'ING Direct…. A crash, a burn, a sell-out all in one!' blog discussion

anencephal

JasonLVC wrote: »

I had a mortgage with ING, guaranteed to be no more than .90% above BoE rate.

But each time the bank rate went down, ING's didn't (it was still within the .90% range) and even this last drop to 5.25, ING were still just keeping at 0.90%.

I called to cancel hoping to speak to retentions. They don't have one, they just said we'll not offer any deal to you and so I've switched elsewhere now - it is madness. I've had other mortgages where the lender has coughed up a .25% offering to keep you sweet - but ING's view is get stuffed!!.

So they clearly think they can attract savers/customers who are savvy to get good rates but then stupid enough to stick around when the rates are bad?.

I also have a mortgage with ING Direct and have been very frustrated by their increasing mortgage rate. When I applied for it in February 2007 the rate was only 0.14% above BoE base rate. Since then it has increased to 0.9% (as JasonLVC says, this is the maximum under their rate guarantee, and they were recently "forced" to reduce their rate in order to remain within their guarantee).

When I moved house in December last year, I looked around at other mortgages available (including contacting a financial adviser) as I was very keen to leave ING. However, although there were cheaper rates available at the time, there were significant drawbacks (for me) of these other deals. These included some or all of: large admin fee for simply taking out the mortgage; redemption penalty for the fixed rate period (or longer); no ability to make overpayments or capital repayments (without penalty); no flexibility to make underpayments. The financial adviser therefore advised me that, all things considered, I was better off staying with ING despite their uncompetitive rate.

However, I intend to regularly review what other deals are around (although that might not be very revealing at the current time ) and will move away from ING as soon as a reasonable alternative presents itself.

Although I don't have my savings with ING, I have also watched the rate changes on that side with interest (no pun intended! ) and fear this confirms the overall attitude of ING towards its customers. I have written to them complaining about their mortgage rate, and await their response. Needless to say I am not holding my breath!

Joe65_2

Mosh wrote: »

Thanks, Martin. I've had an account with ING for some time now, and use the web-only one with a higher interest rate. However, I did notice the rates slipping a lot over the last year or so but got lazy and didn't move. This morning I just opened an account with Kaupthing Edge, and I'll transfer everything over to them instead. Much better rate!

Each new bank has it's day.

Enjoy Kaupthing while it lasts...
& keep checking this site ... for when it's over.

veronica46_2

ING guarantees the savings of investors up to £77,000 from Wednesday 8th, which is clear indication that they trying to get ahead of the game before UK account holders withdraw all their savings in a fit of economic zenophobic paranoia.
( e.g first Iceland, now the Netherlands!)

I don't quite get it all ( who does?)as the krone has been in trouble for ages and yet the advice all over the web (including here) was too invest in Icelandic banks.... the interest rate was high but at what cost? The ice has looked cracked for ages....

I remember reading all about techie stock being great, and my ex buying 4k worth and losing the lot.....
I remember how they told us that secondhand endowment policies were the way to go..... hahahhah ( bitter laughter)
It is all hyperbole and you might as well buck the trend the whole time.

moneysavingexpert?
We all feel like Moneysaving-stick-your-pin-in-the-donkey's-tail at the moment and it is tragic how many will lose their life savings.
My own poor dear relative has lost 40k due to the blunderings of a so-called IFA.
Elderly people should have more protection- it is too awful.
And yet some people are heartless enough to sneer at others on these forums when they ask about safety for their life's savings.
Doesn't it teach us all that perhaps we are party to a shambolic, corrupt and vile banking system?
Shouldn't we reform the banking system to protect one another?
My partner s highly aware politically and insists on banking with the Co-op as he feels they are more ethical .
I have long been trying to persuade him to get a high-interest account like ING.
I am beginning to wonder if I should follow his suit instead.!
We may now see arise in ethical banking, which could very good thing. Nothing teaches ethics like a hard kick in the national wallet.

veronica46_2

Some might like to balance Martin's article against this one...from the Motley Fool.
Martin is in a unique position as the people's money expert, but your money is your money so best to use your own noggin.
(God- I just used an Icelandic word- didn't I?)



http://www.fool.co.uk/news/your-money/2008/10/09/ing-is-safe.aspx
:eek:

chkurz

If I have previously had an ING savings account that is now closed (because their interest rates are ridiculously low), do I qualify for the 'new customer' bonus?
Does anybody know the answer to this? (I'm not getting much luck from their website)

lyndz_2

Hi

I have today realised my ING account isn't covered by uk £50,000 guarenteed safety net but has a Dutch 100,000 euro safety net. Would i be better to put my money back in uk bank in view of drop in euro against sterling?

Thanks
Lyndz

meester

lyndz wrote: »

Hi

I have today realised my ING account isn't covered by uk £50,000 guarenteed safety net but has a Dutch 100,000 euro safety net. Would i be better to put my money back in uk bank in view of drop in euro against sterling?

Thanks
Lyndz

I think you're confused.

The pound is falling against pretty much every currency in the world, not leas the euro.

So any foreign currency guarantee is now BETTER than it was before. 100,000 euros is now approx £90,000, so it's much better than a £50,000 gaurantee.