ING reward 6% rate

Paul_Herring

If you're already with (i.e. the majority of your savings are with them,) and reasonably happy with, ICICI, I wouldn't even consider this offer. The offer period is too short to make even a reasonable profit.

YorkshireBoy

Paul_Herring wrote:

If you're already with (i.e. the majority of your savings are with them,) and reasonably happy with, ICICI, I wouldn't even consider this offer. The offer period is too short to make even a reasonable profit.

I agree Paul, I can't make it 'work' with our A&L OS2 accounts and we have a combined £50K stooz pot there.

However, due to ING's and my own bank's very fast transfer times, I can make an easy £28 by transferring my ING savings to my wife's ING account via our common linked account (initiate next Monday 22nd, transfer completed the following Friday).

elisebutt65

Wow - you guys have so much money - lol!!!

I just put £50 a month in ING and the same into ICICI - Massive total of £750 so far - lol.. At least I'll make a few extra pennies for the next 2.5 months haha

YorkshireBoy

elisebutt65 wrote:

Wow - you guys have so much money...

The £50K isn't mine - I'm just looking after it for some very nice credit card people.

martyn4764

codetown wrote:

If anyone saved the page, please contact me.

Hope this helps... (hope it works!)

http://img401.imageshack.us/img401/5127/promotable8pv.jpg

Martyn

martyn4764

I wonder if someone better at these things than I am tell me...

We currently have £85,000 in a Cahoot Savings Account (paying the bonus rate until 28th June).
Are we going to gain much by moving this into our ING account? And if so, is it better to transfer the money now, or wait until Cahoot drops to the standard 4.55% on 29th June?

We receive the interest gross in each case, and we're not tax-payers.

I'd be grateful for any help with this.

(Even if it's not worth moving, it's good to see a pretty clear sign that rates are on the move in the right direction at last!)

mary

Can't help you with the maths, but i've just moved £84K from Cahoot to Ing on Monday, simply because my rate was dropping next week and it worked out good timing for once. It hasn't shown up yet, but probably tomorrow it will. What I've done is withdraw all the cash except £1, just to keep a foot in the door with Cahoot. Have opened a new account with them the 4.55% one (it took 5 minutes and he did it while I was on the phone and on line watching). Told him to close the old account, transfer the interest (around £700) to the new account I had just opened and then I will transfer it out immediately to Ing. That way should be quicker than them sending you a cheque through the post, and in any case they can transfer from one internal account to another internal account

lipidicman

martyn4764 wrote:

..We currently have £85,000.....We receive the interest gross in each case, and we're not tax-payers..

Careful. The interest on this sum alone might make you a taxpayer if the rates are good

(6% of 85,000 = £5100, personal allowance is £5035)
Shared between two people you should be OK though

lipidicman

codetown wrote:

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!

It is fine to say that accounts have movements every few months, but surely you hope that the account will stay competitive relative to other accounts for longer than this. If you were to move accounts every two months the loss of interest in a year will be significant compared to any gains you are trying to achieve. To move to the leading account hoping it will stay competitive for 6 months is very different from moving to ING now, knowing you will have to move it on so quickly. I'm in the 33p per £1k group. For me, this isn't worth it. ING can work out a better deal if they want me back (and if this is met with derision, they will have to)

chesky369

I think it's probably not worth all the hassle of transferring from one savings account to another and then back again but, in my case, it was easy to change my regular standing order of £500 per month from my salary to First Direct, over to ING for three months, then I'll change it back again in August.

I know I won't make much but it won't have been any trouble either.