Savers with ING Direct have expressed anger over the bank's decision not to pass on the latest rate rise.
It has chosen instead to keep its rate at 4.75% as it said customers prefer their savings to be earning consistently.
We asked for your comments. This debate is now closed.
When I received the communication from ING I had to read it several times as I couldn't believe we were being taken for fools. However before people switch they should check that the account they want to move to is clean. By this I mean that most of the other internet accounts pay interest annually whereas ING pays monthly. Also there are no strings with ING. In some other accounts if you make a withdrawal you lose a whole month's interest on the balance. It is really advisable to check all the small print.
Steven Marcus, Elstree, Herts
What a disgraceful cheek of ING to treat their loyal customers with so little regard. We have held accounts from the beginning, and have until now been impressed with the service they provide. No more! They have now shown their true colours, and as a result we are reluctantly moving all our savings out this week. I am sure they will come to regret their decision (too late).
John Davis, Statford Upon Avon
When I received the communication from ING I had to read it several times as I couldn't believe we were being taken for fools. However before people switch they should check that the account they want to move to is 'clean'. By this I mean that most of the other internet accounts pay interest annually whereas ING pay monthly thus achieving interest on interest over the year. Also there are no strings with ING. In some other accounts if you make a withdrawal you lose a whole months interest on the balance. It is really advisable to check all the small print.
Steven Marcus, Herts
In today's competitive market loyalty does not pay the bills, I will be moving my money today. What a shame ING nearly made it as a customer-focused bank.
Just in time! I was just going to put savings and mortgage into ING, so now I can go elsewhere. Thanks for bringing it up.
Steve Jones, Cambridge
Like many people I have been with ING from the start and have found their rates rather good. This morning with the click of a mouse I moved to get 5.45% from a more "northerly" direction. I just hope ING try to understand that we are not going to be taken for a ride. Surely they must have noticed how much money was moved this morning.
Fred Talbot, Manchester
I have just sold my house so have a substantial amount of cash in my ING account. I was so annoyed at the rate freeze that I have now opened an account with a much better rate of interest and will be moving my money there as soon as it's set up. It's very short-sighted of ING and I think they will lose a lot of otherwise loyal customers over their decision to stick at 4.75%. It's so easy to switch accounts these days, I'm sure a lot of people will be doing just that, myself included.
I received ING's e-mail the very same day I got my documentation back from my application to open an Ice Save account! Since that offers 5.45% with a guarantee to beat the base rate for another two years, I'd be mad not to switch. So as soon as I get my login details, it's bye bye ING. I hope lots of other consumers have the sense to do the same - it only takes a week or two.
Just like politicians and the bright sparks at First Direct, ING has made a crass decision then pretended that it's in the best interests of their customers. I hope they lose massive amounts of business as investors decide that consistency could hardly be a more abused word. Paul Lewis' excellent point about savers being sent pre-bank rate rise interest figures was not answered with any consistency at all. Why do ING think savers are so stupid?
John Parry, Cambridge
ING Direct's decision to freeze their interest rate is very unwise, but I would still like to see best buy tables paying more attention to consistency in order to avoid the hassle of switching accounts too frequently.
Chris Grey, Guildford
We feel that ING has killed the goodwill that existed between customer and client and feel Mr Rutland's comments were just ridiculous. Can hardly believe that ING interest rate is actually below the bank rate. Have already shifted £100K+ and the rest will follow right away. They must have realised this would happen. Do they have another agenda?
Michael and Gillian Peberdy, Devon
Savers have for so long got a bad deal, so vote with our feet and move. Let's put pressure on the banks and building societies so that they don't expect to hold onto our money unless they provide good rates.
Mark, Kingston Upon Thames
The UK banking industry once again, shooting themselves in the foot, all my money is with ICESAVE offering 5.45%. This was after I moved my money from ING over a year ago to First Direct, who then had the cheek to tell me their account was still competitive! How on earth did they work that out?
Dan, Hemel Hempstead
I have always been impressed by ING - by its communication, clarity and the ease of using on-line banking. Initially it made a great play of its 5% interest. I cannot understand why this is not now being reinstated and found the explanation in the e-mail did not really make sense. Disappointing!
Linda Veness, Newbury
How patronising, and a load of rubbish. I will be moving my money ASAP.
A bit rich of ING to suggest that the customer wants a lower rate in exchange for consistency. What we want is easily accessible money earning interest at the correct market rate with no strings attached. I would ask the chairman of ING to re-consider his rates before I relocate my savings.
ING Direct has not provided the best rate of return for some time and I moved my savings to a different provider giving 0.5% more than ING Direct months ago. ING Direct will only suffer for offering its customers "consistency" rather than a good deal!
