ING - opting out of UK FSCS

nat76

Is our money still safe in ING?

ING has opted out of the UK financial services compensation scheme as the Dutch National Banks Deposit guarantee scheme provides a higher level of protection

Does anyone know exactly what would happen if it were to collapse?

Optimist

nat76 wrote: »

Is our money still safe in ING?

ING has opted out of the UK financial services compensation scheme as the Dutch National Banks Deposit guarantee scheme provides a higher level of protection

Does anyone know exactly what would happen if it were to collapse?

You would have to claim on the Dutch scheme


http://www.dnb.nl/openboek/extern/id/en/all/41-117052.html

gonzouk

Money In ING is now NOT SAFE! I personally would get out asap. Look at what happened with Icesave, Iceland was originally saying they would not cover UK borrowers under the scheme and didn't. People only got their money because the UK government jumped in and gave the cash themselves, but you cannot guarantee they would do this again and they don't have to.

headcoat

This was on workinglunch yesterday and they said your money is safe with them, they have done it because you are covered for more money than in the UK.

gonzouk

headcoat wrote: »

This was on workinglunch yesterday and they said your money is safe with them, they have done it because you are covered for more money than in the UK.

Yes but only in the event the dutch did actually follow through with that, Iceland didn't. Technically you are safe, but realistically if it came to it, you might not be.

It's not worth going to the foreign banks for a just a small interest increase.

trenchwars

Safer than Iceland as Holland has deeper pockets, plus they are in the EU.

On the other hand, the UK gov will compensate UK depositors because it wants us to vote for them. The same isn't true if you invest in a foreign bank.

nilrem_2

headcoat wrote: »

This was on workinglunch yesterday and they said your money is safe with them, they have done it because you are covered for more money than in the UK.

Yes I saw this yesterday and was aghast to be honest! they more or less said that you were much better off than when under the UK scheme just because a little more was covered than the UK £50k limit, I was shouting to the TV "look at Icesave you idiots"!
You are only safe if the foreign government sticks by you but as we saw with Icesave when the 'chips are down' they look after themselves first.

Personally I feel that ING is safe and cannot really be compared to an Icelandic bank but after getting burnt with Icesave I would not trust my cash to anyone not covered by the UK scheme.

bjorn_again

Anyone comparing the Dutch economy as a like for like entity with the Icelandic economy perhaps should not have any savings.

bjorn_again

gonzouk wrote: »

Money In ING is now NOT SAFE! I personally would get out asap. Look at what happened with Icesave, Iceland was originally saying they would not cover UK borrowers under the scheme and didn't. People only got their money because the UK government jumped in and gave the cash themselves, but you cannot guarantee they would do this again and they don't have to.

Would you kindly explain to us that are not in the know exactly why money in ING is, in your own words "now NOT SAFE". Do you have some inside information that this international financial giant, supported by the Dutch Government and the Eurpoean Union is about to fold? If you do please share it with us. Or perhaps your knowledge is based on the fact that ING falls into the category of Johnny Foreigner, and therefore has to be likened to Icesave and Landsbanki.

nilrem_2

My personal opinion is that money is safe with ING but I don't think they have done themselves any favours pulling out of the FSCS scheme, doing so will make many less confident about trusting them with their cash.

As an Icesave refugee (I thought they were safe too TBH!) I will only save now with institutions that use the FSCS scheme but in any case ING are not known for decent rates nowadays are they and better rates can be had elsewhere with an FSCS guarantee.

I do have a couple of ING accounts with very little in them now but had I saved a lot with them I would be just a little concerned that they were able to pull out of the FSCS scheme at the drop of a hat!:eek:

gonzouk

bjorn_again wrote: »

Would you kindly explain to us that are not in the know exactly why money in ING is, in your own words "now NOT SAFE". Do you have some inside information that this international financial giant, supported by the Dutch Government and the Eurpoean Union is about to fold? If you do please share it with us. Or perhaps your knowledge is based on the fact that ING falls into the category of Johnny Foreigner, and therefore has to be likened to Icesave and Landsbanki.

Admittedly the dutch economy is stronger, and no, i do not feel it is likely to go down. But, AS HAS BEEN PROVEN, countries look after their own people first - i'm sure Britain would do the same so no i am not attacking "foreigners". Everybody else in this thread has the same concern, i would say ING is SAFER than what happened with Icesave, but nobody can say it is 100% cast iron safe anymore. There are people here who want absolute zero risk - if that is the case ING is no longer the bank for them.