New ING account - what's the catch?

There was a mention on Radio4's Money Box. Catch it on "Listen Again." iirc it was something about losing a lot of interest on withdrawals, but you'll have to hear it yourself unless someone else knows.

Tiddy Ogg.

There may be no catch in the 5.65% (There is a 90 day penalty for early withdrawal on the 6% fixed interest account) It is probably just a move to counter the mass exodus to Icesave, judged at a rate to make it hardly worth moving. They were keen to offer options when I phoned to close a couple of weeks back, but were only offering 5.25 then - they'd had the 5.25 available since December apparently, but I can't recall noticing or hearing anything about it. They seem to be relying on the 5.65% only being taken up by rates tarts, and relying on inertia to keep paying 4.75 to others. Else, why require people to set up a separate account and transfer money. At least Icesave is upfront about guaranteed rates above bank rate for a reasonable period. Ing have probably lost a lot of savings, trust and goodwill with this. Bu then, maybe they don't need the money.

Toom

I also moved most of my deposit out of ING in the last couple of weeks because of their poor interest rates. Just after I did that they announced a new fixed rate account offering 6% APR for a 6-month deposit. I'm moving the money back into ING now.

Chris

In article , Reece Bythell writes

You spurred me to look at the web site, as I'm gradually migrating to IceSave. ING make it very hard to find the new accounts, flagging up only the main one. I'm also miffed that while this is meant for existing customers, they did not inform me. I may now switch between ING accounts but if it happens again, they are toast.

There is a Birmingham Midshires Account that promises to track (and beat) the ING account. Not sure that makes it a good deal, though..!

There is nothing unfair about it. I don't know what everyone is complaining about when there is clearly so little profit (more likely a loss) in these accounts for the Co's that offer them. No provider can maintain a rate above BoEBR long term.

The main reason these accounts exist is because these Co's want to build their brand and break into the UK market. Everyone knows to break into a new market you have to give something away, at least initially.

: :

Can you (or someone!) post a URL for this?

I've just gone and searched their site, and haven't found any mention of anything except their basic account...

Robert.

Bitstring , from the wonderful person Reece Bythell said

The only catch I've found so far is that the websaver account can't be a joint account, for some un-obvious reason. If any more worms turn up, I'll post them here.

Having said that Nottingham BS postal tracker or whatever it's called pays 5.7%, and they're guaranteeing it to be .45% above base rate for a long while yet. You just can't fill/empty it online.

No, it's all frightfully hush-hush.

It is only available to existing customers. If you are one, you get told about it when you log in. If you aren't, well, er, you don't.

Nah, just click on FAQs

Jim A

In article , Robert Inder writes

It's somewhere under 'our products'. By 'coincidence' they sent me an announcement of the new accounts today. I wonder if they read this list?

GSV Three Minds in a Can wrote: ...

You lose interest on the /whole/ account balance for the month in which a withdrawal is made. I'm not entirely clear whether that's in the sense of "current month" [in which case you might only lose a few days' interest] or "30 days prior to withdrawal" [which could be expensive].

I once had a bonus account with similar condition. The wording was basically that you lose the bonus when you make a withdrawal. So you never got the bonus..! But AFAIR you basically had to withdraw the day after the anniversary, thereby not losing out.

Not true, at least not in the terms & conditions which I have a downloaded copy of. (see section If you actually saw this somewhere in Black & White, please point me at it. We are talking about the Ing Direct web saver account, yes??

See T&Cs section B5, in particular subsection d)

d We will calculate interest daily on the total balance of funds in your account and add it to the account on the last day of each month

See also

Is it possible to tie two individual websaver accounts to a joint ordinary account?

You do? Where does it say that?

I assume so - each individual should be able to open one, when they logon. I am unlikely to test this since I'd have to persuade my wife to log on and administer an account .. if I did that, she'd probably retaliate and ask me to Hoover the lounge. 8>.

As far as I can tell it doesn't. I think the person who wrote that must have this confused with some other account (that's the sort of dumb 'gotcha' that a high street bank of B/Soc might try to pull).

GSV Three Minds in a Can wrote: ...

Hmmm. I kept a copy of the T&Cs from when I opened the account. Section

"b If you withdraw funds from your account, you will lose all of the interest on the account balance for the whole of the calendar month in which the withdrawal is made."

However, I see the current online document omits this. A change for the better. (And, please, don't in future suggest someone is "confused" when there are other quite rational possibilities.)

GSV Three Minds in a Can wrote: ...

Please my last posting - the T&Cs do seem to have changed for the better.

Could it be that this was stomped on by the regulator as clearly unfair and unenforceable so they pulled it PDQ?

I have seen that clause in many other high interest accounts (although I havent looked recently).