ING's latest idea to avoid paying decent rates!

mary

So what is the interest rate on this Regular Saver?

nilrem_2

mary wrote: »

So what is the interest rate on this Regular Saver?

They don't specify one so I suppose it's just the same as their standard rate i.e. 5% AER before Tax.

I have moved most of my cash out of their hands and won't be setting up a regular savings account!

KTF

mary wrote: »

So what is the interest rate on this Regular Saver?

Its not a regular saver. You have to setup a standing order that transfers a regular amount into their normal instant access savings account to have a chance of winning the 10k.

Milarky

KTF wrote: »

Its not a regular saver. You have to setup a standing order that transfers a regular amount into their normal instant access savings account to have a chance of winning the 10k.

Don't you have to set up a recurring direct debit from the ING end instead (of a simple standing order)? How otherwise can they 'register' your participation? The ad says:

"Just login at ingdirect.co.uk or call our Customer Service Team and set up a Regular Saver, for any amount that suits you."

KTF

Milarky wrote: »

Don't you have to set up a recurring direct debit from the ING end instead (of a simple standing order)? How otherwise can they 'register' your participation?

Not sure how it works as I wasnt interested in the offer so didnt pay much attention to the email before I deleted it.

I was just highlighting how it isnt a regular saver in same way that the A&L 12%, Abbey 10%, etc is. You are just moving over a set amount to their savings account each month (something you can do with any instant access account).

nilrem_2

All the email stated about the regular saver was -:

[FONT=Verdana, Arial, Helvetica, sans-serif]Become a regular saver now for a chance to win £10,000*[/FONT]
[FONT=Verdana, Arial, Helvetica, sans-serif]If you set up a regular monthly payment by 31 July 2007, you'll automatically be entered into a prize draw to win a top prize of £10,000, or one of ten £1,000 runner-up prizes. Just login at ingdirect.co.uk or call our Customer Service Team and set up a Regular Saver, for any amount that suits you. [/FONT]

[FONT=Verdana, Arial, Helvetica, sans-serif]
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Optimist

Once again they are treating savers like mugs !

ING Direct fails to pass on rate rise

Sascha Hutchinson,
This is Money
11 July 2007

ING Direct has once again failed savers by refusing to pass on the latest bank rate rise to either of its savings accounts.

It means savers in the online saver account, which attracted more than a million customers with marketing-beating rates in 2003, will now only be paid 5%, 75 basis points below the bank rate of 5.75% and 125 points below the best deal on the market.

The rate of the bank's Websaver account also remains unchanged. The Websaver was launched with a rate of 5.65% to prevent a mass exodus of customers unhappy with the online saver account where rates were left to languish. The rate opn that account was cut to 5.5% before the May bank rate rise and has not moved since. The Websaver is now closed to new customers.

This is Money reported back in May that customers had withdrawn £3bn worth of savings from ING Direct as a result of its unwillingness to pass on rate rises. It came as no surprise to our readers, who have been quick criticise the bank that was once the first choice of many savers.

Of the five Bank of England rate rises since last August, ING Direct has passed on only two. While the bank rate has risen from 4.5% to 5.75%, ING Direct's rate has risen from 4.5% to 5%.

The online saver account is now paying 1.25% less than Sainsbury's Bank, which is the highest paying no-frills account in This is Money's independent best savings rates tables, at 6.25%. The Icesave account, which comes with a guarantee to beat the bank rate until October 2009, pays 6.2%.

Principality Building Society is paying 5.85% and Capital One Base Beater pays 5.8%. Older savers can earn 6.4% with Coventry Building Society, or 6.25% with Northern Rock.

A spokesman for ING Direct said other banks offered lower rates on different accounts, saying: 'If these savings providers had to pay all of their customers our 5% it would cost them a fortune and they wouldn't be able to afford to keep offering their headline grabbing accounts.'



http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=422229&in_page_id=7o