ING - opting out of UK FSCS

Saver-Rob

Personally the fact it wasnt covered by our own scheme put me off saving with ING.

opinions4u

Why would they want to be a full member of the FSCS?

By remaining "in" they would have to contribute interest towards the maintenance of the £14bn loaned to the scheme by HM Government to cover Bradford & Bingley going under.

If B&B mortgages don't repay the capital, then those remaining in the UK Scheme will have to fund that gap too.

UK providers are at a clear competitive disadvantage because of this.

Saver-Rob

Personally, the reasons as to why somebody would or wouldnt be in the scheme matter little to us small people on the ground. We just want to be protected by our own country as it were. Thats just how I feel anyway.

Old_Slaphead

I have a fixed rate bond with Heritable that was covered by FSCS - it's now been bumped across to ING and presumable is now covered under a Dutch scheme. I'm not best pleased with this transfer of guarantee which has been done without any consultation with the accountholders.

Saver-Rob

Old_Slaphead wrote: »

I have a fixed rate bond with Heritable that was covered by FSCS - it's now been bumped across to ING and presumable is now covered under a Dutch scheme. I'm not best pleased with this transfer of guarantee which has been done without any consultation with the accountholders.

I'd be fuming. Surely this changes the T&C's you signed up to?!

CCFC_80

I expect money is probably safe but after the icesave fiasco I decided to withdraw and close my ing account. At least if anything did happen to your money in UK banks the FSCS would aim to reimburse everything within 90 days. I don't know what the timescale would be under the dutch scheme and if the Dutch did go completely bankrupt I cannot see our government bailing out savers as they did with Icesave.

gonzouk

opinions4u wrote: »

Why would they want to be a full member of the FSCS?

By remaining "in" they would have to contribute interest towards the maintenance of the £14bn loaned to the scheme by HM Government to cover Bradford & Bingley going under.

If B&B mortgages don't repay the capital, then those remaining in the UK Scheme will have to fund that gap too.

UK providers are at a clear competitive disadvantage because of this.

Same could be said for Satander too tho and they are still in. It gives the UK customer peace of mind, so increases their sales i guess.

bjorn_again

Old_Slaphead wrote: »

I have a fixed rate bond with Heritable that was covered by FSCS - it's now been bumped across to ING and presumable is now covered under a Dutch scheme. I'm not best pleased with this transfer of guarantee which has been done without any consultation with the accountholders.

I have a FTD and an Instant Access account with Kaupthing Edge. These were taken over by ING at the behest of Alistair Darling but still retain the KE branding and in the case of the FTD, the excellent take-up rate offered by KE.
When the excretia hit the fan in October, I personally would have snapped-off the hand of any Euro Institution offering to guarantee my savings. Nothing has happened since then to change my view, and I continue to operate my IA as I did prior to the ING involvement.
Alistair Darling acted swiftly and decisively to secure our deposits when KE folded. He most certainly did not have the luxury of an extended time-scale in which to consult account holders. To have expected that of him is in my opinion unrealistic and unreasonable. At the end of the day if anyone holding a FTD is concerned about the safety of their bond then they have the option of cutting their losses and withdrawing it. In the present economic climate or in fact any economic climate, it is never an option to have your cake and eat it.;)

amistupid

bjorn_again wrote: »

I have a FTD and an Instant Access account with Kaupthing Edge.

In exactly the same position I can't believe I've been lucky enough to get 7.05% on the 1 year fixed term, very fortunate, and I'll be leaving it where it is.