Latest kerfuffle from ING Direct (merged)

Ted_Bloke

meanmachine wrote: »

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

Greycrow wrote: »

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.

Interesting this, 2 or 3 years ago they were new apparently pioneers, the Ryanair of banking, but about 18 mth ago they ceased to be competitive and I moved massively out of them, moved back for a few months only when a yr ago AFAIR they had a similar gimmick but better, this looks like an advertising eyecatcher for non-mse type ppl who do not watch carefully.

IGK

Secret_Wookie wrote: »

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.

Yes they must be deranged.
So... you've got some cash earning a rubbish rate, then they announce a higher (though still not very competitive) rate, but only for new funds, and only for 3 months. What a complicated unnecessary waste of time.
I'd like an account that paid consistently high rates without lots of gimmicks and one which I trusted enough that I didn't have to check the best buy tables all the time...

Ted_Bloke

IGK wrote: »

I'd like an account that paid consistently high rates without lots of gimmicks and one which I trusted enough that I didn't have to check the best buy tables all the time...

So would I and some other people but I suspect the theory of economic competition is telling us that this cannot exist. Maybe a fairly good compromise is to be looking not all the time but from time to time and especially after BOE rate changes, and after all the big ones are shouting at you quite a lot. But you have to come here to know about some quite respectable deals from provincial building socs., the deal usually lasts a year then you decide whether to get a new one, a bit of palaver about passbooks going back and forth etc., sometimes even cheques, looks old-fashioned but maybe they do not want the added volatility of internet accts. anyway that's the deal.

YorkieLad_2

Has anyone seen that Halifax are offering over 6% AER for 3 months on their Web Saver fixed accounts?

Primrose

I've moved all my savings out of ING and into ICESAVE, but as a protest, instead of closing my ING account, have left £5 deposited there, simply because if I ever wanted to revert back (can't think why on their current track record) I don't want to face all the Money Laundering documentation hassle again. However, this will (probably) ensure they continue to email me with their latest offers, to which I can scornfully reply !! And they will still have the hassle of having to send me a quarterly interest statement, the postage for which will shortly exceed the value of the sum in my account.

Bogof_Babe

Who anyone who like me is daft enough still to have a regular saver ING account please do me a favour?

On the "move my money" function, when selecting the "from" account, I find my normal current account is not in the menu, only my two ING accounts. For the sake of investigation I selected one of the ING accounts, and found that in the "move money to" menu my bank current account is in the list , so obviously my DD hasn't expired or anything.

They are probably so used to people taking money out rather than putting it in that they have altered their softwear but I'd love to know if it's just happening with my (and my husband's) accounts or if this is a general problem. I'm not prepared to spend half an hour trying to get through on the phone, so this might be the prompt I need to take the lot out.

If you're wondering why I was even bothering to try to put any more in, it was just a bit that was lying around in my c/a since cashing in an endowment policy.

I'd really appreciate any feedback from anyone who can be bothered to test out the above problem. You can cancel before anything actually moves, so don't worry!

Compound_2

Bogof_Babe wrote: »

On the "move my money" function, when selecting the "from" account, I find my normal current account is not in the menu, only my two ING accounts. For the sake of investigation I selected one of the ING accounts, and found that in the "move money to" menu my bank current account is in the list , so obviously my DD hasn't expired or anything.

DDs do expire after 13 months of inactivity, but this only affects the 'from' field. The 'to' field is for credits, i.e. not part of the DD system.

nilrem_2

When I received this latest email from ING it's only effect was to convince me to move my cash out of their websaver account and into my Icesave account!

IMHO ING just do not have a clue how to keep customers satisfied, they must have the worst PR in the financial sector.

Innys

nilrem wrote: »

When I received this latest email from ING it's only effect was to convince me to move my cash out of their websaver account and into my Icesave account!

IMHO ING just do not have a clue how to keep customers satisfied, they must have the worst PR in the financial sector.

I can't say I agree with them not having a clue on how to keep customers satisfaied. They know EXACTLY what 99% of the population want i.e. a competitive interest rate.

However, they are counting on some people not noticing that the interest ING pay is deplorable. And in this context "some" can be quite a significant proportion. Not everyone checks interest rates as closely as the Money Savers. Those that don't are the ones ING are after.

Every so often ING try to make their (gullible?) customers think they are getting a good deal by sending out one of these e-mails, but the people on this site know it is a load of rubbish.

ING are only doing what most financial institutions do. As long as it continues to make them money, they'll carry on. They don't care what their customers think because that isn't what their shareholders are bothered about.

McSaver

what ING are doing is trying to trick savers into keeping their cash with them and offering a little bit more to try and pull a few more quid in with the promotional rate for 3 months. really their rate should be 5.75% altogether not the pultry 5% thats the regular interest rate they offer normally.

Thats why i am with Icesave, you dont have to worry toom much about what ING do and suffer with they refuse to raise in line with BOE. If your still with ING then you should move to Icesave.