ING increases rate to 5%

LongDongDave

If you do the transfer on a Monday, it should be in your account at the end of Wednesday.

With some current accounts you can withdraw the money or initiate a BACs transfer to another account of the cash on the Wednesday, but on others you need to wait until the Thursday.

Thanks for that info. Can't decide if i should use ING or L&H for the 10K, courtesy of the Egg 0% 'till 1/01/2005, anniversary offer ???

LongDongDave

Hi LongDongDave

Whenever I've transferred from ING to First Direct, it's appeared in my account in a couple of days.  Say I order it on a Monday evening, it's appeared by the Wednesday morning.  On a couple of occassions it's appeared the next day!

HTH

SS

Thanks for that saver smurf. Any experience with Leeds & Holbeck?

Paul1_2

If you do the transfer on a Monday, it should be in your account at the end of Wednesday.

With some current accounts you can withdraw the money or initiate a BACs transfer to another account of the cash on the Wednesday, but on others you need to wait until the Thursday.

I have always found that asking Ing to send money is as quoted above. The odd thing is, if I ask IF to draw the money from Ing it takes 5 days ??? so much for Intelligent!

Paul1 8)

thor

I think ING knew it was going to change the AER by 0.15% all along. Don't think they have won any friends by waiting until today. I suspect ING are still losing money and will be under a lot of pressure from their parent company to turn things around. This means they probably will fall further behind as the bank of england rate rises some more.

The strangest thing though, next year when the BoE drops the rate by 0.25%, I bet ING drops it rate by the full 0.25%.

This is the standard strategy used by most banks & building societies I'm afraid. Although Ing don't offer any loans most of the others that do have greatly increased their loan rate to savings rate differential since the millenium. That is where all their vast profit increases have come from and they need to fleece their customers so the the chairmen and his board of directors 'earn' their vast payrises. I bet I could learn to do their jobs in less than a day and probably do it better!