are my savings safe in ING?

JMU-95

as title says, just want to know if people are still saving with ING or should I switch my savings either to Abbey or to my local branch of Bank of Ireland.

ed123_2

....no, you will lose every penny...put the money in The First Bank of Nigeria....v safe....

Bromley86

My reply got lost :'( .

Summary: Effectively, Irish & Dutch banks are no riskier than UK ones. Their compensation schemes are better but, after Iceland, people are less inclined to trust a foreign government.

However, Iceland was a tiny island with a huge banking sector. Unlike Iceland, Ireland and Holland have sizable GDPs and populations to back their banks and, ultimately, their guarantees. Even Iceland is managing that last one (although it looks like they're borrowing the money off us to do it ).

nilrem_2

JMU-95 wrote: »

as title says, just want to know if people are still saving with ING or should I switch my savings either to Abbey or to my local branch of Bank of Ireland.

This was discussed on Working lunch on Monday and from what was said it would appear that ING is a safe place to keep money, no one can give a 100% guarantee but ING are a totally different 'ball game' to Icesave.
You may be able to read the watch the item again on the working lunch web site if you are interested.:)

hanoigirl

ed123 wrote: »

....no, you will lose every penny...put the money in The First Bank of Nigeria....v safe....

I was thinking of Nigeria, are they really very safe? I have just been left a lot of money and am worried about where to put it until I buy an overseas property. Thank you for your help.

Bromley86

hanoigirl wrote: »

I was thinking of Nigeria, are they really very safe? I have just been left a lot of money and am worried about where to put it until I buy an overseas property. Thank you for your help.

Assuming this isn't a wind-up, then it really doesn't matter how safe or otherwise a Nigerian bank is. The money is not guaranteed therefore it is not safe.

Stick it in NSI, which is 100% guaranteed by the UK government. Otherwise you could be like those that have lost their house funds/nest eggs in the IoM and Guernsey.

Jonbvn

ed123 wrote: »

....no, you will lose every penny...put the money in The First Bank of Nigeria....v safe....

First save (part of FBN) in the UK is covered to the first 50k by FSCS.

Interestingly, Nigerian banks are hardly exposed to the credit crunch problems, since Nigeria is primarily a cash economy. I would assume that they are presently well capitalized with petro-dollars, given the recent high oil price.

fuzzylady47

Hi can anyone help me.... we are pensioners and was wondering if our money is safe... from what I can see we are guaranteed £50,000 each but we have joint accounts so do we still get £50,000 each or not??? Thank-you

Baldur

fuzzylady47 wrote: »

,,,,we have joint accounts so do we still get £50,000 each or not?

See paragraph 1 http://www.fscs.org.uk/consumer/FAQs/Deposit_claims_FAQs/

nilrem_2

fuzzylady47 wrote: »

Hi can anyone help me.... we are pensioners and was wondering if our money is safe... from what I can see we are guaranteed £50,000 each but we have joint accounts so do we still get £50,000 each or not??? Thank-you

If you have a joint account or 2 individual accounts with the same company you get £50k each protection £100k total.

If you mean with ING I believe it is a little more; approx £77,000 each person or 100,000euros.

billesniper

I have had my K.E money by BACS returned to my account, and thinking of putting it back in as ING seem to be in a strong position. Any more thoughts anyone on this. Thanks.