Ing 6% fixed for 6 months & 5.65% Web saver (merged)

gelato_cat

Do you have to put money into it straightaway?

I have £0 in my ING account, so if I did open the 5.65% one I wouldn't be able to move anything across from it straightaway.

Suze

happyhunter wrote:

I've just opened the Web Save account online. Login to your existing ING account then click on 'Open New Account'. Nice and easy.

ManAtHome

Any guesses on what may happen when rates go up again? Mine is that they will up the 4.75% account but leave the new 5.65% one where it is...

Moved most of my cash out when they sent the infamous "our customers prefer stable rates" email, will move back when they're 0.5% above the competition (very rarely move for anything less).

[Deleted User]

Suzey wrote:

Do you have to put money into it straightaway?

I have £0 in my ING account, so if I did open the 5.65% one I wouldn't be able to move anything across from it straightaway.

Suze

1) Yes, by transfer from a Direct Saver, to open it.
2) There's not much gets past you, is there.

gelato_cat

Cheeky sod, I thought they might allow transferring in from a non-ING account

Suze

Deleted_User wrote:

2) There's not much gets past you, is there.

masonic

I've applied for the websaver, but I'm not sure I'll actually use it. With ICICI paying the same rate and ING's history of not passing on base rate increases... :think:

YorkshireBoy

masonic wrote:

I've applied for the websaver, but I'm not sure I'll actually use it. With ICICI paying the same rate and ING's history of not passing on base rate increases... :think:

I'm also in two minds about this account. I have a bit of a soft spot for ING, having been with them since they launched, but their recent history does make me wonder what other tricks they have up their sleeves.

One thing that was bugging me about the Web Saver was that our money may have to undergo it's 'quarantine' period in the 4.75% paying standard account before we can move it into the Web Saver (up to 5 days with each transfer depending on when you action the DD pull).

I couldn't find the answer in the T&C's (for either account) so rang ING today and they confirmed that the money does indeed have to 'clear' in the receiving account before we can move it to the higher paying account.

Has anyone also spotted this? Does it really matter? Or have I missed it in the T&C's (and the ING CSA was wrong as well)?

oap

We have been with Ing since the beginning, and have moved some money away because they did not increase the interest rate, however, what we find unfair is that we NEVER use our computer for banking, we buy stuff with credit card etc, but do not want to put all that information on the computer,, however, safe its supposed to be even with virus detectors etc.,

It means that a saver with them for a long time misses out unless they have a computer, or if they do not wish to use their computer for banking, all our money is the same when they get hold of it, and the non computer users are being unfairly treated.

We have found the moving money by telephone excellent, and wish they could offer the same rates to the normal investors ie non computer users, of which many pensioners are.

Regards oap's

[Deleted User]

YorkshireBoy wrote:

I'm also in two minds about this account. I have a bit of a soft spot for ING, having been with them since they launched...

It is interesting to note how there seems to be a greater sense of betrayal when ING 'do the dirty', than with other institutions. The Halifax does not appear to have received anything like the same level of vilification that ING did last time, for not passing on any of the latest increase to its Websaver (no card) customers. :rolleyes:

[Deleted User]

oap wrote:

We have found the moving money by telephone excellent, and wish they could offer the same rates to the normal investors ie non computer users, of which many pensioners are.

Regards oap's

A good point, often overlooked. The Web Saver is indeed an internet-only account, it seems, and some people are just not comfortable with internet banking.

masonic

YorkshireBoy wrote:

Has anyone also spotted this? Does it really matter? Or have I missed it in the T&C's (and the ING CSA was wrong as well)?

I think the offending statement is in paragraph 2c of the Direct Saver T&C's.

Sometimes after we have received payments made by electronic transfer or cheque, the paying bank may ask us to return that money (for example, if a direct debit payment is recalled). To take account of this, you will not be able to withdraw the amounts paid from your account, and they will not form part of the balance available to you, until:

The third business day after we receive funds by electronic transfer; or the seventh business day after we receive a cheque.

You would lose less in three days at 4.75% than you would if the money was earning nothing for 1 day, so it's not something that would discourage me particularly.