MoneySavingExpert.com homepage
Cutting your costs, fighting your corner
Founder, Martin Lewis · Editor-in-Chief, Marcus Herbert
Search bar closed.
MSE News

ING reassures savers following rival Dutch bank's collapse

safe
Guy Anker
Guy Anker
Deputy Editor & Head of Operations
12 October 2009

Dutch bank ING says it is in good health, following the collapse of fellow Netherlands-based DSB Bank.

Thousands of UK savers have cash with ING Direct, the firm's UK arm, but there is believed to be no link whatsoever between ING and DSB's failure (see the Safe Savings guide).

An ING spokesman says: "We are in good health and we made a profit in the second quarter of 2009."

DSB, a small bank which was 1% of ING's size, was placed into administration and taken over by the Dutch Central Bank today.

Large numbers of customers had tried to withdraw their cash last week, following concerns over the bank's risky business model.

DSB did not offer any UK-based savings accounts.

Dutch depositors with the bank will have their first €100,000 (£94,000) protected.

ING Direct savers would also get the same guarantee as the bank is not UK-registered for savings protection.

You're protected up to £50,000 per person, per financial institution if a UK-based bank went bust.

ING Direct bought the UK savings arm of failed Icelandic bank Kaupthing in October last year, rescuing thousands of savers.

Further reading/Key links

Best rates: Top Savings, Top Fixed Savings Stay safe: Safe Savings

MSE Forum

ING reassures savers

Forum image
Tools and calculators

Clever ways to calculate your finances

Find your odds of getting top cards
Find your odds for getting a cheap loan
Compare broadband, phone & TV deals
Compares thousands of mortgages
Eight calcs to help you work out the cost
We ensure you’re on the cheapest tariff