ING drops rate 4.75% - 1st August

kinesin_2

ING Direct is to cut the rate it pays to savers from 1 August. The annual equivalent rate is being clipped by 0.25% from its current 5% before tax to 4.75%.

http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=402292&in_page_id=7

Shinds

Oh no!

alared

"ING Direct is to cut the rate it pays to savers from 1 August. The annual equivalent rate is being clipped by 0.25% from its current 5% before tax to 4.75%.
The cut on the easy access account that is run over the telephone or internet, without any bricks and mortar branches, comes even though there has been no change in Bank of England base rate since August last year."


Trouble is if and when the BoE makes a cut in the base rate then all these providers will use that as an excuse to cut again!

CrazyChemist_2

Very well, ING Direct can kiss goodbye to my cash! Hello Nationwide e-savings

Does anyone know of a better instant access rate over 5%? A&L cut their rate from 5.35% to 5% but as it's still almost top of the market I won't bother to open another new account just for a few extra pence

Ember999

I can't believe they have reduced the rate even though BOE Base rate remains unchanged! Damn! :mad:

Speculator

Not a surprise really. I'll stick with my Nationwide e-savings and Halifax Websaver.

cgnao

They have probably reached their growth targets. Now they'll use inertia. 90% of the customers they lured in will stay.

Speculator

Probably following in the footsteps of Egg and Sainsbury bank.

alared

Speculator wrote:

Not a surprise really. I'll stick with my Nationwide e-savings and Halifax Websaver.

Don`t be surprised when they cut too.
They`re like a load of sheep,one does it,the rest follow.
Just like the gas and electricity companies.
That`s competittion for you.

oldagetraveller

It's now on ING's website. At least they've been good enough to post it there in advance.

deemy2004

Thats why for the last few months people should have been and should be eyeing the fixed rates instead of higher variable rates... As a cut in the bOE rate could take the variables as low as 4.5% !