Internet Banks

  TonyV 14:28 03 Dec 2006

There was an interesting article in the Sunday Times this morning talking about the ING Direct bank in the UK and its' inability to increase the interest rate following the recent change in UK Bank rate. The upshot being that it would be "prudent" to transfer any funds one may have in ING Direct to an account with Icesave, click here. I have a few funds in ING Direct and wondered if any one out there has heard of or used Icesave. Their interest rate is 5.42% for an annual interest payment and 5.32% for a monthly interest payment. They also guarantee that they will be above the UK Bank rate until 1 Oct 2009 by at least 0.25%. Money is accessible as often as you like with no penalty from what I can see.

Icesave is based in Newcastle, but has it parent base in Reykjavik.

It's an interesting thought!


  IClaudio 14:38 03 Dec 2006

and it seems very efficient and a good rate too, which is not just introductory.

  TonyV 14:45 03 Dec 2006

Thanks for that. It seems that they work on a slightly different principle than Ing in that you have to set up a Direct Debit to enable money to be transferred from either Icesave to Current Account or vice versa. I don't seem to have this problem with Ing and can request transfers quite easily from either Current Account or Ing.

But I will keep my eyes on this topic for a while and see if there are any funnies in the woodwork!


  sunny staines 15:36 03 Dec 2006

the ing is 5.3 from this week

  Pamy 15:40 03 Dec 2006

Take a look at icici bank

  oresome 16:09 03 Dec 2006

Ing direct is 4.75%

click here

Other savings accounts offering better rates are available to existing account holders should they wish to transfer, but they are no longer instant access without penalty.

Ing seem to have moved away from their claim of "one consistently high rate for everyone"

  sunny staines 16:57 03 Dec 2006

if you phone ing they will tell you about the 5.3 offer, they have not posted details of the new account online i do not know why. you have to phone and ask to move to the new ing account i did it a few days ago.

not good customer relations for ing when new offers go by word of mouth, i found it on another forum.

  oresome 17:12 03 Dec 2006

Earn 5.3%, but lose a months interest on the entire amount when making a withdrawal.

As an example, £100,000 in the account, withdraw £500 and the cost to withdraw is approx £441.66 in lost interest for the month!

  TonyV 17:25 03 Dec 2006

Are you saying that there is to be a new account from ING? I don't particularly want to create another account with them just to get a better interest rate with probably other things that creep in to create a downside. At the moment ING is very simple to operate and there are no penalties for shifting money.

Actually, I've just rung ING and they tell me that the rate is 4.75% but there is a fixed rate at 5.3% for a six month account. That seems a bit strange. I don't want to be changing accounts every six months or so!

I'm with you there!

According to the Times this morning, their rate is also 5.45%. I'll have a look at their site and see if there are any catches.


  jakimo 17:29 03 Dec 2006

This is money state they are "reluctant to recommend ICICI"

click here

  TonyV 17:43 03 Dec 2006

Reading that, even though it was January this year, it is a wee bit worrying that it takes eight days to credit money being transferred from a current account. What happens to it for those eight days?


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