How safe are my savings ??

Golfmad

I have savings with ING direct, I realise that their guarantee is with the Dutch and up to now have not been too concerned, however I am other people are telling me that if ING were to go under it would be very difficult to get my money back under this Dutch guarantee. How safe are my savings ? and should I be looking to move them into a bank covered by the FSA.

[Deleted User]

Hi,

ING Direct.

The mammoth Dutch savings bank, which also took control of Kaupthing Edge, is covered by the Dutch compensation scheme, which has a limit of €100,000. If it were to go bust, you would be entirely reliant on the Netherlands government to get your cash back.

Taken from here, scroll down about 2/3rds.

Golfmad

Thanks Frugalmacdugal, Yes I saw that piece of advice yesterday which really prompted me to dig a bit deeper into how robust ING Direct are. I know the Times published an article back in september on a possible downgrade of their rating and that the conclusion of the article suggested that investor shouldn't panic. I am on a high savings rate deal with ING until this coming October but I was just wondering that if there was any doubt about ING would I be better off moving my cash and foregoing 1 or 2 %. I have about £30K with ING.

opinions4u

1) Don't lose too much sleep over it. I wouldn't let investor protection lead which bank I choose to save with.

2) Getting in to a game of "which bank will sink next" is a bit like picking lottery numbers. You really don't know. You could jump out of the frying pan in to the fire.

3) What rate are you getting? 2.8% from The AA is available with easy access. I doubt you would be "foregoing 1 or 2 %". I suppose that AA account is effectively 41% backed by HM Government's shares in Lloyds.

Sooler

Golfmad wrote: »

people are telling me that if ING were to go under it would be very difficult to get my money back under this Dutch guarantee.

why would that be?