'ING Direct…. A crash, a burn, a sell-out all in one!' blog discussion

This is the discussion to link on the back of Martin's “ING Direct…. A crash, a burn, a sell-out all in one!” blog. Please read the blog first, as this discussion follows it.
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  • Good article. This is something I've noticed from ING in the past year. They are nowhere near as attractive as they used to be.
    But with the currrent credit crisis, with big banks posting big losses, I'm worried that transferring out of ING into a different bank could bring more problems downstream.
    The credit crisis is nowhere near over, and I am positive there is still very bad news coming and I'd hate to give my money to another company, only for it to topple over.
  • JasonLVCJasonLVC Forumite
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    I had a mortgage with ING, guaranteed to be no more than .90% above BoE rate.

    But each time the bank rate went down, ING's didn't (it was still within the .90% range) and even this last drop to 5.25, ING were still just keeping at 0.90%.

    I called to cancel hoping to speak to retentions. They don't have one, they just said we'll not offer any deal to you and so I've switched elsewhere now - it is madness. I've had other mortgages where the lender has coughed up a .25% offering to keep you sweet - but ING's view is get stuffed!!.

    So they clearly think they can attract savers/customers who are savvy to get good rates but then stupid enough to stick around when the rates are bad?.
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  • Bogof_BabeBogof_Babe Forumite
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    Martin, not sure what you mean by they have sold out their core business. Is that as worrying, safety wise, as it sounds?

    The reason I haven't dumped them is because as they haven't been in the mortgage market for long, I'm surmising that they haven't had time to build up bad risk "sub prime" lendings in excess of their savings revenue. I am happy to be corrected on that though.

    I would personally rather earn 5% in a totally safe place than 6.5% and lie awake worrying every night.
    :D I haven't bogged off yet, and I ain't no babe :D

  • MSE_MartinMSE_Martin MoneySaving Expert
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    Bogof_Babe wrote: »
    Martin, not sure what you mean by they have sold out their core business. Is that as worrying, safety wise, as it sounds?

    The reason I haven't dumped them is because as they haven't been in the mortgage market for long, I'm surmising that they haven't had time to build up bad risk "sub prime" lendings in excess of their savings revenue. I am happy to be corrected on that though.

    I would personally rather earn 5% in a totally safe place than 6.5% and lie awake worrying every night.


    No thats very much not what I meant. I meant they've sold out their core brand; not their business. For details on how safe ING is read the Are your savings safe article.

    I will tweak my blog to make it clear.

    martin
    Martin Lewis, Money Saving Expert.
    Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
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  • Jo4Jo4 Forumite
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    Am I correct in thinking that our money is safe in ING? :confused:
  • MSE_MartinMSE_Martin MoneySaving Expert
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    ING Direct has the same protection as any other bank in the UK (barring Northern Rock which has more than all of them) - please read Are your savings safe for an explanation. My blog has NOTHING to do with ING's safety, only its poor treatment of customers due to dropping interest rates.
    Martin Lewis, Money Saving Expert.
    Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
    Don't miss out on urgent MoneySaving, get my weekly e-mail at www.moneysavingexpert.com/tips.
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  • Jo4Jo4 Forumite
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    MSE_Martin wrote: »
    ING Direct has the same protection as any other bank in the UK (barring Northern Rock which has more than all of them) - please read Are your savings safe for an explanation. My blog has NOTHING to do with ING's safety, only its poor treatment of customers due to dropping interest rates.
    I thought when I read "The first £35,000 you have saved per financial institution is protected." that any money less than this, and I am only talking about £1,000 - £1,500, would be as safe in ING as it would be anywhere else. :confused:
    May I say a huge THANKYOU for remembering those who are colour bind?

    Hope you are feeling better soon Martin.
  • alcolalcol Forumite
    22 Posts
    I opened a mini cash ISA in November last year at a rate of 6.55% :j which is great but as Martin says it's just a bonus to get you in as on 15 May it drops to 4.89%:eek: .
    I'll carry on putting money in until just before it drops & then I'm off to whoever is offering the best rate at the time.
    I'll be another lost customer:p .
    Overpaying on mortgage and hoping to be mortgage free in 5 years saving approx £35,000 in interest!:j
  • MoshMosh Forumite
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    Thanks, Martin. I've had an account with ING for some time now, and use the web-only one with a higher interest rate. However, I did notice the rates slipping a lot over the last year or so but got lazy and didn't move. This morning I just opened an account with Kaupthing Edge, and I'll transfer everything over to them instead. Much better rate!
  • beer_tinsbeer_tins Forumite
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    Martin, I like the ending to your article: "Yeah, about as simple as the European Constitution!" You did test the water first with your recent survey on the EU treaty though, didn't you?!
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