ING Cheating customers again (merged)

MiserlyMonkey

Hmm, well they informed me of the new accounts, by email at 18.11 today.

Lakeuk

On the web saver account am I understanding this part right :-

Please note: While you’ll be able to withdraw money from your ING Direct Web Saver Account whenever you wish, no interest will be paid on the total balance in any month in which a withdrawal is made.

If I have 10k in the account and with draw 1k, leaving 9k does it mean you don't early interest on the 9k for 1mth - in other words a 1 month interest penelty

martyn4764

Lakeuk wrote:

If I have 10k in the account and with draw 1k, leaving 9k does it mean you don't earn interest on the 9k for 1mth - in other words a 1 month interest penelty

Yes, that's how I read it: you receive interest on, say the 31st of every month, but if you've withdrawn ANYTHING in that month, you get ZERO interest.

What a &^%*ing liberty!

Milarky

MiserlyMonkey wrote:

Hmm, well they informed me of the new accounts, by email at 18.11 today.

My email was received 03.00 today (25th)

DazCM

To quote the example in the post above, you can only move money to and from your WebSaver account via your existing 'normal' ING Direct account - but these transfers happen immediately.

So if you wanted to withdraw £1000 of your £10K from the WebSaver, the best option would be to move all* the money from the WebSaver account into the Direct account at the beginning of the month, then withdraw your £1000 as normal. At the end of the month, move the £9000 back to the WebSaver again. Then at least your £9K has attracted 4.75% interest, as opposed to nothing.

* = I've downloaded the Websaver account T&C's as a PDF file, and there is no minimum balance on the WebSaver once it has been opened.

Milarky

Lakeuk wrote:

On the web saver account am I understanding this part right :-

Please note: While you’ll be able to withdraw money from your ING Direct Web Saver Account whenever you wish, no interest will be paid on the total balance in any month in which a withdrawal is made.

If I have 10k in the account and with draw 1k, leaving 9k does it mean you don't early interest on the 9k for 1mth - in other words a 1 month interest penelty

The only way to operate this account is by shuffling the entire balance (bar £1) into the lower paying 'savings' account on the 1st - then moving back what you can on the 1st of the next month. It's a 'nuclear' option but at least you only lose 1/12th of 0.5% interest (the difference between the two) Other providers offers these types of 'lose it all' accounts: First Direct, HSBC and A&L.

I expect they limit you to a single ING websaver - as otherwise you could divide you account into 10 and only have to shuffle a fraction of the total.

david78

Got their email today. I would have lived with a 0.15% increase. But 0%.

I have just withdrew all my savings from them.

I hope they come to realise we are not mugs and regret their decision.

Now I just need to decide which account to put the money in.

roger56

Here is the ING letter

"We're writing to advise you that this month the Bank of England raised the base rate from 4.75% to 5.0%.

At ING Direct we want to offer all our customers a consistently good rate. On this occasion this means we have made the decision to maintain our ING Direct Savings Account interest rate at 4.75% AER*.

While some people may be willing to follow headline-grabbing rates, we know from talking to our customers that the majority prefer their savings to be earning consistently and want to relax knowing they don't have to constantly check Best Buy tables."

Earning consistently doesn't mean a fixed interest rate!
I think they have lost the plot and will loose a lot of customers.
Icesave is currently offerING 5.45%!

I'm off to be a good money saver and grab those higher rates!!

roger56

Well just one, they've got your money so they've decided not to bother with interest rate increases this time - my letter arrived today, I seem to be behind the times!!

This says it all:

"We're writing to advise you that this month the Bank of England raised the base rate from 4.75% to 5.0%.

At ING Direct we want to offer all our customers a consistently good rate. On this occasion this means we have made the decision to maintain our ING Direct Savings Account interest rate at 4.75% AER*.

While some people may be willing to follow headline-grabbing rates, we know from talking to our customers that the majority prefer their savings to be earning consistently and want to relax knowing they don't have to constantly check Best Buy tables."

So it's goodbye ING from me - anyone else?

lolly5648

Lucky you, Roger, I still havent heard from Ing. I am waiting for my Icesave bank savings (over 3 weeks now) to be opened and then its goodbye Ing.