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

klondyke

ahll wrote:

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

It could be - you need to call them anyway to set it up.

But many of us don't want it to start until 2nd August in case we lose out on interest on 6% promo which finishes 1st August.

lswwong

Since first reading this thread as posted by OP, I have been waiting for either an email or flyer through the post from ING.

Nothing turned up.

Decided to phone them today and blum'in ask for it up front! They say their marketing isn't quite targeting "all existing customers" but certainly, all existing customers are eligible to apply.

All done now for setting up the account on or around 2 August 2006. Finishes on or around 2 Feb 2007.

Massive thanks to OP and fellow MSE members for flagging up this offer. Would not have known otherwise.

edda

teksat2k wrote:

When you ring Customer Services on 0800 279 4040 (need customer number, pin number / memorable date they can defer account opening date to 2nd August for those taking advantage of the current 6% offer.

Forgive me for being a little paranoid, but I thought the ING customer services number was 0800 376 6666

This is the number on their website and correspondence I have.

I'm not going to ring up any other number and enter my personal details until I know that this is a genuine offer. I will be convinced once I either see details on the website or manage to contact their customer services by phone (have been trying for quite a while).

Ted_Bloke

These threads proliferate - there was another one called "where do we...?" started by Mary and there was another long one when the offer started, well it is easier to say this again than find where I said it before, the search funtion on this site still leaves to be desired.
I suggested at the time that it would be a good idea if people already put an order on the money they'd transferred in to transfer out at start of August. If ING saw that they might do something to keep it. Well, though I doubted rather there are enough of us who did that for them to notice, who knows? - the fact is they have done something and have made the account competitive again.

So what to do? - well I have an account, Coventry, which is nominally the same 5.1%, as ING. Coventry is slightly better in that it's immediate access without penalty whereas with ING there is in effect a penalty when you withdraw. Still that's not enough probly to make anyone who thinks he won't need the money for a bit to transfer, I was thinking shall I just cancel my transfer-out order and keep it there? What decided me to send it out was the thought that I have only been getting the 6% because it is new money earlier this year, I earlier took this money out of ING when they reduced rates, if I had left it there they would have been giving me just 4.5% AFAIK. So their track record tells me it is good to take your money out of ING so you can put it there when they need to attract new money and pay for it. And to give a signal to be totally competitive.

You might want to schedule your leaving for Monday 7th August so you can hopefully receive it and put it elswhere inside the week.

consumerfromhell

I wouldn't assume other account holders know about this - I have received nothing. On confronting a robotic human at the ING call centre last night, she claimed "we can't inform all customers at once" (!?) Is this a case of selective/discriminatory marketing (or am I just a suspicious sort...)?
However, the rate is really not that good - particularly given the restrictions. I agree that Coventry First is the place to put your money at the moment. I am running my ING account right down.

mk-donald

edda wrote:

Forgive me for being a little paranoid, but I thought the ING customer services number was 0800 376 6666 This is the number on their website and correspondence I have.

I'm not going to ring up any other number and enter my personal details until I know that this is a genuine offer. I will be convinced once I either see details on the website or manage to contact their customer services by phone (have been trying for quite a while).

I think you are being a LITTLE paranoid but good to be wary.

I too received this offer by Royal Mail a few days ago. The letter, in 100% genuine ING Direct style, quotes 0800 587 7688 twice and included my customer number. That phoneline is specific to the 5.04% (5.1% AER) offer and while it asks for your customer number, it only asks for SOME of your PIN, and the charming/efficient lady who promptly answered, clearly had access to my a/c details and other info such as my existing account number.


One point : I had initially thought of just setting up ONE a/c, but as one's allowed up to TEN, I actually chose to have 5 a/c's just in case I wanted access to some of the money unexpectedly before the 6 months fixed term were due up - and hence would only need to close ONE a/c and lose 90 days interest on just that a/c.

They have apparently had a LOT of 'deferred' openings - ie people wanting to open once the 6% AER top-up expires on 1/8, so would be 3rd or 4th that a/c's opened and would receive written confirmation within 7 days.

Good luck with getting through to them.

Ted_Bloke

consumerfromhell wrote:

I wouldn't assume other account holders know about this - I have received nothing. On confronting a robotic human at the ING call centre last night, she claimed "we can't inform all customers at once" (!?) Is this a case of selective/discriminatory marketing (or am I just a suspicious sort...)?
However, the rate is really not that good - particularly given the restrictions. I agree that Coventry First is the place to put your money at the moment. I am running my ING account right down.

Ah but on what basis are they selecting/discriminating?
Maybe they contacted me because they saw I was going to take my money away?
People posting might give information that would indicate if that is how ING operate. :cool:

teksat2k

I'd not made any indication to them that I intended to withdraw money after 1st August, however I do have a substantial amount of money in the account including all my stooz-pot and just about all of my savings (enough to require more than 1 account on this offer).

mk-donald

teksat2k wrote:

I'd not made any indication to them that I intended to withdraw money after 1st August, however I do have a substantial amount of money in the account including all my stooz-pot and just about all of my savings (enough to require more than 1 account on this offer).

Your quote implies you have over £50,000 with ING.

Just one point which may be ME being paranoid, but I don't leave any institution (other than National Savings and that's been a long time ago) with more than £35,000 of my £££££ due to the risk, albeit slight, of default and the need to resort to the UK's Financial Services Compensation Scheme.

That FSCS gives cover against default (eventually!) 100% of first £2,000, 90% of £33,000 and 0% of the rest, ie max of £31,700 when £35,000+

For those unfamiliar: see http://www.fsa.gov.uk/CONSUMER/01_WARNINGS/compensation/mn_deposit.html

It was too many decades of my hard work to earn that £££££, and I'm not running ANY needless risk of losing 100% over £35,000 just for the sake of a few decimals of a percentage.

Of course ING could be slightly more complex, as spelt out in their T&Cs, as also covered by differing Dutch scheme which would undoubtedly delay any compensation in any hopefully VERY VERY VERY unlikely, though not IMPOSSIBLE, default. [I am obviously NOT pointing any finger of suspicion at ING whatsoever, just dealing with pure statistical chance. eg There are 44 A4 pages of firms 'in default' listed by the FSCS website over the 17 years to 2005 and I'm sure their customers only thought of the FSCS terms when it was too late.]

Just my thoughts on the situation anyway - I'm sticking to a max of £35,000 deposited with ING (even historically withdrawing the monthly interest to avoid it going above).

masonic

mk-donald wrote:

[I am obviously NOT pointing any finger of suspicion at ING whatsoever, just dealing with pure statistical chance. eg There are 44 A4 pages of firms 'in default' listed by the FSCS website over the 17 years to 2005 and I'm sure their customers only thought of the FSCS terms when it was too late.]

I am not aware of a single case in which the FSCS has been called to pay out against deposits held in a savings account. However, since neither the temporary 6% or 5.1% rates are spectacular deals, it would of course be safer for cautious savers to spread their money around a bit.