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

edda

Ted_Bloke wrote:

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:

Finally got through to ING and spoke to a real person (gave up on the 0845 no. for existing customers and used the 0800 one for new applicants)

Confirmed that this is a genuine offer - but only to selected people since ING only wanted a limited amount of money to go into this new account. (Maybe they will close to new people after they reach their target?). This was also given as the reason why it is not shown on the website.

Couldn't find out who was selected for notification as I suppose that would be giving away confidential info. However, was told people with higher balances and those threatening to close their accounts altogether were candidates.

home_alone

Signed up last night after discussing with ING why I had not recieved the email she said after rambling on about the fear that the phone lines would be clogged by people wishing to change if everyone had been made aware then she said the people targeted were mainly the customers that would have moved on to a different bank etc after the 6% finished, a sort of disloyalty payment really, which niggles me although how would they have known who, is beyond me.

gary

Moggles_2

the people targeted were mainly the customers that would have moved on to a different bank etc after the 6% finished

As a customer who moved all but the first £1 into my ING a/c at the start of the 6% promotion (my Cahoot bonus had just expired), I'm firmly in that category.
Yet, I've heard nothing from ING.

So much for "No hidden catches. Everyone gets the same high rate"

Thanks to this site, we at least have the chance of considering the new deal!

Paul_Herring

edda wrote:

Confirmed that this is a genuine offer - but only to selected people since ING only wanted a limited amount of money to go into this new account.

Sorta makes a nonsense of the "One great rate for everyone" and "No Catches" slogans they're attaching to their 'regular savings accounts' (To be found at http://www.ingdirect.co.uk/xos/aboutoursavingsaccount.asp?ct=1 )

Moggles_2

Yes and ING have spent an absolute fortune advertising along these lines on TV and in the national dailies, week in and week out.

They shook up the savings market by having one savings product with a decent interest rate at launch. That's what made them special.
Now they've copied their competitors by running an old account with an average rate of interest, whilst launching a new one with a headline rate.

Actually, it's worse than that, because apparently only those customers perceived as likely to move their money at the end of the 6% promotion, were informed about their new, fixed term offering.

If it were not for this site, most of us would be unaware of the new, fixed term deal!

"One great rate for everyone?!!" What a joke?

ahll

well I am not going to take up the offer since I cant be sure of not wanting to use some of my money for 6 months..and cant see the point if I will loose the interest anyway !

mk-donald

ahll wrote:

well I am not going to take up the offer since I cant be sure of not wanting to use some of my money for 6 months..and cant see the point if I will loose the interest anyway !

Remember you can SPLIT your money over a number of accounts
eg £15k as five a/cs with: £1k £2k £3k £4k £5k
and if you needed SOME ££££ only close the relevant a/c(s) - and of course lose 90 days interest on the a/c(s)

Though you're RIGHT if there is any reasonable chance you want your money out before the 6m then DONT PUT IT IN.

Remember this deal is better than MANY FIXED a/c's where there is NO ACCESS whatsoever, let alone with a penalty - which will never reduce your capital (another bonus)!

masonic

mk-donald wrote:

Remember you can SPLIT your money over a number of accounts
eg £15k as five a/cs with: £1k £2k £3k £4k £5k
and if you needed SOME ££££ only close the relevant a/c(s) - and of course lose 90 days interest on the a/c(s)

Could you not just leave some money in the original account?

klondyke

masonic wrote:

Could you not just leave some money in the original account?

That's what we have done as I know we will need some of it shortly.

MoneyPenny_2

I have recently received a letter from ING direct, with whom I already hold an account, saying that if I transfer money to their fixed-term account I will get a gross rate of 5.04% (which they say is an AER of 5.1%), providing that I leave the money there for 6 months.

Is this a better rate than ICICI bank which offers a gross rate of 5.03% AER 5.15%?