ING Savings Account

A question about : ING Savings Account

I opened an ING savings account about a month ago as their interest rate was the best on the market. Just thought I would let the board know that I have just received a letter from them today saying that as the BOE has changed the interest rate ING will be raising their interest rate on savings to 4.7%. WOW, don't get many letters like that from banks!!!!! I'm impressed. :

Best answers:

• I have a first saver from Britannia and about a month after they put up rates they send a letter through saying rates have changed and include a table. Only problem is I know about six weeks before hand. For example the first saver will be at 4.3% from 1/6/04 which is still rubbish. ;D
• Arrgghh - well I hope I don't geta letter in a month or so then saying that they're putting it down again!!! LOL!!! Actually I suspect they won't for a while as it's their first year and they are having quiet a good run. I also have an Egg savings account which is still pretty good by most banks standards for savings, but the interest rate has even crept down on that account over the past couple of years. I can honestly say, though, (crossed fingers) I have never had a bank write to me telling me they are putting the rate of interest UP on my savings - always DOWN!!!! I will wait and see :P
• ING is 1 year old......
  if you go to their main web page https://www.ingdirect.co.uk/
  on the right hand side is a section to celebrate there first birthday
  only limited tickets hurry now
• Yeah, I have put in for my tickets - sounds fantastic. Hope I am lucky enough to get some
• The old [Nationwide] trick about breaking bad news was to say that interest rates had 'changed' when they had really gone down, whereas you boast that your have 'increased' your rates when that happens rather than merely saying they have changed again
• Being one of the lucky winners for their first trip, all I can say is [glow=red,2,300]WOW[/glow].
  What a day they laid on, the staff were great and made a point of talking to everyone, the food was yum.
  Best of all they dont have any small print or gimmicks
  didnt see Sanjeev though 8)
• Seems that Ing have been knocked off the top by A&L:
  https://www.moneysavingexpert.com/cgi...num=1084741320
  they are launching a similar account at 4.85% with no introductory rates.
  Hmmm should I move my money across to A&L , any thoughts ? or should I just stick with Ing ? However the max you can invest on this account is Ј25000 and interest is paid annually instead of monthly.
• This is the classic ''Moneysaver's Dilemma'', isn't it? Whether to move accounts for 0.15% pa !
  Seriously, I think you should stick with ING and tread warily with a new account like the A&L's, because ING is a 'no catches' brand, whilst almost every new account launched is hedged with suspicion, and there are a few catches with this one. https://www.moneysavingexpert.com/cgi...m=1084741320#6
  I would, though, recommened opening an A&L current account online - if only for the free 25GBP [grr! I can't make the 'pound' symbol above the '3' on my keyboard work now - any tips anybody?]. But they also give you a year's interest-free overdraft. You need to pay in at least 500 pounds each month (so that's where the ING account can come in handy!) or be stung for a 5 pound fee. You could probably transfer the OD limit (less fifty quid for withdrawals, say) from the A&L current account to the online account - you certainly can put it in your ING account, for instance! [So that's 25 pounds for joining. plus nearly 4% of the overdraft.] !;D
• I gave instruction for ing to take an amount out of my current account on monday this week I was under the understanding that it would still show up in my current account until today which is when it would then show up in my ing account being the 3rd day... That has happened but it is showing as uncleared funds in ing now... Why is this? does this mean I am not getting interest on it until its cleared? I thought it should have been cleared today
• Thanks Paul, have no probs with this k/board but, had similar problems with a really good Pack Bell one that, I can now chuck on my other, only used for "Word Processing", machine. Easy for all to understand too. Ta very much, Tree
• Hi Lady_K
  My understanding is that if it appears as "uncleared funds" then you won't be earning interest yet, but may be worth querying with them.