... Sounded perfect to me (lazy internet surfing thing that I am), so off to the ING Direct website I went.
....ING history?:
Previous opinions have mentioned the Dutch background behind the company; I took some time to read the background information on the website, although I won't ... Read review
Advantages: Simple setup, easy to navigate around, excellent telephone customer service centre. Disadvantages: DD setups, 3-5day money movement, no current account!
...am), so off to the ING Direct website I went.
....ING history?:
Previous opinions have mentioned the Dutch background behind the company; I took some time to read the background information on the website, although I won't bore you with the full bumpf (you can read that for yourself). In short, although ING Direct only launched in the UK in May 2003, they have large sites across Europe and the world, ... ...However, I could've rung the ING Direct customer Services helpline, or requested a postal application pack to fill in and return. I like instant results, so went with the online option!
Initially, I started the setup and cancelled, as the first thing ING asked me for was details of my current account to set up a Direct Debit. Not wanting a regular savings amount, or to have to give details of my current account straight away, I panicked ... more
My background (and love of clicky banking):
I'm a big advocate of Internet banking. Having spent three years working for one of the major UK banks in their back end Internet banking IT area, I've seen the technology that this stuff runs on, the security that's wrapped around it all and I generally have plenty of confidence in the internet banking revolution.
Thus, a new Internet bank, with a nice and toasty interest rate, no time limit on withdrawals, but with the only drawback that there is no branch network. Sounded perfect to me (lazy internet surfing thing that I am), so off to the ING Direct website I went.
....ING history?:
Previous opinions have mentioned the Dutch background behind the company; I took some time to read the background information on the website, although I won't bore you with the full bumpf (you can read that for yourself). In short, although ING Direct only launched in the UK in May 2003, they have large sites across Europe and the world, currently operating in 8 countries from the USA and Canada to Australia. ING, for you geeky types out there, stands for the International Netherlands Group. Somehow "I N G" (for those of you who say the letters) or "ee-n-gh" (for those like me who pronounce it as a word) seems a simpler term to use!
With no physical branch offices throughout the UK, but the promise of 24/7 Internet and telephone banking (humans on the line Monday-Friday 7am-11pm and Saturday-Sunday 9am-9pm, but with an interactive telephone banking system outside of those hours), I was sold. At the end of the day, my savings are exactly that - savings, and thus I don't need the flexibility to manage them as much as I do with my current account. Certainly, for a higher rate of interest I'm willing to sacrifice a few minor elements of the banking process.
....ING setup:
I set my account up online, although you do have the option to open an account up by telephone or by post. I'm normally one to jump straight in without reading instructions, and I opted to open mine online. However, I could've rung the ING Direct customer Services helpline, or requested a postal application pack to fill in and return. I like instant results, so went with the online option!
Initially, I started the setup and cancelled, as the first thing ING asked me for was details of my current account to set up a Direct Debit. Not wanting a regular savings amount, or to have to give details of my current account straight away, I panicked and cancelled.
I should’ve read the instructions first - part of the ING Direct verification procedure is to have a 'validated' UK bank account and the control over the Direct Debit is entirely up to you. I chose not to make a regular payment to my account, instead preferring to move my money if and when I want to. I notice that the site now has a "why do you need these details?" question / answer section on the setup for more information.
So, once I'd calmed down, I went back with a few details and restarted my setup procedure. Now, ING Direct allows you to save a pending application should you not have all the necessary documentation or online time whilst setting your account up.
The setup itself was - from distant memory - very straightforward and well-explained. I'm sure that it took a maximum of 15 minutes or so, although the newly-introduced ability to save an application should help those with short amounts of time online. I remember entering the standard details, along with choosing a password, entering my bank details, and verifying some standard ING options before proceeding.
Once setup, I received a welcome pack, containing my Customer Number (this is important as it allows you to log into your account online. Without this number, you are effectively frozen out of you account until you go through the security procedures to allow ING to reissue it to you), and my PIN arrived a few days later. These are the two key items that allow me to log into my account, along with the password that I set up when opening my account.
....ING Security (to stop thievING...):
When logging into the Internet site, you are asked to provide your customer number (a unique number that only you have), your pin code (set up when opening an account) and your password. You can only enter your password once your customer number and pin code have been verified.
128-bit SSL security is used - this is industry standard for banking institutions - and for non-techies, basically wraps your login session up in lots of nice tight security so that it's highly difficult for any would-be thief to get their hands on your details.
....ING money management:
My favourite bit of the whole website - looking at what money I've got! In all seriousness, however, I highly advocate the option that ING offers to 'split' your money up. From within your main screen, you can split your money into different accounts for different savings - so, in my case I have a savings account to cover my car expenditure, one for my house deposit, and one for 'tat sales' - all the stuff I've sold on eBay and am putting towards a holiday/treat. You can have up to ten of these accounts, and I find them invaluable. So much so, that I've left a suggestion with my ex employers that they offer the same thing. I can think of nothing more useful than being able to split my current account up to cover my gas, electricity, student loan payments, etc and know exactly how much money I've got saved for each.
