Hello.

Just received the following email from ING about interest rate cut:

"" We are writing to inform you that as of 1 August the ING Direct savings rate will be 4.75% AER*. Over the past few months the overall trend in savings rates has been down and in response many of our competitors have already reduced their rates. We have held our rate for as long as possible, however this continuing downward trend now requires us to act.

This still represents a very competitive figure in the marketplace and applies to all ING Direct customers regardless of the balance they hold.

We remain committed to providing a consistently good rate to our customers and are proud of the open and honest approach we bring to the savings market, with a straightforward savings account with no hassle or catches. ""

WHAT DOES EVERYBODY THINK ABOUT THIS THEN ?.

They haven't had the best rate for ages now, they are now .35% behind b&b. Even more behind the Indian bank making an entrance in the UK.

See http://www.housepricecrash.co.uk/forum/ind...opic=1667&st=20 for the latest discussion on savings accounts.

I jjust opened a savings account with http://www.icicibank.co.uk/ an indian bank who are offering 5.40 percent interest. They are regulated by the FSA. I will be closing my ING saving account.