ING compensation rates

pioneer31

How much does ING guarantee in the event of a bank collapse? Does it come under UK regs?

Wolf_Man

I believe that it is covered by the Dutch scheme of 100K Euros. Something like 80-90K £'s

cocktail

better then the uk FSCS scheme in monetory terms, i am not sure about the actual procedural hiccups in case of it going under.

nilrem_2

We savers in Icesave were also told that they had a passport scheme that was better to the FSCS offering but look what happened when things went wrong, I realise that one can't really compare ING to Icesave but IMHO if things did go wrong they would look after Dutch savers first and the government might not be so quick to offer a bailout next time especially for banks that have pulled out of the FSCS scheme.

As soon as ING abandoned the FSCS scheme in favour of their passport scheme I decided that I would not place any money with them, I suffered so much worry with Icesave and I won't risk it again.

ING boasted that they had abandoned the FSCS scheme as the passport scheme was better for the customers, personally I think it makes customers lose confidence in them and I bet it saves ING money not being in the FSCS scheme, which is probably the real reason they pulled out! :eek:

agsnu

nilrem wrote: »

As soon as ING abandoned the FSCS scheme in favour of their passport scheme I decided that I would not place any money with them, I suffered so much worry with Icesave and I won't risk it again.

ING were only ever members in the same way that Landsbanki were, i.e. "topped up" into the FSCS scheme. The first ~€20k were always down to the Dutch compensation scheme, with the remainder up to the FSCS limit provided by the FSCS. Since the Dutch scheme expanded their coverage up to €100k, and since that's greater than £50k, there is no higher limit for it to be "topped up" into.

If you had less than the Sterling equivalent of €20k in your ING account, there's basically no difference.

lpgm

nilrem wrote: »

ING boasted that they had abandoned the FSCS scheme as the passport scheme was better for the customers

ING now belongs to just the Dutch compensation scheme. There's no passporting anymore.

~Yorkshire_Belle~

So does that mean that anything under €100k is safe? It seems to offer a better rate of interest than many.

masonic

~Yorkshire_Belle~ wrote: »

So does that mean that anything under €100k is safe? It seems to offer a better rate of interest than many.

Anything under €100k is protected by the Dutch compensation scheme. That isn't quite the same as saying it is 'safe'.