Sitting on the train clapping ING direct for dropping its rate.

I’m on my way back from Nottingham. I’ve been filming a quick 5 minute stint on Tonight with Trevor about shopping and am now heading back. My 3G data card that allows me to work on the move is flipping off and on but I’ve managed to grab hold and download my emails.

One of them was from ING Direct, a personal note from the head of the press office telling me its rate is dropping from 5% to 4.75% in August. Now you may wonder why the headline of this blog says I’m clapping it if the rate is dropping. Of course, the cut is poor, and takes it out of the real top notch of current accounts for the first time since it launched, so that definitely isn’t worth applauding.

However the clap is for transparency, I get flung many product emails from press offices every day touting their new improved wares, usually which aren’t competitive. ING direct specifically e-mailed to make sure I didnt miss its rate cut. Whilst not favourable to it, this type of communication is helpful, honest, and adds trust. There’s often duplicity from companies trying to hide the bad news.

ING direct is taking an honest line and playing fair. At least this way no one can accuse it of a sneaky cut.