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Bad News At Ing Direct

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I've just read on another forum that rates are being cut for savers by 0.25% in January.

God I'm sickened by this :angry:

I don't have any money with them, but it only takes one to cut and then all the rest do!

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I've just read on another forum that rates are being cut for savers by 0.25% in January.

God I'm sickened by this :angry:

I don't have any money with them, but it only takes one to cut and then all the rest do!

There are quite a few others with better rates but they tend to be short term special offers. Find me another place which consistently has better rates than ING and i will be off.

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There are quite a few others with better rates but they tend to be short term special offers. Find me another place which consistently has better rates than ING and i will be off.

I can't say they have consistantly better rates, but Cahoot are doing a 6 month bonus saver at 5.25% and I understand Theaa.com are doing something similiar at 5.25%

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There are quite a few others with better rates but they tend to be short term special offers. Find me another place which consistently has better rates than ING and i will be off.

BBBSociety 4.85% gross [no strings like includes 0.5% bonus for first 6 months] The A.E.R. figure for12 months is 4.85% A.E.R.

Cahoot minus bonus is currently 4.50%

gross p.a. 1 - 6 months 5.25% 7 - 9 months 4.75% month 10 onwards 4.50% The A.E.R. figure for the first 12 months is 4.93%.

I bloody hate the way they p@ss you about with bonus rates.

Edited by Catch22

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I bloody hate the way they p@ss you about with bonus rates.

Me too, but I'll take the best at the time and move it when the deals are pulled!

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4.89 gross

5.00 aer

I always have a dilemma with this - you may be able to advise.

I have an ING and First Direct account, both in my wife's name (she's a 20% tax payer). I have about 80k in ING (net IR now 3.6%). If I arrange to transfer all of it to FirstDirect (net IR 4%) I reckon I could lose 10 days interest whilst it goes from ING to current account to First Direct. A quick calculation shows me that this could lose me £80 in lost interest, and that it would take about 100 days in FirstDirect to recover this.

Am I missing something?

Edited by Casual Observer

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First Direct is gross 5% why are you messing about with these deals?? :blink:

Ok if its for an amount that your going to leave in there untill you want to withraw the lot in one go on the first of the month.

Otherwise beware

The e-Savings Account has a maximum balance limit of £500,000 and is limited to one per customer. If any withdrawals are made in a calendar month, no interest will be paid for that month.

FIRST DIRECT

Edited by Catch22

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As of 1 January 2006 the ING Direct savings rate will be 4.5% AER. We are making this change because of less favourable market conditions.

Decisions like these mean we can run our business in a way that will allow us to continue to offer all our customers a consistently good savings rate - while avoiding withdrawal penalties, or short-lived headline-grabbing rates for new customers, as some banks do.

This rate still represents a very competitive figure in the marketplace and applies to all ING Direct customers regardless of the balance they hold or how many transactions they make.

We will always be transparent and consistent with our offering, making sure that all our customers know exactly where they stand and aren't confused by small print. We remain committed to providing a consistently good rate for everyone with a straightforward savings account with no hassle or catches.

:o

Get your deposits away from this shower of sh#t, they pre-empted the BOE August rate decision, i hope they are not correct with the January or Febsruary BOE decision.

Looks like the Yanks will have an higher Base rate than ourselves. :lol:

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I have this niggly non trusting feeling about ICICI, I just can't put my finger on why

:(

Because it's India.......a subconcious mistrust of Jonny Foreigner perhaps :unsure:

It's approved by the FSA each personal account has loss limits, the first 2K you get 100% back, next 33K you get 90% back if it goes under. If Indias second biggest bank goes walkabout I dare say the banking sector will have worries a plenty, well do you feel lucky punk ;)

Edited by Catch22

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If any withdrawals are made in a calendar month, no interest will be paid for that month.

Exactly. That makes the First Direct account worthless if you want to use it as a place to store money while you have nothing better to do with it... one withdrawal in a year and you're making less than the Ing account even with its new crappy rates.

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Exactly. That makes the First Direct account worthless if you want to use it as a place to store money while you have nothing better to do with it... one withdrawal in a year and you're making less than the Ing account even with its new crappy rates.

Exactly, I believe Cahoot dont have this restriction!

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Exactly, I believe Cahoot dont have this restriction!

But Cahoot has short term eyecatching high interest rate rubbish.

Also maybe First Direct and Cahoot will put its rates down too.

Edited by penbat1

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But Cahoot has short term eyecatching high interest rate rubbish.

Yep, short term, but doesn't stop you moving! Its what, 20 minutes hassle??

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I've just read on another forum that rates are being cut for savers by 0.25% in January.

God I'm sickened by this :angry:

I don't have any money with them, but it only takes one to cut and then all the rest do!

Unfortunately it's true! I've just received an email from ING.

"We are writing to inform you that as of 1 January 2006 the ING Direct savings rate will be 4.50% AER*. We are making this change because of less favourable market conditions".

What do they mean by less favourable market conditions, how very vague!

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Suspect you're right - piles of debts. Recently they also mail-shotted me to see if I was favourable to them opening up a new mortgage account (and hence higher risk profile). You can probably guess my response.

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I don't remember the details but I ruled out ING a few months back because, if I remember rightly, it did not have a very good rating by Moody. Does anyone have that information?

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  • 302 Brexit, House prices and Summer 2020

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