ING savings liability??

vigman

Hi (newbie here...to the forum, not to moneymatters!)

I'm confused. ING website state that

"Our customers receive at least the same level of protection as customers of any other UK bank to which only the UK scheme applies."

However on this site it states that ING are part of the 'passport' system and don't cover the full UK 35k (now 50K) savings but 38K Euros??

Please can someone clarify the max 'safe' amount in ING.

Thanks

Vigman

Reaper

Hi vigman, welcome to the site.

European banks have 2 options. They can opt to go purely for their home scheme in which case you are covered only for what the home country provides, or they can opt for the passport exemption in which case the UK scheme will make up any gap between what the home country pays and £50,000.

In the case of ING they are the latter and your savings up to £50,000 are covered in total. See Martin's article for more info.

EDIT: This link may be more useful as it shows they have indeed "topped up" to the full amount

vigman

Thanks for the explanation. Just a pity ING don't offer loyal savers the higher rate they are offering new savers!

Vigman

vigman

I did wonder about the logistics of taking my current savings out of ING....and then re-investing them as a new saver at the higher rate!;)

Vigman