ING drops rate 4.75% - 1st August

Grumpy_Old_Duffer

Damn! Damn! Damn! :mad:

Only just switched over from A&L to ING, partly because A&L reduced their rates but also because A&L 'capped' their interest rates at £25,000.

What I don't understand is why notification of this change of rate was only sent to me (a customer!!) today (20th July), when this posting started 16th July.

Don't Customers get priority of these notifications.!!!!!!!!!!!!

from_suffolk

derrick wrote:

Yes but why cut it before the BOE drop the rate? They NEVER raise it before the BOE raise the rate

Isn't capitalismn wonderful?

We are all trying to play the system but this round of interest cuts shows how inadequate in the face of the powerful institutions we are.

The only message that they understand is when we all take action 'en masse' !

wolfmanjack781

As an existing custmer of ING I received an email informing me of the cut on 20th July. There are still national press adverts today, 24th, quoting 5%. As any ING saver knows, it takes at least 2 weeks to set up a new account and so anyone responding to this ad expecting a 5% rate has no hope of getting it. This is highly misleading, is it legal?

CrazyChemist_2

Don't worry, we live in a totally uncorrupt and just country and we can fully trust our hard-working, honest politicians to sort this out for us because they always play by the rules.

P.S: Notable sacrasm intended.

cloud_dog

Sad as it is I felt the need to post again on this subject.

In all my years of running financial accounts I have found ING to be one of the more open and honest providers.

Yes. they will cut their rate but, they gave you notice before they did it (unlike A&L for instance); no, they didn't raise their rates the full 0.25% everytime the BoE raise the base rate but, they had such a good headline rate to beging with that they didn't have to; their money transfers are quick and efficient, AND you don't have to give notice to withdraw money or lose any interest in the month of the withdrawal.

Give them a break, they are a for profit organisation if you don't like it move. As I've said I'm looking to move my money to ICICI (depending on my / others experiences) but, for the first time I will leave the ING account open.

cloud_dog

Ember999

cloud_dog wrote:

Sad as it is I felt the need to post again on this subject.

In all my years of running financial accounts I have found ING to be one of the more open and honest providers.

Yes. they will cut their rate but, they gave you notice before they did it (unlike A&L for instance); no, they didn't raise their rates the full 0.25% everytime the BoE raise the base rate but, they had such a good headline rate to beging with that they didn't have to; their money transfers are quick and efficient, AND you don't have to give notice to withdraw money or lose any interest in the month of the withdrawal.

Give them a break, they are a for profit organisation if you don't like it move. As I've said I'm looking to move my money to ICICI (depending on my / others experiences) but, for the first time I will leave the ING account open.

cloud_dog

I agree cloud_dog, although I am not personally moving my money from ING as I am a little untrusting of an Indian Bank....I like to know my money is safe and a new bank, new web site etc....I'd like to see what is what before I move any money. Maybe I'm just paranoid LOL :rotfl:

thor

I'm not closing my ING account but have moved most of my money out of it. I signed up in the first few months of it's launch and at that time it was the best paying account in my porfolio but as the base rates began to go up and ING failed to keep pace more and more of my other savings accounts caught up and overtook it. I have kept it open on the off chance that it might become competitive again but the way it has been acting for the last couple of years does not make me feel too optimistic.

chickpea

Well..speaking as someone who's too afraid to bank online (! Yes, but what can you do..?) ING is STILL top dog.

I can't be bothered moving my money every 5 mins after all, and 4.75 is still the best instant access rate WITHOUT CONDITIONS that I've seen. I've just found out what interest I got last month, and I'm pleased as punch.

I have Halifax's 7% regular saver (the maximum you could earn in interest on last year's Halifax 6% regular saver was £80 over the year - I know coz I've just cashed in), and I have a Halifax Isa Saver Direct at 5.15%, but as to where to throw the rest of my cash - ING is it. I can move my money WITHOUT SPEAKING TO ANYONE! just by pressing the push buttons on the phone, and I have complete faith my cash is safe. I love it, and the rate drop hasn't put me off.

If there was a better INSTANT ACCESS, NO CONDITIONS, NO BONUS PHONE bank (that I've heard of, ideally!) offering a better rate I'd go for it. But there isn't - is there?

I wouldn't move now anyway, everyone will just follow ING's lead!

Kazza242

Announcement on the ING Direct website:

In response to the Bank of England's decision to reduce the Base Rate to 4.5% we will not be reducing the ING Direct savings rate from the current 4.75% AER*. As always, we remain committed to providing a consistently good rate to all our customers.

That's good news for those that are still using their ING Direct accounts. If ING had opted to cut the rate again so soon after the last rate cut, they would have lost a lot more customers.