The 'View My Accounts' tab will let you look at all the accounts you have active, and within each account, you can check the transaction history, view pending transactions, as well as calculating your interest earned compared to a High Street Bank, and check back over the history of the interest rates that ING have offered. Within each "Account Activity" screen, there is a snapshot of interest earned so far during the year.
However, I find that the 'simplification' of the Account Activity screen has been taken a tad too far - for example the ins and outs merely read as "credit" and "withdrawal". I've often found that it would be useful to know if it was a transfer between ING accounts or current account, or who paid the money in - especially when you run a joint account or more than one person makes a payment to one ING Direct account.....ING Customer Service:
I have had queries in the past with my account and have rung the telephone helpdesk and - shock - spoken to a real live person! Yes, ING Direct do employ humans (not just servers!) and they're based in Reading in a big ol' centre. Very nice people too, having solved my query in an instant, with minimal waiting times, minimal fuss, all the things we like where good customer service is concerned!
There is no email service, although you can write to ING Direct at a freepost snail-mail address. I haven't tested this out from a Customer Services point of view, so cannot comment, although when I have sent in a cheque it was dealt with promptly and was in my account within a suitable timescale (5 working days from posting).Money IN(G) and out:
There are many ways to increase (or decrease) the funds in your ING Direct account(s): - You can send cheques to ING Direct made payable to yourself through the snail-mail
- Direct Debit can be set up to request money from your current account... ... but it's quicker and easier to set up a Direct Payment from your bank account to your ING Direct account using the ING Sort code and account number. I use this method, and it takes about 3 working days to show up. A DD takes about 5 working days.
- You can switch money between ING accounts through the "transfer money" screen. This is a simple point-and-click procedure that allows you to choose which account you want to take the money from, and which account you want to move it to. You are asked to confirm your actions to ensure that you are happy moving the money, and to allow for corrections to mistakes, and each time a transfer / payment is made, you receive a confirmation which you can print for your records should you wish.
- Telephone money movement - internal ING and external accounts can be done by telephone too - either through the automated system, or by speaking to an advisor.
To get the cash back out again, you can: - Request a payment to be made - a reverse of the Direct Debit, again with up to 5 days' wait.
In true paperless-banking style, ING do not issue cheques for withdrawn money, everything is moved electronically between accounts, hence why you need a Current Account to transfer funds to / from.
It's not the quickest to move money in and out, but then again with any bank-to-bank transfer there's always a minimum of three days for funds to clear.
Fund transfers between ING Direct accounts are cleared instantly, but you will need to be organised if you find that you need money on a certain date in your current account.....ING Statements:
If you've been with ING for more than a quarter, you will have a quarterly statement (or a selection of!) to browse through. If you have more than one account, they are all encompassed within the one statement. This opens up in a new window, allowing you to print it off if you prefer a paper copy, and details the account ins and outs. This is a slight improvement on the Account Activity screen, insofar that transfers between ING Accounts show up with the account number tagged to it, but external payments in still show as credits.
At the top of the statement is an overview of the total sum of money saved with ING Direct, and the total interest earned on that money.
I have online statements made available to me, but it is possible to request paper statements to be sent out. These are subsequently available online as well so that your financial overview is always at your mouse pointer.
Six months down the line... am I still likING it?:
ING (oooh, sorry!) a word, yes. It's probably the most simplistic Internet banking system I've used over time. It knocks the socks off of other High Street Building Societies' Internet banking (and some High Street banks, too). The colour scheme is nice and simple, the site is well laid out and easy to read, and confirmations and actions are clear to the user. I would like to see more details of my credits and debits, but for the time being as long as I can see my money there, know how much it's earning and switch it between accounts, I'm a happy person.
I’ve had no problems in my six months’ saving time with ING, and as far as I’m concerned, it’s a happy relationship which I’ll continue for a long time yet.
Maybe I should suggest to ING that they develop a current account to match their savings... if that's the case, I'll certainly be switching mine.What are you waitING for??:
Get on over to the website, have a look through the FAQs, and get going!
EDIT: As requested, I managed to forget to add in the current Interest rates. For your information, they are as follows (as at 31st March 2004): AER = 4.5% Gross PA = 4.41% NET PA = 3.53%
AER stands for annual equivalent rate and illustrates the interest rate if it was paid and compounded each year.
Gross per annum is the annualised rate before deduction of tax at standard rate.
Net per annum is the annualised rate after deduction of tax at standard rate
EDIT 2: You must be 18 years or older to open a bank account with ING Direct.
