Moving my saving from ING advice please

DaveG247

Right after watching How to beat tough Times money watch programme last night on the iplayer I really need to get my savings sorted out and move the money out of my saving accounts with ING/HSBC and into an account with a better saving rate (rate on my ING is 0.64%. Net) ouch

I don't have mortgage, and pay off my credit card every month as it's only used for small Internet purchases. I also have an ISA which I believe is at its limit for this year

Looking at the Moneysavingexpert guide I guess I could lock some of my saving away for a few years they've only just been sat in ING anyway (Bank of Baroda 4.3% AER 3 year looks favourable). Don't want to lock it all away just in case something happens and I need the cash.

Just after to general advice if this is the way I should go and how easy it's gonna be for me to get my money out of ING and close my account?

Thanks

Mikeyorks

DaveG247 wrote: »

how easy it's gonna be for me to get my money out of ING and close my account?

Should be simple ...... but you do need to ring them, you can't close it online (0800 376 8877).

Don't want to lock it all away just in case

....... put some of it in Lloyds TSB (Classic + Vantage). They're paying 4% on balances between £5k / £7k (and 3% on balances £3k / £5k). It's a current account and you do need to fund £1k monthly to get those rates - but easy to do it online. If you hold more than 1 account (max of 3) ..... you just move £1k between them and that satisfies the requirement. It's a variable rate .... in place close to 18 months now.

Plenty of earlier threads - if you want to look - on the current accounts forum.

DaveG247

Mikeyorks wrote: »

....... put some of it in Lloyds TSB (Classic + Vantage). They're paying 4% on balances between £5k / £7k (and 3% on balances £3k / £5k). It's a current account and you do need to fund £1k monthly to get those rates - but easy to do it online. If you hold more than 1 account (max of 3) ..... you just move £1k between them and that satisfies the requirement. It's a variable rate .... in place close to 18 months now.

Plenty of earlier threads - if you want to look - on the current accounts forum.

Cheers mike.

So I guess I could set up a Lloyds TSB account and then just set up a payment of 1k out of my HSBC account say the day after I get paid? Just apply online?

Mikeyorks

Yes - the 1st account sets up online with (usually) no problem. If you want a 2nd account - people have found it declines online initially - and then allows it (usually, again) if you persist. If you want to extend to a 3rd - you will need to go into Branch.

HSBC supports Faster Payment (FP) (the top table) :-

http://www.chapsco.co.uk/faster_payments/-/page/fpslimits/

.......... so you just FP £1k in to Lloyds (do a test of £1 initially to make sure you have the 'bill payment' set up properly). Then Login to Lloyds and transfer (that is also FP) it back to HSBC. Don't keep more than £7k in the Lloyds account otherwise you get 0% on the excess. So if you do put the full £7k in initially - move the interest out around the 2nd of each month.

For avoidance of doubt ....... it's the middle of the 3 applications on the 'Apply now' tab :-

http://www.lloydstsb.com/current_accounts/classic_and_classic_plus_accounts.asp

DaveG247

Cheers for all your help mike

Angela41

If the bonus on your ING direct saver has expired, try closing it and moving your money into an ING direct Gross Saver (2.25% for 3 months) then you can roll this account every three months, after 6 months you can re open as a new ING direct saver and get the bonus again.

Connie

"If the bonus on your ING direct saver has expired, try closing it and moving your money into an ING direct Gross Saver (2.25% for 3 months) then you can roll this account every three months, after 6 months you can re open as a new ING direct saver and get the bonus again."

Not sure what you mean, Angela41.
The Growth Saver (not Gross Saver) is only available to customers who hold an ING Direct Savings Account or Cash ISA.
And the minimum opening balance is £50,000, so that would rule it out for many people.

I don't understand what you mean by "roll this account" - can you explain, please?

linz

Hi all, sorry to hijack the thread, but my bonus is due to expire shortly on the ING Direct 3.2% savings account. I opened it with a cheque on 30 October 2009, so I assume I will get almost a full months interest in October 2010 at 3.2%. At which point the rate then drops

So just to check I withdraw and close the account just after the end of October 2010's interest has been paid right?

Am moving the money to the Halifax websaver for now as I get the extra .2% for having their reward current account.

Thanks in advance

C_Mababejive

See here...
http://www.newcastle.co.uk/savings/Five-Year-Bond-2

A five year bond,great rates and with penalty free withdrawal (120 days notice)

Has to be one of the best deals around so far...