Robert Dunn, Okehampton
After hearing the interview with Mr Rutland on Money Box I transferred all my money way from ING. Wonderful thing internet banking isn't it?
John Wright, Salisbury
As a pensioner, I look for the highest rate of interest but it annoys me when I have to keep checking. I had been very happy with ING, but no more and I would recommend that ING customers demonstrate their annoyance by closing their accounts with them rather than - as some people do, just leaving £1 in.
Anita Brooks, London
Whilst I always avoid 'tricksy' savings schemes which only provide special rates in the short term, when it comes to ongoing interest rates I would be mad not to look for the highest paying accounts around. This high-handed attitude by ING is ridiculous and I shall be looking to move my money from my two ING accounts as quickly as possible.
Margaret Lavery, Wolverhampton
I would like to see lower mortgage rates in the name of consistency. Somehow I don't see banks doing this.
Credit Crunch, Bristol
I went online yesterday to transfer my money to my bank account and have applied for a savings account with HiSave who guarantee to beat the Bank of England base rate until 31 December, 2007. It is very easy now a days with the internet to find the best deals, so ING, loyalty works both ways and you have lost another customer.
Tim Grace, Blackpool
I have been a saver with ING for about 18 months with three separate accounts. The simplicity and competitiveness of their account was both appealing and refreshing. They now seem to be suggesting however that savers do not have the intelligence to realise when the honeymoon is over. ING has resorted to the big bank mentality of exploiting their customers. My money will be moved by close of play today.
Gavin Price, Manchester
It was bad enough receiving via e-mail their "worst buy" table but to listen the ING representative was beyond belief. My local building society will offer me 5.45% instant access, needless to say I have already sent off my application form to move a very large sum of money.
Alan Beales, Suffolk
I'm sorry to have to leave ING as I have found them to be very efficient but now that its interest rate is below base rate I feel that my capital held in ING, once tax is taken into account, is actually being eroded and so am reluctantly withdrawing my savings.
Mary Allan, Merseyside
A few observations. It takes a long time to build a reputation but a very short time to lose it. And yes, that letter was indeed patronising. ING is relying on apathy. Most people will be annoyed but won't actually make the effort to switch. They should. ING grew its deposit base in order that it could later offer mortgages. Perhaps its new mortgage product has not been a success - therefore it doesn't feel the need to attract our capital?
Martyn , London
ING Direct will come to regret this stupid decision. Mr Rutland doesn't seem to understand that the accounts are easy access. People should just move all their money to another better paying account. I have done this already.
How patronising of Mr Rutland to suggest that customers prefer a lower rate of interest in the name of consistency. Come into the real world Mr Rutland; don't you realise that the majority of your loyal customers are probably those pensioners who rely on a fair rate of interest that better reflects the bank rate on their savings?
Alan Thomas, Canterbury
I have just had an e-mail from ING explaining why they are keeping their savings rate at 4.75% a day or two after others have raised theirs. They even had the cheek to say "While some people may be willing to follow headline-grabbing rates, we know from talking to our customers that the majority prefer their savings to be earning consistently." They didn't check with me. Which internet-savvy customer is really telling them that? Perhaps they are assuming the rate will soon drop by the level it has just risen. If that's the case they are certainly not reading the financial press I am reading.
Nigel W Shock, Northwood
I, like so many others, am annoyed at ING Direct for not raising their rates of interest. I intend to search for a better paying firm and will move my money.
Mrs Jill Spiral, Woking
ING Direct's recent letter about the interest rates was remarkably patronising. They should be candid and disclose their inflated profit, and account holders should vote with their feet.
C Wilson, Bournemouth
I have been with ING from the start, but have been so disappointed with their holding the rate, that I've already moved all my money elsewhere except for £1 until they get their rates back to where they were. I was also invited to fill in a questionnaire - so let's see if they listen to their customers. Well done to Money Box for raising this.
Richard Bickersteth, London
Richard Bickerstaff is making a mistake to leave £1 in his ING account - because if every one does this, ING will register that everyone is happy. Better to take it all out.
I want a simple account with a good high rate. I have an ING account and have been happy with it, but I can't understand why they haven't put their rate up. Their reasons are pathetic, and I've moved my money to an account paying a far higher rate.
Fiona Gillies, Reading
How arrogant of ING to assume that its customers do not want the best return on their savings. Mine is being moved right now!
Ian, Merthyr Tydfil
I'm listening to the ING employee, Mr Rutland, trying to justify their freezing at 4.75%: unbelievable!
I've just moved a very large sum to a competitor offering me 5.45%. Enter the real world Mr Rutland.
Simple. ING customers should vote with their feet and move away to a more competitive deal if they are unhappy with the service provided.
Simon Key, Notts
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