Ing decrease Rates On Web Saver

codetown

EalingSaver wrote: »

A few months back I was about to move all my ING into newly opened ICESave (OK, should have done something about it at least 6 if not 12 months prior but at least I was putting all new monies into a different account) when that very day they announced the 'Web Saver' account - itself a tactic I suspect to stop a flood of existing money going out of their coffers.

Last time I used their services was when they offered a special bonus for 6 months which made them the top paying account for a while. I think it was almost a year ago and since then they have done lots of bad moves:
- they changed the simple structure of one single account and introduced new accounts just to use the inertia of the people to their advantage. I suspect many among those who are not following closely their money are still on the very poor basic account and do not even know the existence of the web saver...
- they consistently offered rates lower than most competitors and did not follow the increases in BoE rates.

I suspect ING has still lots of customers due to their past advertising and old good rates. But at least the real moeny-savers here around should realise their plot and leave them (except for 1 pound) asap!

YorkshireBoy

codetown wrote: »

I think they did not and I also have that account!
My memory tells me that it was presented by A&L from the start with a rate of 5.80% AER...

The rate was increased from 5.64% AER to 5.80% AER on 2/2/07, following January's BOE base rate increase.

http://www.alliance-leicester.co.uk/savings/index.asp?page=previous-rates&acc=I

GCH888

codetown wrote: »

I suspect many among those who are not following closely their money are still on the very poor basic account and do not even know the existence of the web saver...

I remember there used to be a tiny link hidden away with information about the websaver account for existing ING Direct Savings account holders.

However just been to the website and now I can't even find this link anymore! Has ING introduced a hidden "easter egg" on it's website to amuse and entertain it's users with hours of fun trying to find this link? Thank you ING for putting your savers first and thinking of ways to keep us entertained.

sat1176

It's been withdrawn as of 13 April. I am well !!!!ed off coz i didn't even know anything about it.

GCH888

sat1176 wrote: »

It's been withdrawn as of 13 April. I am well !!!!ed off coz i didn't even know anything about it.

It's amazing to think ICESAVE, for all it's faults, offer the same type of savings account with a rate close to 1% higher than ING Direct. But if you consider the amount of advertising and sponsership ING Direct provide on TV and the lack of any PR from ICESAVE it's not surprising that John Q Public still believe ING offer "competitive" rates.

rebeccaj

GCH888 wrote: »

It's amazing to think ICESAVE, for all it's faults, offer the same type of savings account with a rate close to 1% higher than ING Direct. But if you consider the amount of advertising and sponsership ING Direct provide on TV and the lack of any PR from ICESAVE it's not surprising that John Q Public still believe ING offer "competitive" rates.

and at least Icesave have their priorities right by rewarding their savers well (ATM at least) unlike ING who seem to prefer to spend the money spreading themselves like an orange rash all over the media, TV and motor racing circuits :rolleyes:

isabelle304

codetown wrote: »

- they changed the simple structure of one single account and introduced new accounts just to use the inertia of the people to their advantage. I suspect many among those who are not following closely their money are still on the very poor basic account and do not even know the existence of the web saver...

This applies to me as I was unaware of their Web Saver account until I discovered the MSE forums fairly recently. Of course it did not matter too much at the time as I had little money in my ING Direct account. However I have now got into stoozing so opened the Web Saver a month ago, although I was not too thrilled about the palava of having to transfer my money in two steps (first into the main ING Direct account and then into the Web Saver). Needless to say, yesterday I transferred all my money (bar a few quid) back into my current account - should clear by the end of the week when I'll be using it to open an Icesave account .

Graham_Devon

A&L deffo raised their interest rates from 5.64 to 5.80 after the last rise in interest rates.

The announcement however was not made until about 4 days into the month following the rate rise, i.e. close to the first thursday!

The deffo did it though.

Jake'sGran

[QUOTE
Ditch ING now, and be very wary of any of their products[/QUOTE]

This topic was discussed on Working Lunch today. I cancelled my account some time ago but have just had a look to see if I could see details of the web saver but couldn't find it. Apparently I do still have an account with about £1.20. It's a bad thing when people completely lose faith in a bank. You would expect them to take note and do something about it.

Primrose

I too have moved most of my money from ING to Icesave, and when they announced their Websaver offer, I switched most of the remaining balance to that for the 6 months duration. When that offer matures in June instead of returning it to my ING main account I'll also move that to Icesave. I'm fed up to the back teeth with ING, and will leave the bare minimum in the account to keep it open (and that's only because Money Laundering regulations make it such a hassle to open new accounts). One day they might be worth a bigger punt again but I wouldn't put money on it. I will now visit the ING website and see if I can add my opinions to nilrem's !