Advice please? Need to rethink my savings account options

Gillybean

DH and I currently have around £20k between us in a couple of ING direct savings accounts. We regularly save around £400 a month.

Now with all the hoohaa ( to put it lightly) thats been going on with various banks around the world, we're thinking of moving. DH caught something that Martin said on Radio 2 on Friday about ING not being covered by the compensation scheme.

So for that reason and also that I'm sure we can get a better rate as we've had these accounts for at least 4 years and not moved I'd lappreciate some recommendations for savings accounts. We've done the ISA thing first, obviously.

Needs to be instant access. Not touched the money for at least a year but we are gong to be doing some home improvements next year and may have to dip into it.
The amount that goes in each month will not go below £400.

Any ideas?

longforgotten

No ideas about where to move it but as I too have money with ING I was concerned about your comment re: compensation

I found this on their website....

A member of both the Dutch Investors Compensation Scheme and the UK Financial Services Compensation Scheme www.fscs.org.uk.
Our customers receive at least the same level of protection as customers of any other UK bank to which only the UK scheme applies.


The above quote is at the bottom of this link....

http://www.ingdirect.co.uk/general/about/

I will have to check out the Radio 2 programme, but hope alls ok

LongTermLurker

They are protected throught the Passport Scheme. It means if anything goes wrong, you can claim so many euros from the Dutch scheme, and then if that's less than £35000 the FSCS will top it up - the end result is potentially slower compensation, not less compensation.

isofa

Wouldn't worry about the protection, but if you are getting a poor rate, then I'd be bothered to switch to a better paying account, look at the best rated ones on Moneyfacts.