ING Savings Account

System

Time to transfer my savings to Cahoot I think !!!!

0.15% increase ?!?! you have to do better than that ING ! You just lost another customer.

alared

I`ve just read their press release a miserly .15% rise but to make matters even worse it does`nt take effect `til 1st August.Talk about rubbing salt in the wound!!!!
Bye Bye ING goodbye

lisyloo

I am suprised that you are all so suprised.

It was inevitable that they were going to want to increase their profit margin at some stage.

In a years time SO WILL CAHOOT.

Don't be suprised when they do.

alared

Lisyloo I`m a "tart",the same as you.
Unfortunately the boys and girls at Cahoot don`t seem to have their act together in my case as despite getting an email on 27th June saying my application had been accepted I have, to date, not received "hard copy"to sign or anything else.
I phoned them two days ago and was promised "duplicates" and I also emailed them this afternoon.
I expect it`s the old story "overwhelmed" with applications.
As regards ING,i`m very disappointed,so first thing on Monday all my money except for £1 will be moved to my Websaver account (4.7%) awaiting Cahoot getting their finger out.
If the amount of people leave ING that are saying they are going to on this and other boards,ING will be out of business in a week(lol)
All providers rely on customer inertia,no doubt the 5.5% from Cahoot will stay that way for a long time after the BOE has gone a lot higher.

IvanOpinion

0.15% seems a bit of short change this time but the cynic in me is saying that they will make a big thing about moving the full 0.25% (or whatever) the next time - even then it it is no longer as competitive as it once was

Ivan

alared

Another point is the seven week delay from when the BOE moved `til ING finally doing so.
If only there was a seven week delay when the rates were coming down,most cut their rates by more than the .25% and now they are not putting them up by the full .25%.
Yet another example of rip-off Britain.

pioneer31

I think ING are going to slowly let the BOE rates catch up with them, so as to recoup some money (or increase profits). I'm not overly concerned about this, provided that the BOE rates continue to rise.

I feel sure that Cahoot will become uncompetitive after a year and reel in their losses (surely 5.5% is a loss leader for them?)

I'll stick with ING for now as I can't be bothered jumping back and forth and the cash difference I will receive from them isn't worth the maul of applying.

lisyloo

I have gone to Cahoot but I have kept the ING account open so there will be no hassle at all in going back.

System

I intend to do the same. If and when ING become competitive again I will be switching back to them.

On the plus side thier service has been very good and have had no problems with them at all.

Milarky

Well, I had assumed they would put rates up by 0.2% - as they have the previous three times. When I first read in about the increase in the paper, it seemed to say their new rate was only '4.75%' (0.05% more)! But this was the 'Gross' rate - not the AER - so I'm a little relieved this increase is more in-line with expectations.

If they now increase at 0.1% less than any subsequent quater point increases by the BOE, they will be at parity if the BOE rate reaches 5.25%.

We will have to wait an see - but I would also point out that Egg will track the BOE until December 2007. This implies, for the long term, that if ING is to remain competitive it will always maintain some differential over the BOE. A sensible differential is 0.1%, possibly?

I will stick some money with ING for the convenience of monthly interest. I'm not convinced they are a busted flush - as they based their marketing on being anything but!