ING Direct RAISE Interest rates...

McSaver

From 5% to 5.25% (from today 14th september)... Still a long way behind the competition though.

http://www.ingdirect.co.uk/savings/our_savings/about_our_savings/dsa_rates.asp

I never expected to see that on their website when i went through the best buys table this morning on moneysupermarket.com.

It still says 5% in some places on their website, maybe they havent got round to updating that yet.

kanchhelskis

blimey whats the matter with them raising their rate?lol.

meanmachine_2

Dear lord, forget Northern Rock's (inevitable) financial meltdown. Now I KNOW things are bad if even ING are putting up their interest rates!!!

Still derisory though.

Primrose

They could put their interest rates up to 10% and I still wouldn't touch them with a bargepole. They didn't treat my savings fairly when I had a fair chunk of money entrusted to them. so I'm not giving them a second chance. My £5 remaining savings with them is there solely for "irritation value" only.

chris1

Primrose wrote: »

They didn't treat my savings fairly when I had a fair chunk of money entrusted to them... quote]
Hi, what did they do?

Primrose

Chris, when the Bank of England raised interest rates several times, ING either refused to pass on the increase or only gave a partial increase whereas many of their competitors passed on the full increase very quickly. They then added insult to injury by sending me regular e-mails telling me what a wonderful deal they were giving. Their customers, including me, deserted them in droves for ICESAVE and other institutions who were offering better deals. And who can blame us? When people work hard for their money, they want to get the best value possible from their savings instead of seeing large bonuses go to bank employees whose employer has made fat profits at the expense of their customers.

codger

chris1 wrote: »

Primrose wrote: »

They didn't treat my savings fairly when I had a fair chunk of money entrusted to them... quote]
Hi, what did they do?

Chris: Welcome to MSE.

I won't insult you by alleging you're from what passes for a Customer Relations Department at ING. I think you're genuine. So here's a genuine answer to your query:

Not only did ING have the cheek to suck in £millionsworth of savings in the UK on the promise of the best rate / clearest rate / easiest-to-understand rate. . .

It then went on to offer a wholly uncompetitive rate whilst simultaneously insulting the intelligence of everyone who had signed up to it: I cherish (yes, cherish) ING's email to me saying that

"ING savers want the peace of mind of consistency, not the uncertainty of constantly changing rates."

Absolutely right, ING.

You consistently refuse to increase your interest rates in line with Bank of England base rate hikes but hey! That's OK with me.

I don't want more interest on my savings. I want you to keep paying the same year in, year out. Better for me to be screwed over by you than to have sleepless nights, trying to figure out just what a 1% or 2% interest rate increase means to the value of my savings.

(Though then again, judging by the vast amount of wasted cash that ING central has funnelled in from national branches to fund its ludicrous presence at virtually every circuit on the F1 Grand Prix circuit -- ooh look, there's Jenson Button, lying 43rd out of 20, going under the ING start-line banner, that'll bring in loads of new ING customers! -- maybe ING does need to scam its savers: the price of running hospitality suites in Mr Ecclestone's world is astronomical indeed.)

ING: Inertia's Not Good

Which is why so many MSErs took one look at that outfit's patronising gibberish / failure to live up to its original promises and instead of sitting tight as ING obviously hoped, got out of it faster than any F1 car.


Hope that answers your question. . .

paragp

codger wrote: »

chris1 wrote: »

Chris: Welcome to MSE.

I won't insult you by alleging you're from what passes for a Customer Relations Department at ING. I think you're genuine. So here's a genuine answer to your query:

Not only did ING have the cheek to suck in £millionsworth of savings in the UK on the promise of the best rate / clearest rate / easiest-to-understand rate. . .

It then went on to offer a wholly uncompetitive rate whilst simultaneously insulting the intelligence of everyone who had signed up to it: I cherish (yes, cherish) ING's email to me saying that

"ING savers want the peace of mind of consistency, not the uncertainty of constantly changing rates."

Absolutely right, ING.

You consistently refuse to increase your interest rates in line with Bank of England base rate hikes but hey! That's OK with me.

I don't want more interest on my savings. I want you to keep paying the same year in, year out. Better for me to be screwed over by you than to have sleepless nights, trying to figure out just what a 1% or 2% interest rate increase means to the value of my savings.

(Though then again, judging by the vast amount of wasted cash that ING central has funnelled in from national branches to fund its ludicrous presence at virtually every circuit on the F1 Grand Prix circuit -- ooh look, there's Jenson Button, lying 43rd out of 20, going under the ING start-line banner, that'll bring in loads of new ING customers! -- maybe ING does need to scam its savers: the price of running hospitality suites in Mr Ecclestone's world is astronomical indeed.)

ING: Inertia's Not Good

Which is why so many MSErs took one look at that outfit's patronising gibberish / failure to live up to its original promises and instead of sitting tight as ING obviously hoped, got out of it faster than any F1 car.


Hope that answers your question. . .

couldn't agree more with you guys... i moved pronto from ING to ICICI getting 6.30%

KTF

Given the current climate, maybe they are doing this in the attempt to get some more money into the business to balance off the money they have lent on mortgages?

nilrem_2

Primrose wrote: »

They could put their interest rates up to 10% and I still wouldn't touch them with a bargepole. They didn't treat my savings fairly when I had a fair chunk of money entrusted to them. so I'm not giving them a second chance. My £5 remaining savings with them is there solely for "irritation value" only.

Yep, same here, I have about £7 with them, I moved a large sum to Icesave after receiving their patronising email telling me that I wanted a stable derisory rate rather than a headline grabbing rate (which they themselves offered when they poached my custom)!

cm233lh

I recall when I openned my ING account when they first started up, the publicity said "how do I know this is not just an introductory rate that's not going to stay competitive?" "Don't worry, our low cost internet accounts will mean we can always offer the best rates blah blah" yeah right!