So interest rates are up again.
Or at least they are up for the banks!
With the interest rates up a quarter point it would be reasonable to think that savings rates would go up at the same rate (if not speed!)
However it would appear that is not the case. Although banks have in the main already started to charge borrowers extra they have not been so fast at helping the people that give them the money to use.
When ING first stated in the UK they were very competitive with their rates. However as time has gone by their rate has got worse and worse and the promise they made at this time seems to have got lost in the mist.
They have now announced that there will be no interest change at all on their main account.
This means that their rate of 4.75% is now very poor.
Ofcourse the clever and easy thing to do is withdraw your money and put it where you can get a better rate. However because the human race is lazy I susspect that the majority of people will just leave it alone. It has been estimated that savers will lose £174,000 a day if they do nothing.
To alter the mind set of banks like this is very easy--just withdraw your money! If we all did this we could sit back and watch them change the rate upwards to get our money back. Easy!
I would urge all to check what interest they are getting on their savings and move to a better rate. At THAT time you can sit back and enjoy a beer the extra interest has bought for you!
I have just moved my dosh and been amazed at the extra interest there is when you look around. DO IT!