ING offers 6.5% on existing savings

Milarky

Just got an 'invitation' email from ING:

if you’ve moved it elsewhere to get a better rate, we would like to tell you about our new, higher rate of 6.5% AER on all your funds from 20 May 2008 to 1 October 2008 (inclusive).

[FONT=Verdana, Arial, Helvetica, sans-serif]* This figure illustrates the equivalent AER if the rate of 6.31% gross p.a was paid for a full year. This rate is based on a rate of 4.65% gross (variable) plus a bonus rate of 1.66% (fixed until 01/10/08). From 02/10/08 you will revert to our standard variable rate, currently 4.75% AER (gross p.a. 4.65%). Interest is variable. AER = annual equivalent rate and illustrates what the interest rate would be if interest was paid and compounded once each year. Gross p.a. = annualised rate before deduction of tax at standard rate. Calls may be monitored or recorded. Information correct as at 20/05/08. ING Direct is a member of the Financial Services Compensation Scheme. [/FONT]

Typically complicated but what it means is 6.50 AER/6.31 gross variable from now until 1 October (about 4.3 months) - being linked to their 4.75 AER/4.60 gross basic account.

BTW got a mailing from them today saying their 1 year / 6 month deals are ending shortly (not too well subscribed I'd imagine!)

Not a bad home for savings provided ING joins the faster payments scheme in the meantime...

Baldur

The £3.65 or so which is left in my ING account will do rather nicely for 4.3 months then......;)

roddydogs

-or my £1.50!

Moggles_2

Well, it's 21 May today, so we've already lost one day's extra interest :rolleyes:

Do you have to leave the money in an ING a/c until 2 October 2008, in order to qualify for the 1.66% bonus?

chesky369

Well, eat your heart out everyone - got my FREE ING keyring through the post today. I suppose it's due to the vast sum I've left in the account, after transferring to ICEsave, A+L, etc. etc. It's really terribly sweet but I just don't feel like being a walking advert.

Moggles_2

chesky369 wrote: »

Well, eat your heart out everyone - got my FREE ING keyring through the post today. I suppose it's due to the vast sum I've left in the account, after transferring to ICEsave, A+L, etc. etc. It's really terribly sweet, but I just don't feel like being a walking advert.

Credit where credit's due. That token could actually come in handy.