ING To Increase

Leia_Stephens

Fellow MoneySavers,

Has ING redeemed itself ???.

Leia

thor

Nope. I'm of the opinion that ING are never going to catch up with Cahoot. I was in 2 minds when I applied for Cahoot's online account a few weeks ago but am glad I did now. I'm quite prepared to leave them if rates start going down after their 12 months introductory period ends though and will keep ING open just in case they surprise me.

System

Fellow MoneySavers,

Has ING redeemed itself ???.

Leia

Well they are still lagging behind cahoot so then, no.

home_alone

I have held on to my ING account but having watched over recent days others passing on the full .25%, I am giving ING one more chance and if at the next bank rate increase they follow their policy as per the last 3 increases (.15%) I will move my account (mid 6 figures) elsewhere (its a principle thing)

gary

Bleg

All well and good Gary. I take it you would open a cahoot account. Well brace yourself!!!! there is alot of to-ing and fro-ing with cahoot. Goodluck. If the account is open and running 6weeks from the day you apply then you are more lucky than I am. (I am a person who obeys instructions to the letter especially when dealing with large faceless institutions)

lisyloo

I know some people had problems but I had the paperwork within about 2 days, sent back the right stuff and had the account open without about a week.

The service is obviously variable but not consistently bad for everybody.

Bleg

Thats why I wished Gary GOODLUCK

home_alone

Hi Bleg, Cahoot is not one of the companies I would chose this forum has put me off them, too many problems which I dont want. I did not want to divide my savings too much but I may have to. I have found ING to be very efficient and easy. The company (s) I chose would have to accept lump sums and I do not really want to tie myself up with monthly payments etc,
Safe, easy saving banks (whatever) are not easy to find.

gary

lisyloo

gary - when you said 6 figures - were you including the 2 after the decimal point  ???

If you really do have hundreds of thousands of £s then you certainly should consider splitting your money up (if the bank goes bust you stand to lose almost all of it).

You should also consider diversifying into other investments unless there is a specific reasons you have this much e.g. between selling and buying a house.

Your current arrangements don't sound tax efficient or balanced from a risk point of view.

However if you actually meant you have a few thousand then it's not an issue.

home_alone

Hi Lisyloo, no there is no decimal point. The eggs in one basket thing did have me worried although I cant see ING going to the wall but you never know.
To all your other comments - I do not want to tie up my money for long periods of time (Im over 60)
Im looking at BirmMidshire/ING/Abbey, I want instant access and no fuss, and I dont know how to get round tax issues legally.

Thanks for your advice

gary