ING Savings Account

lisyloo

My guess is that this is just to reduced admin costs by getting 2 possible rises in one go (although July looks unlikely IMO).

I think my mortgage lender Alliance & Leicester are doing the same thing (with mortgages) as they have usually decided by now.

I think it costs them quite a bit in admin (letters etc) to change an interest rate, so will save them ££££s if they can do 2 in one go.

System

Noticed it says ING will raise their rate on July 9th on their home page

isasmurf

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

I'm getting this deja vu feeling...

quickquid

I apologise - clearly someone had deleted the post - why they were allowed to , is only somethig the site admin can answer - but allowing it after a certain number of minutes, only confuses others.

I was wrong - I will not post on these forums again.

I am sorry.

Ian I think you must have been looking at Elman's post on June 23 0856 hrs on Cahoot 5.5 topic. He broke the news that Cahoot would be launching a 5.5% deal - he had a press release. Martin just chipped in on the Ing topic where there was a discussion on Ing rates saying he had some exciting news - this was on June 23 12.42 hrs.

lisyloo

Noticed it says ING will raise their rate on July 9th on their home page

No this is not correct.
They are making an annoucenment on 9th July.
They could raise rates effective on a different date e.g. 1st July.

System

There is a little bit more on the pending savings increase on the ing direct web site
fresh today

Paul_Herring

There is a little bit more on the pending savings increase on the ing direct web site
fresh today

Yup - and it was 'a little'

We will be raising the rate of interest on our Savings Account.

We will write to all our customers in July to confirm details of the raise and the announcement will be posted in our Press Room on Friday 9th July.

No indication of how much - 0.25% minimum? 0.2%? (Though as previously postulated the amount will probably depend on the BOE's decision on Thursday)
On a another note...

They are making an annoucenment on 9th July.
They could raise rates effective on a different date e.g. 1st July.

Colour me sceptical Lisyloo (or ignorant if they have backdated previously,) but the probablility of a financial institution backdating interest rises on savings (or, for example, rate cuts on mortgages) seems somewhat remote

System

Ooh goody i might get an extra penny a month interest then. ;D

Paul_Herring

Ooh goody i might get an extra penny a month interest then. ;D

Only if they round up

DiggingOut

Only if they round up  :D

Is that how you get 2+2=5?