Getting there, but not quite

One of the staff had an interesting letter from ING Direct the other day. He is on his second bonus saving account with them, having closed the first one when the bonus ran out and the interest rate dropped to 0.5%. This time, they’re offering to keep the bonus going for another year to give him a 2-year deal – presumably, because it’s cheaper to hang on to an existing customer rather than to keep closing accounts after 12 months and opening new ones. The only snag is that they’re offering an APR of 3% when their current bonus account pays 3.24% and The Coventry pays 3.25%. So ING might just find they’re short of the mark by a quarter percent.