ING increases rate to 5%

creditman

Title says it all

Leia_Stephens

Yes, 5.0% AER, which makes the gross rate 4.89%, and -if I am correct - the net will be 3.90%.

I still have my fingers crossed for an easy-access introductory-rate-free savings a/c to pay 5% net, perhaps ING will relatively soon .

Leia

Yorkieds

Leia, Judi and I are happy bunnies!
5% is what we wanted albeit 5.1% would have made us jump for joy.

Leia_Stephens

Halifax, the gauntlet has been laid down .

pioneer31

so, another 0.15% rise. ING are slowly but surely letting the BOE rise catch them up

System

Leia, Judi and I are happy bunnies!
5% is what we wanted albeit 5.1% would have made us jump for joy.

yeah i dont think anything any less than 5% is really very competative baring in mind when i took out my savings account with them, ING was head and shoulders above everyone else.

I might just keep a toe in each camp, and put money in Cahoot too, mind you, i like the idea of the monthly interest - it saves me from getting too impatient.

imported_Teal

I opened an account with Chelsea (now closed for new signups) a month ago which gave 5.25% interest, I thought ING was going to take it apart with this rise, but it didn't and I'm very glad

System

A big welcome to the boards Teal.

home_alone

Although ING did inform its savers of its intentions early after the last bank rate rise (it got caught out the last time with the loss of a few savers with its not saying anthing policy) it still has not climbed the best saving ladder. With one or possibly 2 more increases before the end of the year it will never catch cahoot etc, although its no frills and monthly interest are attractive at the end of the day its were your money can achieve the best return and its not at ING. It is possible that withholding .1% for the last 3 increases has given them the opportunity to sneak in another increase themselves or am I just kidding myself.

gary

lisyloo

It is possible that withholding .1% for the last 3 increases has given them the opportunity to sneak in another increase themselves or am I just kidding myself.

You are kidding yourself.

They were initially making losses on this account to attract savers (known as a loss leader).
It was obvious (to those in the business) that they were never going to be able to maintain that rate.

Cahoot won't either but nothing wrong with making hay whilst the sun shines.

System

They were initially making losses on this account to attract savers (known as a loss leader).
It was obvious (to those in the business) that they were never going to be able to maintain that rate.

Yeah but its backfired, as many of us have now defected.