INGDirect - Why have they ruined themselves?

Mushy61

I'm currently with Bradford & Bingley eSavings, who, unlike ING, announced that their rate is to increase to 5.35%

Excellent, I have a B&B ISA.

Can you tell me when the rise will come into effect?, I haven't seen anything on their website.

hansi

IGK wrote:

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%

you left a whole pound in??? That much eh? I just left 79p

home_alone

kenshaz wrote:

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

By making a comment you are participating in a thread you call a little boring, I know what you mean but for those caught up in this saga I find it interesting to see so many others with the same feelings as me.

gary

Bunnyfluff_2

I contacted ING yesterday and yes they did tell me that they are not increasing their rates from 4.75%...then they informed me of another account that they are offereing called 'ING Direct fixed rate savings account' (not advertised anywhere on their web page?!) it is offering 5.23% interest when you tie in a set amount for 6 months only with them, then after 6 months the money gets deposited automatically back into your usual ING direct account again. You can take money out, but if its within the 6 months you lose interest. I thought I'd give it a go anyway, so transferred some money into it and I have got to say am impressed as showing up when I sign into my usual account already and it shows to the penny how much interest that you will get after 6 months and so far how much of that you have to date..

Stonk

Mushy61 wrote:

Excellent, I have a B&B ISA.

Can you tell me when the rise will come into effect?, I haven't seen anything on their website.

03 Dec. If it's like previous changes, it will be visible in the tables on their website only from the day it is in effect, and you might get an email about it a couple of days before.

I've never been able to find where on their website they announce future interest rates, but they must have done some sort of press release because several finance websites know about the forthcoming change.

Limes

Oooh! Those evil, evil people trying to maintain a sustainable business in the UK on the back of a product that had very little relationship with the bank rate in the first place!!!

Rate ain't top notch but I admire their honesty. Would other institutions have given such notice I wonder. . .

In response to the original title of this thread - "Why have they ruined themselves?" I have a feeling that this may have happened a whole lot sooner if they'd kept things the way they were when they started.

Well, regardless, the choice seems to be very clear as to how to deal with this. . . I hear there's a great account out there called Liquid Gold anybody got any details?:D

ReportInvestor

There's nothing wrong with ING.

Martin has gone into endless detail on MSE about how the banking system works so the only surprise is that ING took so long to come down to earth.

Our task is not to throw up our hands in horror, but to keep our money with one of the top payers .

Recently this can be done by moving your money about once a year.

Many people, including, I suspect, Martin and the MSG, prefer to do it this more frequently .

Action, rather than moaning at things we can't change, also leads to a longer life, I'm reliably told .

Bunnyfluff_2

ReportInvestor wrote:

There's nothing wrong with ING.

Action, rather than moaning at things we can't change, also leads to a longer life, I'm reliably told .

I completely agree with both of these statements!!!!:

ReportInvestor

Bunnyfluff wrote:

I completely agree with both of these statements!!!!:

That's a first for anyone re any post of mine on MSE, Bf :rotfl:

Bisoy

I have received an email from ING today that they are increasing their rate to 5%- AHA! at last -BUT NOT GOOD ENOUGH.