Let's all bargain with ING

innovate

Having only just escaped a major loss with Icesave, I tend to agree with those people who aren't happy with having their money in ING.

I believe they also operate a passport scheme (albeit with different limits), and who is to know whether they won't be the next outfit to go bellies up. Of course, you could say that about any of the banks these days.

However, the immediate risk with ING appears acceptable, and Holland going bancrupt like Iceland might do any day now is also a presently unlikely scenario. And just because Iceland doesn't look like it will/can honour the passport scheme doesn't mean Holland wouldn't.

Nonetheless, if I had money in ING, or any other bank with a passport scheme, I'd be making arrangements now to move it back to a UK bank. Everybody needs to make their own decisions though.

altocumulus

Thanks innovate, the question I was going to post - you have answered;

That ING, despite their apparent "safeness", operate in the UK with the passport scheme.

~Chameleon~

altocumulus wrote: »

Thanks innovate, the question I was going to post - you have answered;

That ING, despite their apparent "safeness", operate in the UK with the passport scheme.

And this is precisely the reason I've just moved all my money out of KE and ING accounts. Having been burned by the Icesave fiasco I'm not prepared to take that risk, albeit for a much smaller amount than I had in Icesave, but these are transient accounts which I need instant access to at all times.

Andrew64

I for one will now only keep my money in a British bank with a guarantee from the FSCS. At least if the bank does go down the tube I will only have to deal with the FSCS.

Limes

Andrew64 wrote: »

I for one will now only keep my money in a British bank with a guarantee from the FSCS. At least if the bank does go down the tube I will only have to deal with the FSCS.

Yes, because all those Icesave customers having to deal with the Icelandic authorities has been a real nightmare hasn't it!!!!!

mr_jetlag

We've had this argument before, and it's no use name calling or bringing accusations of scaremongering. FYI, my wife and I had (have) 18k in Icesave ISAs and are still waiting to be able to move them somewhere else.

The fact is, that ING do NOT have full FSCS protection, and they operate on the same passport scheme as Icesave did, so I have moved any cash I had there to a British bank with full FSCS protection.

I do not think ING will be allowed to default on their obligations as they operate savings globally on the same level as HSBC and Citi. I also do not think ANY bank is 100% safe in these times. Is this scaremongering? No, I am giving my unbiased, FIRST-HAND experience and I think people should use their OWN judgement and make the call on where their life savings will be best kept safe.

That is all. Let the flaming continue. :T

~Chameleon~

Just to clarify the position on B&B now that it's part of the Santander group, in case anyone didn't already know (I didn't, hence searching out the info ) they are now operating under Abbey with the same FCSC compensation protection, so if you have savings with both Abbey and B&B you will only be covered for one lot of compensation.

http://www.abbey.com/csgs/Satellite?c=GSAgrupAsset&cid=1210613274047&pagename=Abbey/GSAgrupAsset/GS_HerramientasGestion

earlgrey_3

The fundamentals for why many of us were pointing out the nonsense of Icelandic banks in April most certainly do not apply to ING.

And as Evan Davis remarked on the Today programme this morning, quite apart from anything else, anyone who seriously thought Icelandic guarantees were worth anything only had to look at the demographics.

innovate

Limes wrote: »

Yes, because all those Icesave customers having to deal with the Icelandic authorities has been a real nightmare hasn't it!!!!!

Actually, I don't think this is the case. Things are still to be finalised, but from information available on the FSCS site it looks as if all claims will be handled in their entirety by the FSCS, no individual dealings with the icelandic authorities are required. There is also an unconfirmed rumour that accounts will automatically be opened for all personal UK Icesave customers at Northern Rock, and all monies transferred into those accounts. This would be fantastic news, some admin will be required by everyone, but it's far from a nightmare to sort out the transfers. Unless, of course, any FSCS/Northern Rock incompetence kicks in, but I assume for now that they know what they are doing.

However, all the remaining UK Icesave customers have had a rather worrying few days, and it's certainly been a big warning shot to me to avoid passport compensation schemes in future. Wouldn't want a penny now in ING.