ING 5.1% fixed 6-month for existing customers (merged)

Weymouth_Man

ahll wrote:

If ICICI already has an interest rate of 5.15% AER why bother with this offer from ING ?

Good Point, I thought exactly the same

masonic

Milarky wrote:

Comments? Are they still a good account? I certainly think so and welcome getting offers like this in the post. But I'd be interested to hear how other people feel about ING now they are three years old?

I don't mind jumping through a few hoops to earn a bit more interest, but to be quite honest ING has not really offered anything so far to overcome the inertia my money seems to have whilst sitting in 2 simple savings accounts both earning 5.15% all on it's own without me having to do anything.

I think the problem I have with ING is that they have built themselves a large customer base founded on the premise of "[A] catch-free savings account with one consistently great rate for everyone".

However, it wasn't long before the rates started to slide w.r.t the base rate and it became just "A catch-free savings account with one rate for everyone"

Then they start offering special deals, like the time limited 6% offer on new investments. What are we left with?..

"A savings account"

It's a nice example of market forces at work, if nothing else. :rolleyes:

thor

Limes wrote:

To be fair, although they have now a zero differential from base rate the rate is still reasonably competitively priced - not market leading but a good solid rate - if you compare the other 400 or so instant access-type products in the market place it is well above average and for the simple benefits the account offers it is much less of a headache to operate than some of the other ones out there. I don't think that their commitment to the standard savings account is going to change. Their rate hasn't plummetted so far in 3 years as it may well have done on other providers' accounts (Take A&L's Online Saver accounts or Egg's Internet Savings for example, or the very fact that some of the big institutions have only rarely or never even got as high as base rate - you know who you are NatWest, Lloyds TSB and Barclays!!).

Well I think Ing's rates have plumetted. How much higher was their launch rate against the boe rate at the time? Also just because others have also cut similarly does not mean that ING are better. They claimed to have no catches and this is true but I would lose money if I saved with them now. I'll probably take up their new fixed 5.1% account but I'll be out of there when the 6 months are up. I doubt they'll extend the high rate like cahoot did when they kept their bonus for 5 or 6 months longer than they had to(even though there was a boe cut in that time).

Paul_Herring

ahll wrote:

If ICICI already has an interest rate of 5.15% AER why bother with this offer from ING ?

At the moment, if you're in the position of having a properly working account with ICICI, there is no point in bothering. However:

1) Not everyone has an ICICI account.
2) Not everyone who does, has proper access to it. (See threads ad-nausium about passwords, reset accounts etc.)
3) ICICI's interest rate is not guaranteed for any period. (Remember the uproar last October when they reduced it from 5.40% AER?)

alared

Phoned ING today and signed up for the 5.1% fixed to be opened between 2nd/4th Aug.
£1 left in old account to keep it open,after 6 months money goes back into original account.
Job done and a good rate for six months.

ahll

Also isnt the max you can put in this ING account about 5K alot of people will have more than that so where should they put it for best return ?

masonic

ahll wrote:

Also isnt the max you can put in this ING account about 5K alot of people will have more than that so where should they put it for best return ?

From the OP: "Can deposit £1-£499,999 but strangely only £49,999 in any one account, so for savers with over this amount, they open multiple accounts."

klondyke

masonic wrote:

From the OP: "Can deposit £1-£499,999 but strangely only £49,999 in any one account, so for savers with over this amount, they open multiple accounts."

Be aware though, that multiple accounts must be opened on same occasion - ie you can't go back and put more in a new account later. (I signed up yesterday - ready for 2nd August -and checked on this.)

edda

Can't find anything on their website about this offer

Can understand why ING haven't notified all existing customers individually, but don't think its treating everyone fairly if it's not posted on their site (regardless of whether the rate is good or not).

May decide to close account after 2nd August now.

ahll

Does anyone know if the move to then new savings account is instant or not ?

I assume it would be as there is no clearing involved