ING customer

VT82

I not long ago opened an ING account with a pound, and got a £20 bonus incentive, so my current balance in there is pennies over £21. I had intended to put money in there at its good 2.75% rate when the bonus expired on a different savings account with the bulk of my money in.

However, between opening the ING account and my other savings account maturing, I opened the best buy Natwest account paying 2.85% (I'm not bothering with the Post Office 2.9% account because of reading a few horror stories about it). I therefore put my maturing savings into Natwest rather than ING.

I don't know whether it's best to cheekily close the ING account, taking my free £20 with me, in the hope that I will qualify as a new customer next time they have a best buy for new customers only. Or should I leave it open, saving me the embarassment of asking to close it when I haven't exactly put any money it, and also leaving the door open in case they launch a best buy for existing customers only?

What do you reckon?

Newbie2saving

Chase the best rates, it's your money. You have to phone up to cancel and just tell them the money you had planned to save with them is now not available and that you would like the balance transferred to your linked account. They keep your records on the system and if you open in the future for a better rate you just need to wait a set period (60days from memory) to be classed as a new customer, but you keep the same customer no etc.

Good luck!

noh

No need to tell them why you want to close the account. Just tell them to close it.
I think it is now 6 months before they consider you as a new customer.

home_alone

I was with ing and now with Natwest, I would just close your ing account (phone them) because if they ever come up with a new and better offer you can bet its for "new customers only" .

Loughton_Monkey

You may find that you close it, and then some time later, they may come up with some special deal for existing customers. You never can tell!

home_alone

Loughton_Monkey wrote: »

You may find that you close it, and then some time later, they may come up with some special deal for existing customers. You never can tell!

Dont put any money on it, I think ing invented the saying "new customers only"

VT82

Loughton_Monkey wrote: »

You may find that you close it, and then some time later, they may come up with some special deal for existing customers. You never can tell!

That was my fear. At the time of opening, they had a 2 year ISA only for existing customers - but it wasn't quite best buy. Whereas you always hear about their best buy products for new customers only.

I think it's less of a risk to close it and risk missing out than leaving it open and missing out. Will close it tomorrow.

Thanks for your advice.

home_alone

Do not worry VT82 I started with ing in early 2004 and the only other savings deals they have offered existing savers was some 1 year fixed deals many years ago.

psychic_teabag

Right now, the ING web-site savings page offers 3 accounts "exlusively for existing savings customers", and only one for new customers. Though the rates offered to the existing customers aren't spectacular.

VT82

I've just remembered something about the ING account - the 2.75% was a minimum guarantee for 12 months from opening, which was July. I don't think the Natwest one had such a guarantee.

Do you think Natwest could drop the rate before the bonus ends (for me - the middle of November), or do you think they will leave it untouched and let the bonus dropping off be the only rate change the product needs? Either way, it's not likely to be before July is it, hence me not needing to keep the ING open in case?

alanq

ING Direct rate is now 2.76% gross (2.80% AER) guaranteed for 1 year for new customers only.

http://www.ingdirect.co.uk/savings/Variable_Rate/