ING rating: AA-. does this inspire confidence?

mrbrown

Hi, apologies if Im asking a question thats already been asked, Ive already looked around the forums.
I have my savings with ING (savings were with KE). ING are now rated as "AA-", which seems pretty OK to me. Out of interest, what was IceSave rating before it went bust or any others that have gone bust or nationalised including KE? Maybe AA- doesnt mean squat! Were any of the other AA- or AAA?

dougs

sorry, not an answer to your question directly (as I don't know the answer) but ING itself doesn't inspire confidence! They have a propensity to reduce rates quite rapidly to totally uncompetitive levels after having hooked you in with a 'teaser' rate.

Also the Kaupthing Edge situation that they have been (mis)handling has shown their Customer Service to be sadly wanting in many areas. No, not a company I would recommend at all, and haven't been for several years now

isofa

Have a look at: http://www.fitchratings.com lots of details on the ratings and what they mean.

Incidentally I agree with dougs re ING, they are well known for their rate tricks, losing many customers in the past.

apt

Dougs and Isofa have you learnt nothing from the past few months? Most of the banks that have been at the top of interest rate tables have collapsed or had to be rescued. Although savers complained about it at the time, the financial institutions that have not offered high rates like HSBC, Nationwide and ING have proved to be more responsible. It is not a 'trick' to stop offering an unsustainable rate. If I were a KE fixed rate saver I'd be very happy to be getting the same high rate, but with a more solid bank. If I were a variable rate saver I would probably move most of my money elsewhere if and when ING's rates became unattractive. But it's worth keeping the account open with a low balance as ING do offer good deals on money transferred in from time to time. They also keep sending you keyrings, chocolate and a dull magazine.