New ING rates

hansi

Jake'sGran wrote: »

Northern Rock are paying 5.71 gross so I have signed up with them. It is easy to use too and they respond to messages quickly. I am using ING but only for their ISA paying 6.55% for 6 months.

FYI. NR increase their rate from 9th June!!

Primrose

As soon as our 6 month websaver account account matures next month and the proceeds revert back to the main savings account I shall transfer it to ICESAVE, leaving just £1 in to keep the account open, which I hope will act as an irritating "administration pebble in their shoe" just to show my contempt. As they send out interest statements every three months, it will then cost them more in postage and administration than I will earn in interest! (although I must check the Terms and Conditions to see that £1 is actually the minimum amount I can leave in the account. I will then have to add 50p every few years to keep the account active and ensure that the money-grabbing Chancellor, whoever he is at the time, doesn't grab it all for charity to fund the Olympics deficit or some other black hole !

Optimist

Primrose wrote: »

As soon as our 6 month websaver account account matures next month and the proceeds revert back to the main savings account I shall transfer it to ICESAVE, leaving just £1 in to keep the account open, which I hope will act as an irritating "administration pebble in their shoe" just to show my contempt. As they send out interest statements every three months, it will then cost them more in postage and administration than I will earn in interest! (although I must check the Terms and Conditions to see that £1 is actually the minimum amount I can leave in the account. I will then have to add 50p every few years to keep the account active and ensure that the money-grabbing Chancellor, whoever he is at the time, doesn't grab it all for charity to fund the Olympics deficit or some other black hole !

I emptied mine completely leaving a balance of zero then went back in the next month and removed the interest that had been paid. So I now have an ING account with zero balance as I bet do lots of folk and why Martin Rutland, head of corporate communications at ING Direct, said: 'The vast majority of customers are still with ING but those customers with higher balances who are rate conscious are people who are constantly looking for best rates in the market.'

codetown

I too left ING open but took out all the money (except a couple of pounds).
I am sure most money-savvy people have done the same and clearly the number of ING customers will not vary much in such conditions!

It looks like the mobile phone industry: a few years back everyone was proud of number of customers, but when they understood that people were just changing prepaid sim and not bothering cancelling the previous, they started introducing much more relevant indicators, such as the average expenditure per customer. Also the ING shareholders will sooner or later start asking more relevant indicators to their directors than customer numbers.. and will realise how the new policy of not rewarding customers does not pay out!

ING customers are mostly from the Internet era and they are used to login and compare products. They are certainly not the old-style trusting people on which a lot of BS rely today!

Paul_Herring

I closed my ING account a counple of weeks ago - after withdrawing most of the money around Aug '05, when ICICI opened.

I decided it wasn't worth keeping it open now, not even for the penny interest per month I was getting from the £1.64 that was in the websaver. They're clearly not going to become competative any time soon.

PJD

Optimist wrote: »

You can transfer an ISA whenever you wish providing the provider you wish to go to accepts transfers in and you must get the ISA provider you wish to go to do the transfer request. So basically you open the account and fund it with your current ISA. If that makes sense!

So just to clarify, say you have, £12,000 in an ISA account (way over the yearly allowance, you can transfer the whole lot straight over to another ISA account?

Optimist

Indeed you can

Paul_Herring

PJD wrote: »

So just to clarify, say you have, £12,000 in an ISA account (way over the yearly allowance, you can transfer the whole lot straight over to another ISA account?

Or bits of it (if you're so inclined.) Any contributions made in the current tax year, however, must be transfered as a lump though.

PJD

Thanks both for that info