Transfering from ING

mrbrown

Ive had all my cash savings in Kaupthing which was covered by the FSCS, which was then transfered to ING which is covered by the Dutch equivalent. Because of the amount (getting into the 5 figures), Im very concerned about ING going belly up. Someone said that if youre losing sleep over it, then just transfer it to a bank that is covered by the FSCS. I dont know what Im asking really.Possibly just looking for some reassurance that ING is ok, or atleast that the Dutch authorities will be able to refund the money without too much time and hassle. If I was to transfer my money, does anyone have any suggestions which, obviously, has a good rate of interest but be the least likely to go under!
Any comments/advice/reassurance is most welcome!

Jonbvn

IMHO, ING are just below HSBC and Santander. Therefore, they appear reasonably safe. Given that they have received funds from the Dutch gov't means they are less likely to go under. Finally, in economic terms Iceland & Holland are not comparable, Holland being signicantly better placed, and part of the EU.

This is my opinion. You still may want to transfer out. However, given that there is still a significant backlog of transfers from the original "collapse", it may pay to wait at least until next week before you transfer out.

~Chameleon~

I don't think anyone can make any firm assurances about any bank in the current climate. As some has already said to you, if you are worried and losing sleep over your savings then move it somewhere you deem to be 'safer'.

amistupid

I have just telephoned ING regarding my transfered Kaupthing Edge one year fixed rate deposit, they have confirmed they are honouring the 7.15%, and at present they are still paying 6.36% on my transfered KE access savings account but that this rate is obviously variable.

It seems they are treating their "transfered savers" alot better than their existing customers.

I think it is very likely that when the dust settles the KE access savings rate of 6.36% will drop to whatever the ING's rate is. If your savings are in a KE access savings account I'm afraid it's too late to transfer them to the 7.15% fixed rate. So it all really depends on which KE savings account you've got.
As for the security of ING, it is recently Fitch rated "AA-" and stable, for full details see the thread Are You Leaving It In ING
Personally I feel confident enough to leave my savings with ING

mrbrown

Thankyou.
AmIstupid: Ill read Are you leaving ING article. Most of my savings were in fixed terms with KE. Its so hard to know what to do. I just hope the british goverment did their research on ING.