I go ‘Gordon Ramsay’ on ING.

Sideways

Further to my recent ‘Ditch ING, go where?’ post, I have taken other forum users advice and opened an IceSave account in preparation for the movement of my savings and the possible closure of my ING account (not sure whether to leave a pound in just to pee them off).

Meanwhile, I wrote to ING to express my concern about their increasingly uncompetitive rate of interest for savers. I received a reply yesterday, highlights as follows… (not to be confused with the standard letter sent out by their Chief Executive which coincidently also arrived yesterday)…

‘Dear Sideways…..thank you for your letter…..we are aware of the increased competition within the savings account market…..we have no plans to raise our rates…..we have been very clear from our launch this account is not linked to the BoE base rate…..should you wish to close your account please call this number….’

Fair enough. Based on my own experience, I have cooked up a recipe for other ING customers currently considering their next move….

• Take one ING customer
  Slowly blend in regular monthly deposits up the value of £10k
  Put to one side and wait for the rate to rise
  If results are poor consider other ingredients with better rates
  Mix up a letter of concern, seasoned lightly with a threat to close account, leave to marinate
  On receipt of reply feel undervalued and condescended
  Open up a fresh account, add Ice if preferred
  Wait for the paper work to settle and gradually stir in your savings from the ING account
  Discard ING account
  Serve up savings with a generous helping of Interest
  
  One less ING customer.
  DONE.
  

Somerset

I'm in the same boat as you. I had other things going on so haven't done anythinh about ING up to 2 weeks ago. I opted for the new Tesco account which is 6.5% ( incl intro bonus ). I've just got my second envelope from Tesco so I reckon the account will soon be opened. The ING money is in their websaver account so I'll move that 1st July otherwise I'll lose the June interest. Then on Ist July it moves from ING to my current account to Tesco. I'll leave £1 in the ordinary ING account in case they improve their rates, but the rate differential between ING and Tesco is just like throwing money away if I don't move.

It's a shame - ING was my first 'proper' online savings account and they were excellent and competitive at first.

morg_monster

That is good!
Why not add "Allow minimal amount to remain in ING account to ensure that ING have to administer it, thus potentially costing them a little time and money and providing you with a sense of smug satisfaction"

I got an ING-type email from Egg the other day informing me that their great ISA rate wouldn't be changing with the recent rate hikes... I didn't expect it to, 6.05% is still a decent rate, butI will be keeping my eyes open for other options if another rate rise materialises...

nilrem_2

Sideways wrote: »

• Take one ING customer
  Slowly blend in regular monthly deposits up the value of £10k
  Put to one side and wait for the rate to rise
  If results are poor consider other ingredients with better rates
  Mix up a letter of concern, seasoned lightly with a threat to close account, leave to marinate
  On receipt of reply feel undervalued and condescended
  Open up a fresh account, add Ice if preferred
  Wait for the paper work to settle and gradually stir in your savings from the ING account
  Discard ING account
  Serve up savings with a generous helping of Interest
  
  One less ING customer.
  DONE.
  

Or just transfer your cash to an account paying decent rates instead,why wait for it to 'marinate'? Do it now!:eek:

My ING funds are shifted to Icesave now but I left a fiver in ING!:rotfl:

meanmachine_2

Somerset wrote: »

The ING money is in their websaver account so I'll move that 1st July otherwise I'll lose the June interest. .

I thought that penalty had been removed from the ING websaver account.

I hope it has, cos I shifted everything out of there into icesave only a few days ago...

Ximian

Really sad that ING don't care about their customers. I still have an account with ING but moved all my money to Icesave, I recently received an email from ING stating that they would not raise their interest rate.

I'm not too sure about the penalty for the ING websaver acocunt, when it was first introduced I think there was a penalty of losing interest for the month that you withdrew the money out of the webserver account, as far as I know the penalty for withdrawal was removed. The websaver account is no longer available to new ING customers, so it's pathetic that ING offer interest rates of 5% AER on the basic saving account and banks like Icesave offer 6.20% and guarantee their rates.

Bernard_Coleslaw

Why are people still expending energy complaining about ING, months after they started playing silly beggars on rates?

Just move your cash somewhere else. It's starting to sound like some people are keeping their money in ING so they have the right to whinge.

Sorry, I just don't understand the logic.

Sideways

Bernard_Coleslaw wrote: »

Why are people still expending energy complaining about ING, months after they started playing silly beggars on rates?

Just move your cash somewhere else. It's starting to sound like some people are keeping their money in ING so they have the right to whinge.

Sorry, I just don't understand the logic.

What a dull and lifeless world it would be if everyone were all on the same level, did exactly the same at the same time and moved at the same pace.Thank goodness this is not the case.

nilrem_2

Bernard_Coleslaw wrote: »

Why are people still expending energy complaining about ING, months after they started playing silly beggars on rates?

Just move your cash somewhere else. It's starting to sound like some people are keeping their money in ING so they have the right to whinge.

Sorry, I just don't understand the logic.

Nowt wrong with a good 'whinge' IMHO!:j

If you stop people from having a moan about stuff you would remove half of the posts!

Whilst many of us here move cash from one account to another at the drop of a hat to others it can be a big step to take, some people hate moving their accounts especially if they don't have an account set up and have to open another one can be hassle for some with all the ID requirements etc!

YorkshireBoy

The misplaced sense of loyalty, sentiment, loss, and frustration does fade after a while though.

I'd been with ING since they started in the UK, but saw the way they were heading and shipped out in Jan 2006 (leaving £1 in 'just in case' ). I finally got round to formally closing the account a couple of months ago.

Ian_W

Don't know what you lots moaning about! I moved the other way and opened an ING account last month - well 2 actually, one for me and one for Mrs W.:D

We paid in a quid each - and they gave us £20 for doing so - thanks to a tip on these very fora. :T

The £20 x 2 is now in YBS for the next regular saver payment and the £1's are still with ING, so I reckon that's gotta be a bout 1005% AER - but I never was any good with maths.;) Great Bank to rip-off IMO. :cool:

The silly INGS!!:rolleyes: