ING has guaranteed a savings interest rate of 3 per cent, for a year, to new customers.
The savings institution has increased the rate from 2.75 per cent to 3% for the account which has no restrictions or penalties for withdrawing money.
Savers can open the account with as little as £1 and can save up to £1 million. They also have instant access to the funds and can withdraw from their savings as often as they wish – the rate will stay at 3 per cent.
All savings at ING have the added bonus of being guaranteed up to the value of EUR 100,000, or £86,000 by the Dutch Depositors Compensation scheme.
After the first 12 months, the interest rate on this account reverts to the standard variable rate, which is 0.5 per cent.
The offer is particularly attractive as other high interest
savings accounts tend to prevent savers from withdrawing funds or at least limit the withdrawals. However, with the ING account savers' money isn't trapped.
