ING reward 6% rate

meanmachine_2

I believe ING won't credit you with the 6% until after the bonus period has ended. Then they'll give it to you as a lump sum.

mary

August 2nd

manhattan

thats great thanks

alared

Having checked my account today,ING paid interest at the end of the month at their normal rate.(4.41% gross)
Seems like the bonus only is added on 2nd AUG at the rate of 1.59% gross.

So the 6% is NOT added on the 2nd Aug only the bonus

lipidicman

Yes, that's what the leaflet sent in the post said alared

Milarky

alared wrote:

Having checked my account today,ING paid interest at the end of the month at their normal rate.(4.41% gross)
Seems like the bonus only is added on 2nd AUG at the rate of 1.59% gross.

So the 6% is NOT added on the 2nd Aug only the bonus

Also checked the interest for May and it was all just at the Standard rate - confirming what we have been told - 4.5AER. Have you thought why they chose to do it this way - and also selected August 2nd instead of 1st? It does make marketing sense - because then you will see a 'bonus' added to your Account the day after normal monthly interest and it will show you much better off you were (basically compared to other BOE rate-paying accounts). Smart tactic because it also saves us the bother of having to this sum for ourselves. The split rate for the bonus also allows them to move the 'basic' rate too - in case no one else had mentioned - so 6% is not guaranteed.

Dagobert

fablad75 wrote:

With all this talk of transfer limits...

I started a separate thread so we can collect a list of Transfer Limits. I thought this might be useful - not only in conjunction with the ING Direct offer.

If you know of any online / phoneline transfer limits, you can enter them there. It would also be useful if you knew whether the limit is per day or per transfer.

alared

When the bonus is added on 2/8,I`ll have a look around to see where it`s worth moving to.
IMO the next move by the BoE has to be up.

Dagobert

Does anyone know whether the limit of 3 linked accounts is per savings account or per customer?

I am wondering whether, if I opened additional accounts, I could up the number of linked accounts.

Dagobert

FirstDirect seems to be a good choice for transferring the money out again:

• easy to set up (with referral possibilities)
• it comes with a cheque-book
• apparently, unlimited transfers are possible, see Transfer Limits
• transfers take only 2 days

I believe transfers from ING only take 2 days. So, it would be possible to transfer the money out to FirstDirect on Monday 1st Aug and on to a high interest savings account on Wednesday to arrive there on Friday.