You are here: Home - Saving & Banking - News -

ING Direct offers 6% ISA to savers

Written by:

ING Direct has launched a cash individual savings account (ISA) guaranteed to pay 6.55% for the first six months it is held by savers.

Following this initial period the rate reverts to a variable 5.13%, a saving and investment rate considered very favourable in the industry and putting it in contention for the best ISA on the market.

The rate offered means that savers will effectively earn a 6% annual effective rate (AER) over 12 months if they put in the maximum permitted £3,000 for the year and if they feel it is the best ISA for them.

However, savers will not be allowed to transfer existing ISA funds into the account, entailing that they will only earn the rate on this year’s ISA allowance.

The new ISA will probably put ING back in the best buy tables, a position it held back in 2003 and for three subsequent years with its well-regarded online saver account.

However, the bank slipped from view after it left the rate at 4.75% after the two recent interest rate rises imposed by the Monetary Policy Committee (MPC) at the Bank of England.

This reluctance to increase the rate it offered savers angered many account holders and the new ISA is an attempt by ING Bank to once again offer what many regard is the best ISA on the market.


Related Posts


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co... Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Workers ‘fiddle expenses’ to the tune of £1bn

Roadside hotel group Travelodge has claimed that workers in the UK fiddle around £1bn a year on their expense accounts.