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

home_alone

alared wrote:

1st where are you going to move to.
2nd there`s nothing to stop you investing X amount in the 5.1% fixed account and moving the rest elsewhere.
3rd there`s no such thing anymore, as loyalty
4th every time you move money you lose so many days interest.

I`ve been with ING from day one but have often shifted money elsewhere leaving only a £1 with them to keep the account open.
When the offers come along I move it back as in the case of the 6% and now the 5.1% fixed.
Birm-Mid have now got an account that guarantees being .25% above the ING rate for the next two years,maybe you should go there.

alared
1. The moving on was meant to signify that as a disloyal saver they would let me know of all the new offers rather than finding out here on this forum
2. I have invested in the 5.1%.
3. Sorry that you do not believe in loyalty does your boss know about this.
4. My past experience with Birm/mid left me cold when they wanted 8 different utility bills, birth certs, passports, for me and the wife on opening a new account put me right off, and who says they will keep .25% ahead of ing for the next 2 years, can they beat the 5.1%.

gary

movieman

If Ing hadn't cut rates last year they wouldn't have lost so many customers: I had about 40k in there before they cut rates, moved most of it out soon afterwards, and I'm now down to about 500 quid.

alared

home_alone wrote:

alared
1. The moving on was meant to signify that as a disloyal saver they would let me know of all the new offers rather than finding out here on this forum
2. I have invested in the 5.1%.
3. Sorry that you do not believe in loyalty does your boss know about this.
4. My past experience with Birm/mid left me cold when they wanted 8 different utility bills, birth certs, passports, for me and the wife on opening a new account put me right off, and who says they will keep .25% ahead of ing for the next 2 years, can they beat the 5.1%.

Gary
1 From what I`ve seen on various forums a lot of people ticked the box for no bumpf from ING,did you,and could that be the reason they don`t inform you of new offers.
2 good
3 I`m my own boss `til the wife gets home
4 I`m not interested in BM but I am with http://www.mhbs.co.uk/asp/article.asp?sectionid=43

On the dot account paying 4.75%

home_alone

alared your link appears Ok but has withdrawal limits that I would find difficult to live with. Everywhere I look there are clauses or limits that put me off, ing does as it says on the tin (martins words) no catches, with the rise in rates today its a case of let it settle down and then look again.

gary

Moggles_2

Both of these schemes are aimed primarily at the savers who have left or thinking of leaving ING and not at the loyal savers like myself who would not have known about the recent offer if I had not belonged to this forum.

Gary

I don't no whether it's any consolation, but I'm a former ING customer who returned for the 6% promotion and I didn't get an invite to the party either!

I joined this forum because, without this site, I would be unaware of the new fixed rate deal.

FWIW, it doesn't make sense, IMO, to commit lots of cash to the ING fixed term a/c, when a similar rate is available in a no-strings online a/c like ICICI's HiSAVE or, for balances like yours of £200,000 plus, the Abbey Esaver. Citibank's Flexible Saver is another good deal and for those who can meet the £1000 per month requirement, there's Coventry First as well.

Consequently, a tranche of my savings is now on it's way back to ICICI.

Btw, providing you're on the electoral register and have a current a/c, you should be able to open ICICI's HiSAVE a/c without the need for utility bills etc.

Very best
M.

home_alone

I like the way that you can watch your interest grow day by day on the ing site.

gary

Milarky

home_alone wrote:

I like the way that you can watch your interest grow day by day on the ing site.

gary

In the case of this fixed rate account however they will not add any interest until the end of the six months term. They send you a letter confirming the amount invested (and the balance is shown online against your normal ING account too) which - helpfully also states there the amount this will have grown into when the interest is added on that fixed maturity date.

edda

Strangely enough, received an offer to take out the fixed account which was dated 2nd August - the day we moved all but a tiny amount from the normal ING account!

Looks even worse value to fix now that the base rate has been increased.

home_alone

Milarky wrote:

In the case of this fixed rate account however they will not add any interest until the end of the six months term. They send you a letter confirming the amount invested (and the balance is shown online against your normal ING account too) which - helpfully also states there the amount this will have grown into when the interest is added on that fixed maturity date.

The interest is added at the end but is shown daily on your online account its £16.57 today for each £49,999 invested the end total (2 feb 07) also shown and is £51,016.28, but with another rate increase expected Nov pushing the base rate to 5% it tends to belittle this fixed account. If any of the big banks would come out of the woodwork with a no frills saving rate of 5.5% + now they would clean up.

gary

alared

Agree about another increase in Nov.
Trouble is you can`t rely on the banks/build.soc playing fair and upping rates by the full .25%
I still think ING 5.1% `til next Feb is a decent rate,there was no hassle setting it up and no loss of interest.
If the providers think that 5% will be tops by the BoE,you`re not going to get much above that,fixed or not.