Advantages: Great rate; good internet banking site Disadvantages: some limitations with money transfers
...gave in and opened an ING Direct Savings account. I am a terrible at saving money, preferring to live for today and worry about paying for tomorrow when it gets here. The only way I have managed to do it previously was to have a book based account where I had to go into the branch to withdraw money. This was safe as I worked during the week and the bank was only open till lunchtime on a Saturday meaning that I had to be really motivated if I wanted ... ...looking at the alternatives. ING Direct seemed to be offering one of the best interest rates around and was available on the Internet, which is great for me. I decided to try it out and see how I got on.
** Company Background **
ING Direct was launched in the UK in May 2003 and is part of the International Netherlands Group (ING). Based in Reading (Berkshire, UK), ING Direct is active in eight countries including Australia, America, Canada, France ...
jonesri 22.11.2004 (29.11.2004)
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Ciao members have rated this review on average: very helpful Review of ING Direct Accounts
...The Company
**************
ING direct was launched in the U.K in May 2003. Their parent company the international Netherlands group is one of the world's largest financial services organisations. ING direct is active in 8 countries and now has over 10 million customers. Unlike other banks, ING direct does not have any high street branches and this, it claims, is how it can offer such good rates of interest. This does not mean you will not be able ... ...move my money and that ING direct was the one for me, I visited their web site to open an account. Their web site at www.ingdirect.co.uk,is well laid out and really easy to navigate. The first thing that struck me about the site was how uncluttered it was. There is a navigation bar at the top of the page with various headings such as login, how to open an account, all about ING, all about the savings account and how to contact ING. I clicked onto ...
anwar 04.02.2005 (04.01.2007)
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Ciao members have rated this review on average: very helpful Review of ING Direct Accounts
Advantages: Interest Rate, no "instant access" Disadvantages: Log-in procedure
...who's excellent review on the ING Savings Account reminded me that I've been meaning to write one on the same account myself, I'm pretty terrible at saving money - always have been, always will be.
But when the time came to move from company car to one I owned, I decided that it was best to put some money to one side every month to cover the running costs of the car - you know, tax, insurance, servicing, tyres, exhaust, blown up engine... It doesn't ... ...were of no use.
ING have been bombarding us with advertising pretty heavily for some time now, including often popping up in the sidebar of this very website. Their interest rate - certainly at the time of opening the account in July '04 - was the best available for an every day savings account, at 5%. As ING don't have a high street presence the only way to access your money is via the Internet or telephone banking which means that you're reliant ...
markd_uk 26.11.2004
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Ciao members have rated this review on average: very helpful Review of ING Direct Accounts
Advantages: Easy to operate and secure Disadvantages: Not currently competitive on rate
ING were not only one of the first but they were always one of the better online account providers. Dutch owned they have been trading in the UK for just over four years and about a year ago they reached the 1 million customer mark which is no mean feat in the very traditional and slow moving UK banking world especially given that they do not have a branch network and initially only really offered a straight forward internet based instant access ... ...number and memorable date.
ING are regulated by the FSA and subscribe to the Banking Code of Practice which means they are part of the financial services compensation scheme.
For more information check out their website at http://www.ingdirect.co.uk/ Thanks for reading and rating my review. ...
atticusuk 11.06.2007
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Ciao members have rated this review on average: very helpful Review of ING Direct Accounts
Advantages: No paperwork, good customer service and a great interest rate Disadvantages: No branch to pop into, if you like that kind of thing.
...are six tabs: Login; About ING Direct; About our savings account; Open an account; Contact us and Careers. At the bottom of the page are nine links for: FAQs; Privacy Policy; Legal; *AER; Our security; ING Direct Worldwide; Press room: Careers and Site map.
The simplicity of the site design seems to be applied to the whole business. All the information required is clearly laid out and easy to understand. They are solely a savings bank and they pay ... ...never had any problems with ING Direct and it is the only bank, which has backdated a rise in its saving rate to the beginning of a month following a rise in borrowing interest rates. In a survey 98% of customers sampled said they were happy to recommend ING Direct to their friends (Source: TNS sample of 1,934) and so would I. NB Specific Criteria rated 'average' are not applicable. ...
elixirsoo 10.08.2005
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Ciao members have rated this review on average: very helpful Review of ING Direct Accounts
Product package
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such items as a matter of course.
In fact that very document had been used twice before as ID and was returned by Kent Reliance and Saffron Walden Building Societies, so why couldn't Sainsburys Bank include it with the other 2 documents? I am still waiting for Sainsburys to close my account, they now say they are waiting for my Bank Account details which I sent them 10 days ago. How pleased I will be when the account is closed and I don't have to correspond with this nightmare bank again. How much better are IngDirect, Coventry BS and HSBC . I shall never touch another Sainsburys Financial Product, they might be 'good with food' but banking.....oh dear!!! ...