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ING - Should I save there if I have a mortgage with them?
Bromley86
Posts: 1,123 Forumite
When we agreed our mortgage, we borrowed more than we needed to buy our house in order to have money to fix it up. We need to find a place to put that money.
Our mortgage is with ING. I was thinking about putting the savings with ING to minimise our risk, the logic being that if ING goes under we'll owe them the mortgage but they'll owe us the savings and the two will net off (i.e. we'll owe them, just not as much).
So, is that the way it works if banks go under? Are savings offset against debts for each customer to arrive at a net debit/credit owed?
If so, the various compensation limits won't apply in this case.
Our mortgage is with ING. I was thinking about putting the savings with ING to minimise our risk, the logic being that if ING goes under we'll owe them the mortgage but they'll owe us the savings and the two will net off (i.e. we'll owe them, just not as much).
So, is that the way it works if banks go under? Are savings offset against debts for each customer to arrive at a net debit/credit owed?
If so, the various compensation limits won't apply in this case.
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