IngDirect and 6% offer

Channelman

Recently IngDirect offered 6% interest for a limited time (one month only,
I think) on extra savings invested during a limited time.....or so I thought.
I moved nearly £20,000 at the appropriate time but I only appear to have
received the normal 4.5% (less 20% tax).
Did I misunderstand their offer?
Regards, Channelman

codetown

They will credit the reward difference (1.59%) at the end of the offer, i.e. on the 1 August. For the moment your money is still gaining an excellent 6% there at ING

Milarky

Doing it this way allows you to 'see' how much difference the offer will have made to the interest - also by rolling the amount for 2 and a bit months into a single payment emphasizes the 'how much better off' aspects of the offer. I you had recieved 6% each month and then saw it drop dramatically you might feel you had lost out thereafter, whereas in fact you would have benefited. (One theory, anmyway!)

djblamire

Is the 1st August definitely the date when the interest goes back to the low rate ??

Thanks
Daniel

martyn4764

Hi

The 6% bonus is actually added on 2nd August, not 1st. After that, of course, there's the 5.1 fix for 6 months.

Paul_Herring

martyn4764 wrote:

The 6% bonus is actually added on 2nd August, not 1st. After that, of course, there's the 5.1 fix for 6 months.

I was under the distinct impression that the 5.1% is a totally different offer unconnected with the account to which the 6% offer was applied. (In addition to the fact that it only appears to be offered to a subset of customers - I certainly haven't seen anything about it other than on MSE.)

YorkshireBoy

Paul_Herring wrote:

(In addition to the fact that it only appears to be offered to a subset of customers - I certainly haven't seen anything about it other than on MSE.)

ING do tend to 'stagger' the notification of offers to their customers though.

For example, for this years 'refer a friend' promotion, some customers had their referral vouchers advertised on this site a full 2 weeks before I received mine.

alared

Anyone with the 6% offer should phone today to set up the 5.1% fixed, so there is no delay in the switch.
I did this yesterday and the 5.1% fixed will be set-up between 2nd/4th AUG.

Don`t wait for the email or mailing as these will be staggered.

martyn4764

Paul_Herring wrote:

I was under the distinct impression that the 5.1% is a totally different offer unconnected with the account to which the 6% offer was applied.

Yes, it is a separate offer. Sorry, badly worded.

Liza_77

I have just sold a flat and made some money. Having opened an ISA, I now have about £10,000 and need somewhere to put it! I am assuming Ing Direct is the hot favourite at the moment? Any advice would be EXTREMELY welcome as having large sums of money is new to me!
Thanks.

Paul_Herring

Liza_77 wrote:

I have just sold a flat and made some money. Having opened an ISA, I now have about £10,000 and need somewhere to put it! I am assuming Ing Direct is the hot favourite at the moment? Any advice would be EXTREMELY welcome as having large sums of money is new to me!
Thanks.

Presuming you don't have any other accounts open, use ING to start with, and in the meantime, open an ICICI account (5.15%AER at the moment - not time limited). It might just be useable by the time your first 6 months is up... :rotfl: