ING reward 6% rate

YorkshireBoy

lipidicman wrote:

I dont think I can BACS from the other current account into ING can I?

From the 'move money' area...

Please note: if you would like to transfer money into your Savings Account from an external account that is currently not linked to your ING Direct Savings Account, please quote the following information to the relevant financial institution:-

Sort Code: 40-61-98
Account Number: Please quote your account number, not your customer number

Zwicky

lipidicman wrote:

I could get my money out of its savings home and into the current account with the same bank pretty quickly. However my DD link with ING is to a current account at a different bank. I dont think I can BACS from the other current account into ING can I?

I have made a CHAPS transfer to Ing so I see no reason why you cannot make a BACS transfer. You just need to instruct your bank giving your Ing account name, number and sort code.

Do check however, that you will really make a worthwhile profit (or indeed any profit) on this. You need to take into acount the interest rate differential between you current savings account, how long you will get this for and then compare it with the interest lost when transfering in and out at the end of the promotional offer. As you will see on this thread there are differing views as to how to long the transfers take!

mary

What is the difference between BACS transfer and CHAPS transfer?

lipidicman

CHAPS you pay for, and is quicker

I couldn't find the transfer info as ING have locked me out!

And thanks Zwicky, but I have been involved in this thread from the start and have already worked out for me the hassle is not worth the reward.

Zwicky

mary wrote:

What is the difference between BACS transfer and CHAPS transfer?

To be precise, Chaps is same day transfer provided you instruct the bank before a certain time (usually 3pm but find out what time limit your bank applies) and you pay a fee which varies from bank to bank but is usually around £23.

BACS is free but takes 3 days.

So it can be worthwhile paying the fee for CHAPS if you are transferring a large sum of money and the interest you would lose during the BACS transfer is greater than the CHAPS fee.

Greycrow

lipidicman wrote:

CHAPS you pay for, and is quicker

I couldn't find the transfer info as ING have locked me out!

And thanks Zwicky, but I have been involved in this thread from the start and have already worked out for me the hassle is not worth the reward.

I think you're right there, unless there's a large amount involved.
My guess is that this is just a cynical ploy by ING to get back some of the money they lost, when they cut the rate. Happily it looks like the withdrawals hurt.

Ted_Bloke

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.

Nobody needs to remember! With internet banking you can arrange your actions ahead of time. So everybody who can take advantage of this offer FILL IN THE ONLINE TRANSFER FORM TO TRANSFER THE MONEY OUT ON 01 AUG!
Then hopefully ING will see ahead of time that it has for clients a lot of squalid wised-up moneygrubbers who care for nothing but the interest they receive, and may decide to maintain the higher rate for longer!?

Paul_Herring

Ted_Bloke wrote:

Nobody needs to remember! With internet banking you can arrange your actions ahead of time. So everybody who can take advantage of this offer FILL IN THE ONLINE TRANSFER FORM TO TRANSFER THE MONEY OUT ON 01 AUG!
Then hopefully ING will see ahead of time that it has for clients a lot of squalid wised-up moneygrubbers who care for nothing but the interest they receive, and may decide to maintain the higher rate for longer!?

Does ING allow you to place pending transactions more than a month in advance? I don't recall.

mary

But in any case, do you know where you are going to transfer your money that far ahead. You won't know what lucrative offers will be available.

hansi

Ted_Bloke wrote:

Nobody needs to remember! With internet banking you can arrange your actions ahead of time. So everybody who can take advantage of this offer FILL IN THE ONLINE TRANSFER FORM TO TRANSFER THE MONEY OUT ON 01 AUG!
Then hopefully ING will see ahead of time that it has for clients a lot of squalid wised-up moneygrubbers who care for nothing but the interest they receive, and may decide to maintain the higher rate for longer!?

You need to be careful there, they don't pay the interest until 02 AUG!