'ING Direct pays 3.1% but you’re NOT protected like other UK savings' blog discussion

Former_MSE_Lee

This is the discussion to link on the back of Martin's blog. Please read the blog first, as this discussion follows it.

Read Martin's "ING Direct pays 3.1% but you’re NOT protected like other UK savings" Blog.

Please click 'post reply' to discuss below.

bloss0m

I was going to open an account with them as I got some inheritance the other day and will maximise my isa soon for this year and I will invest in NS certificates too. I was thinking of using an account with ING for short term but may not opt for something else

Septimus_ii

I appreciate the warning, but it does seem like a lot of fuss over a minute risk. I don't think it should really put people off if they've decided that that's where they want to put their money.

vaporate

scare mongering nonsense.

corbyboy

You are also suggesting that the Dutch government could selectively cover the deposits of Dutch customers and ignore those from other countries. That's a pretty scandalous suggestion.

Tony_Webster

Anyone who remembers the stick Martin took over the Icesave debacle will understand exactly why he feels he needs to spell this point out.

brewerdave

I had a reasonably large amount with Kaupthing Edge - I was VERY grateful to ING when they rescued my money.
HOWEVER, directly the savings accounts matured this July I transferred everything out of ING and moved the monies to various British institutions at the best rates I could find.
Didn't think that the Dutch Government was any more likely to go bust than we already are......but what Iceland did still rankles!!

vaporate

To be honest, my ING rate will turn to 0.5% in January 2012 so I will be moving my funds anyway lol.

Fed up of changing banks though. Like a game.

Doc_N

Icesave scared the pants off a lot of people and money is still owed to many local authorities - our money.

Everyone thought Iceland would cover any failed banks. It couldn't and didn't,

ING - I'm out!

David_Reed

Another warning about ING:
Absolute nightmare trying to close the account. It can't be done on-line. Opening on-line is OK. Moving money not bad. We decided to close the account. Moved all the money out. Then found interest had accrued. Moved the interest out. Guess what? One penny had accrued. Moved that out. Statement received for a zero-value account. Tried again to close on-line - no way of doing it. Telephoned them at high cost (0845 is only cheap if you have a BT phone). After waiting >10mins to get throgh to security check we gave up. Sent them a signed letter to close the account. Reply received 2 weeks later to say we couldn't do it by post. We had to ring!!!! Tried again at high cost. No success. Have now written to them at their freepost address to say we do not intend to spend any more money or time on them. If they wish to hold our account valued @ zero and send us statements to that affect, they can!!

cottyh24

David_Reed wrote: »

Another warning about ING:
Absolute nightmare trying to close the account. It can't be done on-line. Opening on-line is OK. Moving money not bad. We decided to close the account. Moved all the money out. Then found interest had accrued. Moved the interest out. Guess what? One penny had accrued. Moved that out. Statement received for a zero-value account. Tried again to close on-line - no way of doing it. Telephoned them at high cost (0845 is only cheap if you have a BT phone). After waiting >10mins to get throgh to security check we gave up. Sent them a signed letter to close the account. Reply received 2 weeks later to say we couldn't do it by post. We had to ring!!!! Tried again at high cost. No success. Have now written to them at their freepost address to say we do not intend to spend any more money or time on them. If they wish to hold our account valued @ zero and send us statements to that affect, they can!!

Why are you phoning an 0845 number when ING has an 0800 number to call for it's savings account? From their website;

ING Direct
Savings Account....................0800 376 8877