INGDirect - Why have they ruined themselves?

cwcw

I have a savings account with INGDirect. I have been a loyal customer since they launched in the UK, but I have now become fed up. After each fall in the base rate over the last few years, a fall in the ING savings interest rate has followed immediately. However, after each rise in the base rate over the same period, rises in the ING savings interest rate have been slow to materialise and often a lower rise than the base rate increase.

Today, I heard from a relative who had an email from ING saying that, following the latest base rate increase, ING do not intend on increasing their savings rate. For me this is the last straw and I want to take my money elsewhere. It's such a shame because I think their website is so easy to use and adding new accounts is easy. Fund transfers always happen within 3 working days, reliably. Why have they ruined their offering? Complacency? Savers should be leaving them in their droves now.

Also, who should I move my money to? ICICI offer the best rate, I believe, but I've also heard they're unreliable and setting up new accounts can cause probems. I'm looking for an account that pays at or above the base rate, pays interest monthly, does not withold interest in months where withdrawals are made (cough, FirstDirect, cough) and makes it easy to add new 'pots' for different savings purposes.

Thanks.

Xbigman

ING came in a few years back with a market leading rate to attract customers. Now they have the customers they are letting that leading rate drift away. They are still slightly above average and thats where they want to be.

Incidently. You went with them because their rate was the best. Now there are better rates around you are moving on. You are not a loyal custer, you are an intelligent customer. :A (meant as a compliment).
Regards



X

Stonk

cwcw wrote:

Also, who should I move my money to? ICICI offer the best rate, I believe, but I've also heard they're unreliable and setting up new accounts can cause probems. I'm looking for an account that pays at or above the base rate, pays interest monthly, does not withold interest in months where withdrawals are made (cough, FirstDirect, cough) and makes it easy to add new 'pots' for different savings purposes.

Consider IceSave.

Their rate is right at the top (5.45%). It is "clean" (no bonuses or penalties). They have a BoE+0.25% guarantee in effect for several years into the future. So far they have performed above their guarantee, and passed on the BoE rate very swiftly - good signs indeed! You can take interest monthly, at the same AER as annually.

From my experience, setup and operation have been as easy as I could possibly wish for. I see a few threads about delays in setup, but that was not what I experienced - possibly things are slower if you have to send in ID if IceSave are unable to verify you electronically (I was done electronically).

The website is beautiful (this is a high compliment from me) and simple, like ING's.

The only thing it lacks from your list is the ability to assign different savings pots. You would have to do this mentally, or on a spreadsheet or document at home, or something like that. I don't see any great difference myself - money is money; its source and intended destination is just psychological!

alared

They also pay monthly @ 5.35%

MrChips

I concur that ICESAVE was really easy to set up and seem to be keen to be at/near the top of best buy tables for the forseeable future.

The only downside for me is I can't add the account to my others on Egg Money Manager as they don't cater for Landsbanki, but I've sent Egg a message asking them to add it on, and hopefully they'll get round to it soon.

home_alone

I am in the process of moving from ing to icesave I sent my cheque yesterday after applying online. Ing seem intent on committing suicide which may have repercussions unless they take note on the numbers migrating but its too late for me I do not care if they bring out a 6% rate I am not going back they have shown their true colours.

gary.

kenshaz

Another thread on the same topic,whilst I agree the original post needs help .I am finding the same theme a little boring .

Bisoy

I used to be a faithful customer with ING until I found this website a year ago.
Having found this fantastic website and read all the comments and feedback on several forums and also a proud owner of Martin Lewis " Money Diet" my attitude toward financial products whether current account, savings or insurance, phones and utilities,credit cards and many more had made realised that you just need to make an extra effort in finding the best product in the market.

I am probably one of the few army of moneysavers who jump at the first opportunity of opening ICICI account having been forecasted as the top payer last year moving all my savings from ING, then here comes Landsbanki also immediately open an account last month as well A&L Direct Saver. Although ICICI still has increased it's rate to 5.45% I've also decided to leave them in view of the negative feedbacks we received on this site and also due to my own personal experience.

I am waiting how the other banks react to recent rise of BOE rate comes December and looking for new top player and if somebody beats the current one then its time to move on.

IGK

I actually received a letter from ING Direct this morning, informing me that, despite the Bank Of England increasing rates by 0.25%, ING have decided not to increase the rate on the account.
Incredibly, they then go on to say that they know from talking to their 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. :eek:
Well it's a good job we do check the best buy tables!

Needless to say I only have £1 in that account these days.
I'm currently with Bradford & Bingley eSavings, who, unlike ING, announced that their rate is to increase to 5.35%

jackthelad_2

home_alone wrote:

I do not care if they bring out a 6% rate I am not going back they have shown their true colours.

gary.

I do and if they do I'll be back

climbgirl

It really is a pretty poor showing, I think they're relying on their original flood of customers not bothering to move as XBigman said.

I rang them yesterday and told them I'd be moving because of their rates. They rolled out the whole 'but we're better than average' speech but it's not good enough, they're far from market leaders now. The guy said they'd had a lot of calls about it and that he'd lodge it as a complaint so maybe they'll take notice if enough people start reacting to it.

I'll be moving all my money to Icesave, that's for sure (the account opening process was incredibly quick, even though I had to send in ID). I'll leave ING open in the hope that they improve, but the accounts will be emptied.