scheme (ING), having almost got 'burned' with both Icesave AND Kaupthing Edge. Not saying the UK FSCS would necessarily be safer but at least I'd be dealing with my own country.