ING - cunning customer retention policy...

Reestit_Mutton

As part of my periodic assessment of my mum's finances I was shifting her remaining cash balance out of ING ready to place it in a similar online savings account elsewhere. However, after putting in the relevant transfer details and confirming the password I was taken to a screen where ING offered me their 6% preferential rate until 01 May (the rate that is only offered to new customers).

Now that's what I call cunning...a very cost-effective way of retaining customers - that's the first time I've seen this type of customer retention model employed with online savings accounts.

I don't know if this is offered to everyone leaving or just those with large balances but I do know that they didn't offer this deal 3 weeks ago when I shifted another large sum of money out of the savings account.

As my target account in this instance only pays a fraction of a percentage point more than ING's "preferential" rate, it really only equates to a loss of pence per day if I don't move the cash so I think I'll just sit tight for now and see where the savings market goes over the next few months.

RM

ad44downey

Do ING actually have any customers left? You'd be better off sticking your money under the bed.

bristolleedsfan

ING got a new TV ad, 6% for new customers inc something like a 0.81% bonus for first 12 months. [URL="javascript:emoticon('gaah.gif')"][/URL]

masonic

It's interesting that they've gone from one extreme (one great rate for everyone) to the other (secret promotional rates offered to some customers but not others). I'd love to see "threaten to leave ING to bag an extra 0.81% interest" appear in this weeks moneysaving tip.

bristolleedsfan

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

http://www.ingdirect.co.uk/savings/our_savings/isa/cashisa.asp

masonic

bristolleedsfan wrote: »

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

http://www.ingdirect.co.uk/savings/our_savings/isa/cashisa.asp

Yep, those are the rates for new accounts only. But apparently not, as Reestit has found.

Pay particular attention to the second link, where it says "One high rate for everyone" and then goes on to discuss the two different rates paid on this account in the very same paragraph! :rolleyes:

bristolleedsfan

masonic wrote: »

Yep, those are the rates for new customers only. But apparently not only new customers, as Reestit has found.

O/P gave impression that "preferential rate" was only been offered for a few months. ("until 1 May")

masonic

bristolleedsfan wrote: »

O/P gave impression that "preferential rate" was only been offered for a few months. ("until 1 May")

Yeah, that's correct. To quote that post "ING offered me their 6% preferential rate until 01 May (the rate that is only offered to new customers)". So presumably any existing customers who try to leave will get offered the 'new customers' rate too.

bristolleedsfan

masonic wrote: »

Yeah, that's correct. To quote that post "ING offered me their 6% preferential rate until 01 May (the rate that is only offered to new customers)". So presumably any existing customers who try to leave will get offered the 'new customers' rate too.

0.81% introductory bonus offered to "new customers" is for 12 months, not a few months.

masonic

bristolleedsfan wrote: »

0.81% introductory bonus offered to "new customers" is for 12 months, not a few months.

That's why I said "rate" and not "bonus". Rates are just rates, they do not have timescales attached.

But I fear you miss the point. Even if the promotional rate was offered for only a few weeks, it's still worth taking up.

bristolleedsfan

masonic wrote: »

That's why I said "rate" and not "bonus". Rates are just rates, they do not have timescales attached.

But I fear you miss the point. Even if the promotional rate was offered for only a few weeks, it's still worth taking up.

Oh so ING are guaranteeing that the 6% rate wont drop before 1st May. :T