From: Tiddy Ogg 
Newsgroups: uk.finance
Subject: Re: New ING account - what's the catch?
Date: Mon, 05 Feb 2007 08:10:16 +0000

On Mon, 05 Feb 2007 07:42:37 +0000, Reece Bythell
 wrote:

>Hello everyone.
>
>I have been with ING Direct for some time, but shifted all my money out
>after their stupid choice not to increase their rates in line with the
>recent rises.
>
>However, I checked their website the other day and I notice that they have
>created a new account for existing customers only, offering an interest rate
>of 5.65%. I have looked through the terms and conditions and can't see a
>catch. I was expecting something like "no interest in any calendar month in
>which you make a withdrawal" but there's no sign of it. Is there some other
>reason why this account might not be as good as it seems on first glance? Or
>are they really that desperate to stop existing balances disappearing
>because of their refusal to increase the rates on their ordinary account?

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.
http://www.tiddyogg.co.uk