ING Direct - savings rates

Really? Haven't you got your threes and fives mixed up? According to the horse's mouth, ING launched their account in *May* 2003 at 4.*3*%.

But down to .45 from .55 is not as bad as down to .45 from .75.

Still lamentable, but where else can you get 4.7%?

I suppose ING think that as long as they offer even slightly better rates than the competition, they'll still get as much business as they would if they were marginally more generous.

I'm currently looking for an investment which will give me monthly income from the proceeds of a house sale, and ING still seems to be the best bet. I could get around 0.2% more elsewhere, but only by tying the money up for a couple of years at a fixed rate. There doesn't seem to be much point in doing that in view of the likelihood of further interest rate rises.

Chris

try Alliance and Leicester Online Saver for 4.85% no catches

Not bad, except that interest is paid annually as compared to monthly with ING. Also maximum balance allowed is £25,000

Chris

Compared to ING's of 2 million

Joe

Why? Will they run away with your money or something?

No, they can go under.

On Fri, 28 May 2004 22:24:32 +0100, rob wrote (in article ):

It has to do with the maximum that will be paid out should things go wrong. IIRC it is 90% up to £30k or something like that. Sadly the limit is not something that has had to concern me. :-o(

Bitstring , from the wonderful person PeterG said

Purely in the interests of accuracy, it's actually £35k, per depositor (so you can stick £70k into a joint account).

On Sat, 29 May 2004 01:04:57 +0100, GSV Three Minds in a Can wrote (in article ):

Fair do'es for others but, it is still an academic moot point in my case. :( In days gone by...

Just curious, are you SURE it is per investor as in a joint account?

If you were over the compensation limit, but happened also to have a mortgage with the same institution, with a balance greater than or equal to your savings, could you then sleep easy at night?

Deposits

FSCS provides protection for customers of deposit-taking firms (for example banks, building societies and credit unions). The Scheme is triggered when an authorised firm goes out of business.

The Scheme may also be triggered when the FSA considers that an authorised firm is unable to repay its depositors, or is likely to be unable to do so.

The maximum level of compensation you can receive from the Scheme for a deposit claim is £31,700 (100% of £2,000 and 90% of the next £33,000).

The compensation limit applies to each depositor and covers the total of all their deposits held with that firm. Each individual in a joint account is eligible to receive compensation up to the maximum limit in respect of their share of the deposits (FSCS will assume the split is

50/50 unless evidence shows otherwise). [1].

rob

[1]

No. The creditors could come after you for the mortgage (in pecking order, i.e. government first), without you getting a look-in. Now if it was an offset mortgage you'd be fine, since you'd never be a depositor in the first place, AIUI.

In message , Clifford Frisby writes

Sadly not. The liquidator/administrator etc., would still chase you for the debt.

"john boyle" wrote

"Debt" being: (1) the *mortgage*, or (2) the *difference* between the mortgage and the savings??

In message , Tim writes

(1)

"john boyle" wrote

Oh - I thought there was a rule of "set-off" - or something like that ....

What's the definition of firm?

eg If I had 30,000 with Halifax, 30,000 with Birmingham Midshires and

30,000 with Intelligent Finance (all of which are part of the Halifax Bank of Scotland plc group) - are all three lots covered, ie 3 x (2,000 + 90% x 28,000) or just the total at 2,000 + 90% x 33,000 (max limit 35,000)?