The news that Barclays is to buy ING Direct UK has raised concerns among ING Direct UK 's 1.5 million customers.
Existing mortgage and savings accounts will be transferred across to Barclays, with the full process anticipated to take at least two years.
If you are an existing ING Direct UK customer, concerned about how the acquisition could affect you, please read on….
At the moment, not a lot!
The deal is still awaiting final confirmation and is expected to be fully completed by spring 2013.
ING has advised customers to check their contact details are correct as full details of the sale will be sent to all customers over the next few weeks.
There are no plans to change existing products.
Customers with existing Barclays or ING Direct UK savings accounts have been advised to check the value of their savings funds.
The reason for this is because savings deposits with ING are currently covered under the Dutch deposit scheme, but once transferred to Barclays, they will come under the Financial Services Compensation Scheme.
If Barclays operates all of the accounts under the same banking licence only up to £85,000 of any savings held with it will be protected.
Savings accounts will be transferred based on the same terms and conditions and the rate of interest will remain the same.
As with savings accounts, existing mortgages will retain the same terms and conditions. Interest rates will also remain the same so monthly repayments will not change.
Existing home insurance policies will remain unchanged. When the cover ends, customers will be offered policies with Legal & General.
If you are worried about any aspects of the acquisition, call ING Direct on 0800 561 8832 for savings enquiries or 0800 183 1368 to speak to a staff member about mortgage and home insurance.
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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