Ing Direct

elwoodsusanm

In the light of the current banking situation and the fact that ING DIRECT have opted for the Passport Exception would it make sense to transfer savings to a Uk Building Society such as Nationwide or Coventry? The 'guaruntee' of £35,000 if things go 'pear shaped' Just how much truth is there in this? Will everyone get their money instantly or will it be 'sometime never'?:eek: :eek: :eek:

DocProc

ING Direct is:

• Regulated by the Financial Services Authority for the conduct of UK business and as a Dutch bank, is authorised by De Nederlandsche Bank.
• A subscriber to the UK Banking Code. Copies of the code are available on request, or from www.bba.org.uk.
• A member of both the Dutch Investors Compensation Scheme and the UK Financial Services Compensation Scheme

So at least the potential for compensation is up there with the best.

For the current credit ratings of banks, check out:

http://www2.standardandpoors.com/portal/site/sp/en/eu/page.topic/ratings_fs_fi/2,1,4,0,0,0,0,0,0,0,3,0,10,50,0,0.html

My link takes you directly to page 10, where you will find ING Bank near the bottom of the page. You will find, say Lloyds TSB, on page 12.

You can find out what the definitions acually mean to from another link at the top of the pages. Interestingly, they are quite comparable.

I am looking at ING for my savings too.

They have just sent me a Mail Shot, enclosing a letter with a deal:

"See your money grow even more with an exclusive 6.6% equivalent AER (variable) for up to 6 months on aditional savings."

Quote:

"You will get a bonus rate of 6.6% equivalent AER (variable) on any additional savings you pay into your ING Diret Savings Account between 19th September 2008 and 10th October 2008 (inclusive). And these savings will keep on earnng this rate right up until 19th March 2009.

The bonus rate is payable for savings deposited above your opening balance as at 19t September 2008, up to a maximum of £250,000. Yo will continue to get 4.75% AER (variable) on your opening balance."

In my case, this last amount (my OB) is only about a couple of quid or so. Anyhow, this looks like quite good deal, don't you think?

I must say too, how I also like their savings account web site very much too.

Prior to this deal, and also after it, their interst rates are pretty crap really. No other word for it. And, although the CS are always very good, as a bank they are viewed as being exceedingly arrogant because of their poor savings rates.

I guess most people are quite lazy and pop money in and then just forget about it?

fatpig_2

You must be ING's last customer. Everyone else left yonks ago not because they were unsafe (they may well be) but because their interest rates are shiite.

elwoodsusanm

I have left them today;)

DocProc

I took my money out and placed it elsewhere, just like most others did.

However I didn't close the account. I just left it open and with only a few quid in.

Hence the mail shot, I suppose.

I think 6.6% AER for 6 months with instant access is a good deal. In fact, these days, it's an execellent deal in comparison with whatever else is out there.

Check out what else with the FSA's Savings account choices tool at:

http://www.fsa.gov.uk/tables/bespoke/SavingsAccount

It has everything in it, not just those who subscribe to a particular 'Compare' type of web site.

slopemaster

I used to have an ING account in euros.
When I drew most of my money out cos I found a better rate, all kinds of things popped up on the wbsite saying "No! Please don't go!" and offering me a better rate. Interesting to know. But it wasn't good enough foir me to stay.

slopemaster

They used to do this bonus rate thing regularly too, but I seem to think there were restrictions on wothdrawals?

DocProc

No restrictions on withdrawals and they can be done at any time. Bonus interest is calculated up until the date of the withdrawal.

The interest is calculated daily and (Here's the nub) and will be paid on 20th March 2009.

The interest rate of 6.6% AER (variable) is 6.41% Gross p.a. and is made up of 4.75% AER (or 4.65% gross p.a.) (variable) plus 1.76% gross p.a. (fixed) until 19/3/09.

chris1

DocProc wrote: »

The interest is calculated daily and (Here's the rub) and will be paid on 20th March 2009.

Thanks - where does it say that please?