ING Direct

lookoutapiano_2

Sorry if i'm asking something really obvious here but im slightly confused and want to double check.

I've currently got some savings in the online bonus account with HSBC, but the interest rate keeps dropping and so I looked at the vanking & saving page on MSE and it seems at the moment ING Direct offer the best rate.

However i just wanted to make sure, if i transfer my savings (£3000) to an account with them- is it safe? I couldn't end up losing it all could I?

FridaysVictim

With £3000 you aren't talking about losing much from the low rates on offer . Ing 4% inc. bonus = £96 Yorkshire BS (for example) 3.75% = £90 Your only gonna lose £6 a year in lost taxed interest (at 20% tax) . Or put it in a YBS cash Isa at 3.3% giving £99 . Cash behind a picture frame or under a mattress may be the simplest idea .

whatdoiknow_2

Hi - the question still remains .... IF i were to invest up to £50k in ING Direct would the money have as good a bank guarantee scheme as the one in English banks?

apt

I don't think there's any evidence that the Dutch bank deposit bank guarantee scheme is any less safe than the British. It also covers a highter amount than £50,000 and the Dutch banking system and economy is probably in a better position than Britain's. I would not be as confident about the Irish scheme and still less the Isle of Man.

withnell

FridaysVictim wrote: »

Cash behind a picture frame or under a mattress may be the simplest idea .

Even safer would be in an NS&I ordinary account.they're as safe as sterling itself, and if your house gets robbed you don't lose anything. They don't pay a good interest rate, but remember its earning 0% under the mattress.

cwcw

withnell wrote: »

they're as safe as sterling itself,

:rotfl: :rotfl: :rotfl: :rotfl: