ING Direct - savings rates

D.A.L. · 2004-05-21T12:52:09+00:00

When ING started up in the UK in March 2003 their rate was 4.5% against a BoE base rate of 3.75%. The difference between the two rates was 0.75%. Now everytime that there is a BoE base rate change, ING seem to shave a little bit more off the difference so now it is down to 0.45%. All other things because equal over a year (interest rate, etc) on a 10K balance that can mean a difference of around 30 (gross). ING opened in the UK to the fanfare that their rates weren't introductory offers, however, it it obvious they are now heading in the same direction as most well established saving organisations. It's a shame really, I thought they would be different.