MSE News: Barclays to buy ING Direct UK: How it affects you

cos_2

Jeddy wrote: »

That's hopefully good news, but I'd be happier if it came from Barclays who would be the ones honouring any such promise. I guess we can do nothing but wait and see.

From Barclays' website:

Ashok Vaswani, Chief Executive of Barclays UK Retail and Business Banking, said: "We will be delighted to welcome ING Direct UK customers to Barclays. We intend to maintain the high standard of service and honour the existing terms and conditions they have experienced with ING Direct UK. The acquisition of ING Direct UK is a good fit with Barclays existing UK retail banking business.

Fingers crossed, indeed! :beer:

ChiefGrasscutter

My...what short memories people have!
ING came into the UK market claiming they "were going to be different".
That didn't last of course!

We had the time when interest rates up and ING simply said they were not going to put their savings rates as people prefered the security and knowledge of a constant product rate - or some similar twaddle/words as I recall. (probably around 2006)
There were lots of articles in the papers with commentator shaking their heads and wondering what on earth ING were doing - trying to trash their own reputation was one comment I remember.

ING then got some good publicity when they took over the deposits from the Icland bank kaupthing.....you know how they rescued despositers etc.....
This conviently ignored the fact that our deposits are an asset to us but represent a liability for pay for the financial group and so it was actually the UK government FSCS fund that PAID INGdirect to take over the liability of kaupthing's depositors and their deposits.

ING are no better and no worse than the rest, though they did admit in around 2007 that they underestimated the UK market and how willing UK depositors were to switch to other savings groups if rates were non competitive - unlike it appeared continantal european depositors I suppose.

Jeddy

cos wrote: »

From Barclays' website:

Ashok Vaswani, Chief Executive of Barclays UK Retail and Business Banking, said: "... We intend to maintain the high standard of service and honour the existing terms and conditions they have experienced with ING Direct UK..

OK, I'm happier now.

grovej

cos wrote: »

From Barclays' website:

Ashok Vaswani, Chief Executive of Barclays UK Retail and Business Banking, said: "We will be delighted to welcome ING Direct UK customers to Barclays. We intend to maintain the high standard of service and honour the existing terms and conditions they have experienced with ING Direct UK. The acquisition of ING Direct UK is a good fit with Barclays existing UK retail banking business.

Fingers crossed, indeed! :beer:

I also have a lifetime base rate tracker never more then 0.9% above BOE rate for the life of the mortgage.

Intend sadly is about a committed as a bride running back out of the church!

Scarpacci

ChiefGrasscutter wrote: »

ING are no better and no worse than the rest, though they did admit in around 2007 that they underestimated the UK market and how willing UK depositors were to switch to other savings groups if rates were non competitive - unlike it appeared continantal european depositors I suppose.

I don't know whether it's true for the whole of the UK market, but it would definitely be true for those of us who were willing to put their money in a bank registered in the Netherlands and not under the safety of the UK's FSCS. They were always going to attract interest-minded savers who keep a close eye on the interest rate, so they didn't have too much hope of being able to hold on to people once the rates drop.

I've got a bit saved with ING earning around 3%, a rate they recently extended for me until March. My plan was, and still is, to move it once my account loses the bonus rate. I don't expect it will be extended again, especially not under Barclays, but I will stay until the rate drops.

Whatisacceptable

I have both savings and a mortgage with ING as they were both very good deals. Barclays and the other big banks havent been able to compete savings-wise, and if a mortgage company goes bust, it's their loss? Personally I wouldnt chooose to take out any product with Barclays thanks to the bad publicity about their recent dealings. I will be able to move my savings when the rate changes, which I would have done anyway, the mortgage may be more difficult.

orbital10

First time poster, long time read - I know that this is probably a case of just skimming the appropriate section of the site, but say someone didn't want to become part of the Barclays family, and had savings with ING, what would be the best alternative out there? Sure, rates aren't amazing, but the closest I can find is nationwide, and their terms - i.e. one withdrawal a year or penalties on your interest rate - dont' seem *that* favourable.

Otherwise, what's the best, 'ethical' bank? Most of my dislike for Barclays is simply down to the shoddy nature of their business in general - recent libor 'fun' springs to mind. of course, unlikely that others are going to come out of this libor thing with their reputation intact either, so...co-op? any good?

jammynuts

Ok, so like 20 years ago when I had an abbey account, something happened to the bank (I think it was bought by another company). I missed out on the incentives they gave all customers as I closed the account like a few months before the news.

Will we as ING direct customers or as a barclay customer get any free shares or free money for the sale of ING direct UK to Barclays? If so, I won't ditch my ING account....just yet!:money:

opinions4u

jammynuts wrote: »

Ok, so like 20 years ago when I had an abbey account, something happened to the bank (I think it was bought by another company). I missed out on the incentives they gave all customers as I closed the account like a few months before the news.

Will we as ING direct customers or as a barclay customer get any free shares or free money for the sale of ING direct UK to Barclays? If so, I won't ditch my ING account....just yet!:money:

You won't get a bean.

Tiglath

I had an ING Direct account years ago that I thought was closed. The merger news prompted me to contact them, and they refunded me what was left in the account so I'm happy.