On 6 March 2013 ING Direct UK savings accounts and mortgages transferred to Barclays Bank. A new Barclays brand, Barclays Direct, will now look after these accounts. This could affect how your savings are protected. Barclays has however agreed to provide compensation in certain circumstances where you move your money in order to maintain cover under deposit protection schemes. Find out how to ensure your savings are protected.
If your ING savings account was transferred to Barclays Direct you might find that your total savings with that and other Barclays brands, which also include Barclays Bank, exceed the £85,000 (£170,000 for joint accounts) cover you have under the UK’s Financial Services Compensation Scheme (FSCS).
Option to transfer excess savings
Barclays has agreed not to impose any fees or charges for making a transfer, including if you choose to exit one of its accounts before the fixed term ends.
Barclays has also agreed it may compensate you for any interest you lose if you choose to move money to reduce the combined balance of savings you now hold with Barclays.
If you wish to transfer savings, you have until 31 May 2013. Customers should contact Barclays Direct on 0800561 8832. You should not make this transfer yourself online as you may trigger charges or loss of interest.
Further information for ING Direct customers
Barclays is writing to all ING Direct UK customers but you can get more information now from Barclays Direct.
Savings customers can also call Barclays Direct on 0800 561 8832, while mortgages customers can call 0800 183 1368.