Wow ING direct 0.5%

londonTiger

Holy moley, how'd it sink that low. I remmeber they were offering close to 5% up until the bubble burst, and then dropped way down to 0.5% I thought that was just a temporary measure and it would bounce back.

I really though ING was different (same rates for all, no restrictions to when you can withdraw or pay in money).

But it's same old same old, they offer 3% to new account holders and a measly 0.5% to exisiting members.

Right I'm withdraw the money back into my current account and then looking elsehwere, where's the best place to save? Ideally somewhere that I'm not tied in to get my earnings, and can withdraw at any time. I probably wont need to withdraw but Id like the option to do so.

Ifts

Have a look at the quick links at the top of this page, that will give you an idea about top savings accounts currently on offer.

edinburgher

Also, remember that banks aren't your friend and will happily stiff you for a few percent/massive overdraft fees/mis-sell you something exotic at the drop of a hat

Never assume that a rate will recover - if your savings provider isn't competitive, vote with your feet. The effects of inflation mean that most savings products (possibly all current products with the exception of index-linked bonds?) are currently losing spending power. It's in your best interest to try and mitigate this by moving your savings around.

CLAPTON

ING have been a basket case for years... offering great rates (for new customers only etc etc)

ChiefGrasscutter

I remember some time ago that one exececutive of ING was even honest enough to admit that as regards personal savings..... "we have found doing business in the the UK is rather different from the rest of Europe" or words to that effect.
This was after their much vaunted "we are going to be different" statements in terms of interest rates policy and simplicity of accounts were proved to be ficticious.

They genuinely seemed to think they could get away with the usual behaviour and not get slagged off in the press in the UK when they were caught out.
I also suspect they were truly taken aback by the way that the UK's saavy savers would notice these antics would be quite prepared to leave in droves when they dropped the rates.

edinburgher

I also suspect they were truly taken aback by the way that the UK's saavy savers would notice these antics would be quite prepared to leave in droves when they dropped the rates.

Quit possibly. American personal finance bloggers etc. love ING. Then again, they're used to a very low interest environment (1.xx% for cash savings seems to be fairly competitive!)

munro_wilson

I wrote to them to close my account last year. I got no reply and the account is still open. how do you close an ING account?what was a good experience is now a bad one.

oldagetraveller

munro_wilson wrote: »

I wrote to them to close my account last year. I got no reply and the account is still open. how do you close an ING account?what was a good experience is now a bad one.

'Phone them to close. Call Customer Services on 0845 603 8888. They'll probably ask why - tell them their interest rates are rubbish for existing customers.:)

Essenchill

oldagetraveller wrote: »

- tell them their interest rates are rubbish for existing customers.:)

Or perhaps give the reason why you want to close your account, it could well be due to interest rates but don't just say that if it isn't the case!

wonderman

ING is just the same as all the rest of them despite all the blah blah a few years ago. In fact they are probably worse because they duped a few of us into believeing that they were different and it would be one rate for all - and by the time I realised that they were paying just about zero interest they had had the money for a couple of years.

No need to close the account - just leave a penny in it

Old_Slaphead

wonderman wrote: »

ING is just the same as all the rest of them despite all the blah blah a few years ago. In fact they are probably worse because they duped a few of us into believeing that they were different and it would be one rate for all - and by the time I realised that they were paying just about zero interest they had had the money for a couple of years.

No need to close the account - just leave a penny in it

If you close account & wait 6 months you qualify for any 'new customer' rates