A surprise increase in rates for ING customers

Rachel Thrussell, Head of Savings at Moneyfacts.co.uk, comments: “ING increased rates for its savers (Savings Account) to 5.13% gross, an increase of 0.24%. This is good news for ING savers who have recently seen their rate fall behind the market following the failure to respond to 2 base rate rises over the last year.

“However even with this additional rate rise, the rate still falls short of the top paying no notice accounts, with 6.5% available to savers prepared to accept an introductory bonus or 6.4% on a no strings internet account.

“With the additional incentive of £50 on account opening being marketed to prospective customers, it appears ING is feeling the pinch of its falling savings book, and again are ramping up its proposition in the savings market. But to have any significant impact, much more needs to be offered.”