ING Savings Account

System

hi all,
pls see this
http://money.independent.co.uk/low_res/story.jsp?story=535153&host=14&dir=356

It says ING is now paying 4.9

Qouted from the link aboveMeanwhile, one of the best monthly interest account comes from Chelsea building society, paying a flat rate 4.65 per cent on its Guarantee 80 account. And check out some of the new, tax-free, mini-cash Isas. Portman building society is offering a compound return of 5.50 per cent a year over 5 years.

But if you want a simple no-frills, instant-access account, the best is still ING, now paying 4.9 per cent.

robnye

hi all,
pls see this
http://money.independent.co.uk/low_res/story.jsp?story=535153&host=14&dir=356

It says ING is now paying 4.9

Qouted from the link aboveMeanwhile, one of the best monthly interest account comes from Chelsea building society, paying a flat rate 4.65 per cent on its Guarantee 80 account. And check out some of the new, tax-free, mini-cash Isas. Portman building society is offering a compound return of 5.50 per cent a year over 5 years.

But if you want a simple no-frills, instant-access account, the best is still ING, now paying 4.9 per cent.

the ing website states 4.7% and the following

'We will be raising our savings rate. It will be announced on Friday 9 July following the Bank of England's monthly meeting.'

so either ING are lying or your link has jumped the gun

System

The ing direct quote above (we will be raising our interest rate) is taken from the ing direct web site, fresh today.

System

Strange why they haven't declared what they are going to raise it to.

I suspect they are still in delibaration as to whether to raise it to 4.9% or 5%.

5% is more of a round figure that will entice new customers. Either way I've just applied for a new Cahoot (5.5%) account so doesn't matter to me.

david78

Nor me, I'm getting 7.4%. ;D

My guess is that ING will raise by 0.2% if the bank don't raise rates. But will rais by a bit more if they do.

System

Sorry if this is old news but just noticed that A&L has increased the rate of there instant access account to 5.1%

According to Moneyextra.co.uk Ing is in joint 6th place. Rates as they stand at the moment is:

1) Cahoot - 5.5%
2) A&L - 5.1%
3) Northern Rock - 4.86%
4) Birm Midshires - 4.85%
5) Yorkshire BS - 4.85%
6) Halifax - 4.7%

(I wait as to what ING will increase thier rate to)

Norman-B

7.4% ???

System

ING's Official response:

ING Direct’s customers may feel quite content with their 4.70 per cent. But they should note that the bank improved its rate by just 0.19 of a point in the wake of May’s base-rate increase and it has not responded to the latest upward move. According to an ING Direct spokesman, the bank will not make an announcement until we know the outcome of this month’s Bank of England Monetary Policy Committee (MPC) meeting next Thursday. It is widely forecast, however, that the MPC is unlikely to order a third successive base-rate rise, preferring to wait until August.

http://www.timesonline.co.uk/printFriendly/0,,1-5-1162644,00.html

david78

Yes Norman-B, 7.4% is my AER (net is 5.96%). But then I'm cheating -- I have an offset/mortgage/taxfree thingy.

david78

Even if the BoE don't change the rates in July, ING are saying they will raise their rate.