Latest kerfuffle from ING Direct (merged)

Bogof_Babe

Apols if there is already a thread about this, but I can't find one.

Just had an email saying they will pay 5.75% for 3 months on their ordinary savings account, on any new money deposited between today and 15th June. This compares with the current 5% rate.

As far as I can see, nowhere do they say you can't transfer money from a Web Saver account (currently paying 5.5% as from today), and then put it back again after the 3 months.

It would be messy but worth it, assuming this is allowed. Does anyone have any knowledge of this?

Incidentally, my husband has not received this email, only me. He has far more in his account. I wonder if they are selecting people, and if so on what criteria.

home_alone

Just got 2 letters from them (joint account or was) threw them in the bin why settle for 5.75% when I get 5.95% now.

gary

Bogof_Babe

I know . I really have to overcome this misplaced apathy :rolleyes: .

codetown

I got it as well and cannot understand how ING thinks to convince people!!

They talk about fresh money, so if I have to do a BACS transfer from elsewhere, why should I choose as recepient ING and not Iceve/ICICI/Coventry or the many more that are offering more than 5.75% AER?

ING has gone totally mad.

Secret_Wookie

Spotted this on Fool and thought it might be of interest. ING are emailing customers with this offer....


For any extra savings deposited into your ING Direct Savings Account between 1 June and 15 June we will pay a special reward rate totalling 5.75% gross per annum (variable) up to and including 1 September 2007. This rate is payable for savings deposited above your opening balance as at 1 June 2007. You will still earn 5.0% AER on your balance as at 1 June 2007, but we are giving you an additional 0.86% gross per annum (fixed) reward interest on the additional money you save during the 2 week promotion period.

Interest is calculated daily on credited and cleared funds above the opening balance on 1 June 2007. For example: If you have an opening balance of £10,000 on 1 June 2007 and you deposit an additional £5,000 between 1 June and 15 June, you'll earn the 5.75% gross reward interest on the additional £5,000 every day it stays in your account during the reward period. And you'll continue to get our great rate of 5.0% AER on your £10,000.


Really not living up to their marketing spin of...

Simple and straightforward savings products
Great rates
No hidden catches
Free to move your money when you like
Start saving with £1

Why do this when you can get 6% now.

meanmachine_2

Another pathetic gimmick from the world's most cynical bank.

And no, you can't transfer from your websaver to the direct saver.

Greycrow

I think that they work on a strategy, that they can fool some of the people all of the time.
As already stated there are much better uncomplicated rates to be had.

Milarky

The rate is '5.75' compared to '4.89' (The 5% rate) so that's more like '5.81' compared to '5.50' for leaving it in the Websaver.

If you had cash in a Web Saver account and moved this to Direct Saver and BACs out to your current account on Monday you can request an equal deposit by direct debit on Tuesday. The cash would arrive Wednesday, sit overnight for 1 day (earning nillish interest) and be re-credited to ING by Thursday. That's 3 days lost interest. That's then '+0.31%' x 87*/365 minus '5.50%' x 3/365

It's roughly +0.11% pa during the 3 months in other words

*87 days from Thurs 7th June up to and including 1st September 2007

This is not worth doing IMO

SkipClick

I would move over to icesave better intrest..........

[Deleted User]

I got the email early this morning. :rotfl:

shivers_2

This is probably one of the stingiest offers I've ever received from ING Direct. I got a letter in the post today about it. Firstly they pay interest on current savings account at less than the bank of england rate then they tell me I can get 5.75% from 1st June - 1st Sept. That equals interest of 1.437% for the period any money I deposit is with them (3/12 * 5.75); what a joke ING!

I hope you're reading this Lindsay Sinclair (CEO ING Direct), rather than wasting money on frivolous offers and junk mail, start saving money and increase the interest you pay to a decent level.