ING reward 6% rate

martyn4764

Hi


Haven't been to the ING website in ages (another customer with £1 left in!), but they seem to have changed the use of, I think, Flash, which means I can't access the offer, or indeed my statements... any other Mac users getting this?

I wonder if someone could copy & paste the T&C for this new offer so I can check it out?

Thanks a lot

Martyn

alared

This is just a gimmick to get people roped in by paying 4.8% NET for about 75 days and then they hope you forget about the drop to 4.5 % gross and leave it with them.
To be perfectly frank,it ain`t worth the hassle.

mary

Well I reckon I'll make somewhere in the region of £140 for my troubles - good enough for me. Move in for now and move on to greener pastures when the time comes.

toadcottage

Thought I was seeing things when checked my ING account this AM!
Everything getting pulled and dumped in there, max out your 0% overdraft for this until end of July!

yellow_dog

Damn! Today I've just posted a cheque to ICICI bank for £15,000.

Do you think its worth me stopping the cheque which will cost £10, and paying it into this account. I can do a direct transfer from my bank.

Any ideas please.

codetown

alared wrote:

This is just a gimmick to get people roped in by paying 4.8% NET for about 75 days and then they hope you forget about the drop to 4.5 % gross and leave it with them.
To be perfectly frank,it ain`t worth the hassle.

All the top-paying accounts have movements in rates every few months. The situation as you see today will surely change again in 2 months time.

So my view is that it is worth the effort of moving the money and will be again worth the effort to check again in August and move them again.
(effort in relative terms; I can do it all online in less than 5 minutes; what effort is this?).

After all, it is exactly this differential of 1-2% which we all look after.
For the next two months it will be ING offering it and getting my money!

dealseeker

YELLOWDOG
"Do you think its worth me stopping the cheque which will cost £10, and paying it into this account. I can do a direct transfer from my bank."

No - A difference of 33 pence per £1000 moved transferred = 15 * £0.33 =£4.95 (ie less than the £10 cancellation charge).

So a net cost to you to now cancel cheque and invest in ING. May be a benefit to transfer cash from ICICI to ING once cheque has cleared but benefit would be less than a fiver so surely not worth the hassle.

yellow_dog

Thanks for that Dealseeker, I`m hopeless at maths!

Zwicky

Paul_Herring wrote:

For those thinking of moving from ICICI to ING for the period:

Assumption: 10 days transfer penalty (From ICICI to Linked to ING)
quote]

Don't you need to include the loss of interest when transferring back to ICICI at the end of the 6% rate period? Ing does not allow you to transfer direct to ICICI so it will have to be via another account.

Also a problem for Cahoot account holders as they would have to decide if it is worth transfering back to Cahoot for a very small rate differential.

Paul_Herring

Zwicky wrote:

Paul_Herring wrote:

For those thinking of moving from ICICI to ING for the period:

Assumption: 10 days transfer penalty (From ICICI to Linked to ING)

Don't you need to include the loss of interest when transferring back to ICICI at the end of the 6% rate period? Ing does not allow you to transfer direct to ICICI so it will have to be via another account.

Indeed!

ICICI:
10 days at 5.03% gross (5.15%AER) = 10/365*5.03%*£1000*80% = £1.10 lost.

Makes it even less worth moving money.

Also a problem for Cahoot account holders as they would have to decide if it is worth transfering back to Cahoot for a very small rate differential.

Already mentioned this - the difference is only 0.05% gross in Cahoot's favour.