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rainbow

Ing Account

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Anyone else receive their special offer today?

Offering 6% on any extra funds paid in between 15 May to 1st August.

Are they pre-empting rate rises, i wonder? trying to beat the rest out the blocks maybe.

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Yep, I posted it in the financial forums: http://www.housepricecrash.co.uk/forum/ind...ndpost&p=377971

I'm so sad, I actually worked out if it is worth it:

~~~~~~~

Ing Direct are now doing a short term offer of 6% Gross for exsisting customers until the 1st Aug 06. Any more above your opening balance on 15 May will receive a bonus of 1.59%.

So, as I had £3.22 on the 15th, I could move all my savings from ICICI up until August! But it doesn't look like its worth is:

-------------------------------

Is it worth it calculations:

ICICI rate = 5.15%

Ing = 4.41%. Bonus = 1.59% (Total 6% Gross)

Days= 76.

Days lost in transfer = 16 (assuming its moved back at the end of the period (move from ICICI to current acc, then to Ing). Days at higher rate = 60.

Assume £1k balance, before tax:

If left in ICICI = £10.72 for the period (76 days)

Ing = £12.49 (76 days)

including lost interest ING = £9.86 (at 60 days)

Assuming you don't moved the cash back to ICICI (i.e. 8 days lost interest), or you bank any new savings

ING = £11.18

Conclusion. IT AINT WORTH IT

Edited by Jason

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Thanks for the heads up.

Ing must have lost a lot of funds over the last 6-12 months as their rates became uncompetitive. Still rate their account as one of the most efficient and well run around so kept it open with £1, will top up now. :D

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Yep, I posted it in the financial forums: http://www.housepricecrash.co.uk/forum/ind...ndpost&p=377971

I'm so sad, I actually worked out if it is worth it:

~~~~~~~

Ing Direct are now doing a short term offer of 6% Gross for exsisting customers until the 1st Aug 06. Any more above your opening balance on 15 May will receive a bonus of 1.59%.

So, as I had £3.22 on the 15th, I could move all my savings from ICICI up until August! But it doesn't look like its worth is:

-------------------------------

Is it worth it calculations:

ICICI rate = 5.15%

Ing = 4.41%. Bonus = 1.59% (Total 6% Gross)

Days= 76.

Days lost in transfer = 16 (assuming its moved back at the end of the period (move from ICICI to current acc, then to Ing). Days at higher rate = 60.

Assume £1k balance, before tax:

If left in ICICI = £10.72 for the period (76 days)

Ing = £12.49 (76 days)

including lost interest ING = £9.86 (at 60 days)

Assuming you don't moved the cash back to ICICI (i.e. 8 days lost interest), or you bank any new savings

ING = £11.18

Conclusion. IT AINT WORTH IT

Thanks for that Jason. WHo are this ICICI bunch? :unsure:

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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