Are your savings safe? article discussion

bellaonline79

I see this morning that ING has had a big bail-out from the Dutch government. Is our money still safe? I have a fixed term deposit account with what was then Kaupthing (now ING). I was going to break it open early and get the money out to be safe when Iceland started looking rocky, but then ING stepped in so I left it there. But now I'm worried again!! I know the money is supposedly guaranteed by the Dutch government but after what the Icelandic govt said to British Icesave customers I'm not sure I feel 100% confident about that...
Help!
Thanks
Bella

wadeall

I think u can relax about ING.

ING is a well run bank/insurance company and they haven't made too many critical errors as yet. It's central to the Dutch economy and the Netherlands is a "serious" country, not an island with the population of Coventry. Besides the Dutch Governmnet position we have had a statement from the EU sayingthat no major financial institutio wil be allowed to fail and ING would certainly count as major

katia

HI Bella, I'm in exactly the same position, have a got fixed term deposit which I decided to leave alone, especially once ING confirmed that they would honour interest rates. A bit concerned after your post, as I'd been feeling confident about INGs reliability! K xx

baby_boomer

Relax.

All European Banks are safe.

Rate tarts rule OK MSE for ever .

kirt_2

:eek: Does anyone have any idea how these accounts work. If two children have £50,000 each and the parents have £50000 each, will all the accounts be covered?. Any wise counsel please?

murphydavid

kirt wrote: »

:eek: Does anyone have any idea how these accounts work. If two children have £50,000 each and the parents have £50000 each, will all the accounts be covered?. Any wise counsel please?

See

http://www.fscs.org.uk/consumer/key_facts/limitations_of_the_scheme/compensation_limits/

FSCS say £50000 per person.

Oblivion

kirt wrote: »

:eek: Does anyone have any idea how these accounts work. If two children have £50,000 each and the parents have £50000 each, will all the accounts be covered?. Any wise counsel please?

My understanding of this scenario is that, if the childrens' accounts are in their own names, then all four accounts will each be covered individually up to £50,000.

If, however, the childrens' accounts are in your (the parents') name then the FSCS will regard the money as yours, even though it may have been intended for the children, and they will restrict your cover to up to £50,000 for the husband, £50,000 for the wife, and no cover will be attributable to the children.

Dave.

kirt_2

:T

Oblivion wrote: »

My understanding of this scenario is that, if the childrens' accounts are in their own names, then all four accounts will be covered individually up to £50,000.

If, however, the childrens' accounts are in your (the parents') name then the FSCS will regard the money as yours, even though it may have been intended for the children, and they will restrict your cover to up to £50,000 for the husband, £50,000 for the wife, and no cover will be attributable to the children.

Dave.

Thanks. That information is very helpful.

kirt_2

:T

Oblivion wrote: »

My understanding of this scenario is that, if the childrens' accounts are in their own names, then all four accounts will be covered individually up to £50,000.

If, however, the childrens' accounts are in your (the parents') name then the FSCS will regard the money as yours, even though it may have been intended for the children, and they will restrict your cover to up to £50,000 for the husband, £50,000 for the wife, and no cover will be attributable to the children.

Dave.

Thanks to you Oblivion,Murphy David & Jimmy the wig. That information is very helpful.
Kirt

kirt_2

Someone had previously commented that banking with Anglo-Irish is not that safe. However on checking with the FSCS it appears that the bank has signed up to the compensation scheme in Sept. 2008. So they have committed themselves to paying upto £50,000 per individual in UK. Besides, the which magazine November issue lists the bank's deposit account as one of the best buys.
kirt.