Barclays gets some new bankING customers

Our good friend Barclays Bank has just bought some new customers. Not in the same way that they (allegedly) bought the LIBOR rate, rather instead they have bought the savings and mortgage business of Dutch bank ING.

Announced last night, the deal will see £10.9 billion (€13.4bn) of savings deposits and £5.6 billion of mortgages (€6.9bn)  of ING Direct UK transferred to Barclays, who will eventually integrate these businesses in its UK Retail and Business Banking division.

"ING Direct UK operated in a very competitive market over the past years and I am proud of the excellent customer experience our UK team has built, as proven by the customer satisfaction scores. In Barclays we have found a company who will continue to provide the excellent service our approximately 1.5 million ING Direct customers in the UK have grown accustomed to,"  said Jan Hommen, CEO of ING, a clearly much mistaken man. In the latest FSA figures, Barclays was third in the “most customer complaints” category, with 280,358 complaints opened in the first six months of the year.

But other than a potential cliff-drop of customer service, what else does this mean for ex-ING customers? ING launched ING Direct in 2003 with market-leading online savings deals, an area Barclays don’t much bother to compete in. While ING customers are guaranteed to keep current rates on transfer, it may be that rates fall over time as the business is integrated within Barclays own offering. However, since taking over Woolwich in 2000, Barclays mortgage offerings have been increasingly competitive, in line with the old Woolwich brand, so savers may yet find Barclays end up as a more attractive provider. Examples of current comparison rates, provided by are shown below.


Either way, there is nothing individual account holders can do to stymie the deal, unless they also happen to be significant shareholders in either company. Account holders will migrate to the Barclays when the deal completes next year, but any change in rates should be checked to see whether the deal is still competitive. And if not,do something about it.

One other point to mention is that once ING savings come under the Barclays umbrella, it is likely the savings protection will be covered by the FSCS under Barclays licence. This will mean you only get one lots of savings protection for any accounts held with either Barclays or ING, so if you have more than £85,000 in savings, what the hell are you reading Bitterwallet for?


  • Darren
    @Sam "so if you have more than £85,000 in savings, what the hell are you reading Bitterwallet for?" Its like charity work, supporting the less fortunate.
  • Mike
    The line "if you have more than £85,000 in savings, what the hell are you reading Bitterwallet for?" offends me. I have savings BECAUSE I read Bitterwallet not the other way round. If more people read Bitterwallet and acted upon its advice and warnings then more people would have savings and the 'fat cats' of this world would be considerably thinner. Keep up the good work.
  • Chewbacca
    Mike, you give BW WAY too much credit.
  • Darren
    @Chewbacca Mike is on the payroll. (please note, with BW that does not mean he earns any money)
  • Mike
    Sorry if I seemed over the top, it's is just that I believe that one part common sense plus one part good advice beats all the laws, rules, regulations and codes of practice most of the time. I am a fan not just of Bitterwallet but of any person, or any organisation, prepared to offer good advice.
  • zeddy
    From ING to fuckING cunts.

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