ING Cheating customers again (merged)

roger56

meanmachine wrote:

Still, I wouldn't get too excited about Icesave. Once they have everyone's cash they'll no doubt start behaving exactly like ING, who now only care about their mortgage borrowers.

Let's be honest - we've been had!

Not really "had", ING offered a good rate until recently, so you would have earned more interest than with many other banks. Now, it's time to move.

ICICI and Icesave offer a very good rate at the moment - so just move there to earn the best interest. Both are authorised and regulated by the Financial Services Authority (FSA) so deposits up to 33,000 are protected (100% of £2000, 90% of next £33000. Agreed "This is Money" website has a reluctance to recommend ICICI on a few issues, but for just saving it's a good deal..

http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=406192&in_page_id=7

Be a MoneySaver, move on to the best rate and as Martin says never ever ever ever give banks loyalty!

BrandNewDay

OK, nearly a year ago, I heard a radio news story in the US about either ING or a similar Internet bank. At the time, they had TONS of money in deposit accounts, but were having a rough time finding people to loan it to! In other words, if they can't turn around and loan it to someone, where can they get any interest to pay you?

It may be that ING reached a point of having too much money just sitting around and not enough opportunity to invest it as they'd like. I'm sure that sounds crazy, but it can apparently happen. So, it may well be that they WANT you to leave, as they need to unload some of their debt (ie: owing interest on your money is a debt or burden to them.)

meanmachine_2

That's a very good point.

I can't think anyone's that keen to take them up on their mortgages, seeing as they're not very competitive at the moment.

But that might change. So for their rsavings ates to get better their loans department needs to be more successful.

geoffreyq

Primrose wrote:

Just received notification that despite the recent .25% increase in the Bank of England interest rate, ING have decided not to pass a single jot of this on to their savers. What a con claiming to be a consistently reliable savings institution. Hope all their savers will vote with their feet and move their money elsewhere.

You have at least received notification. I have heard nothing from ING. They used to say everyone got the same deal at ING. Then they paid a 'bonus' for new money from existing account holders and nothing for anyone else. Then they offer some customers a higher rate for deposits without anything being posted on the website. Now they downgrade their account without saying a word and introduce a new account that pays 0.5% more for internet only users. Needless to say this is done quietly without so much as an email to me as an existing internet customer. I am disgusted by ING's deceitful behaviour and am NOT prepared to check the ING site everyday to see what rate I should be getting. I have closed my account and would not touch ING again with a bargepole.

alexandra1

Whatever their reasons it is our own interests we have to look after. ING seem to think 'their customers' aren't too interested in headline grabbing rates to move constantly, but that was exactly what ING relied on as an unknown bank to get customers in in the first place. I too have been with them from the start, I wasn't aware of the websaver account either, we have 4 accounts between us. However when ICICI first started I opened accounts with them and as their rate has improved, taken more from ING. ING are quick for transactions, a bit longer than ICICI, but basically my money will stay with ICICI until something better for my needs comes along. In these days of the internet it's no big deal opening and closing accounts and moving money too. These banks should know that, there is no such thing as a loyal customer anymore as we have to look out for ourselves.

RayWolfe

BrandNewDay wrote:

It may be that ING reached a point of having too much money just sitting around and not enough opportunity to invest it as they'd like. I'm sure that sounds crazy, but it can apparently happen. So, it may well be that they WANT you to leave, as they need to unload some of their debt

My Bold
No it doesn't sound crazy. It's what they do. What would be the point of them attracting more money in at a rate higher than they can lend out at?
Banks, Building Societies etc are not benefit clubs or friendly societies, they are businesses. Don't be loyal to them, 'cause they certainly will not be loyal to you. But equally, don't be cross with them, put your energy into playing their game. When it suits you put your money, when it doesn’t, don't.
Sorry folks, it's a world for grown ups out there.