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Sybil13

If You Had To Choose Between Santander Or Ing?

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Trying to move some money around as I am not sure I feel confident in the guarantee scheme. As even the building societies that seemed a safe bet a few months ago now seem suspect I am thinking Nationwide, only because if Nationwide goes the whole lot goes. But don't know where else as they all look like they are about to merge as the FSA are about to take away their independence :

Understandably, the FSA is in the process of verifying whether all societies - not just the Moody's seven - have the capital to cope with further strains in the housing market and whether they have sufficient access to finance to withstand a prolonged drought of wholesale funding.

Societies unable to demonstrate they can absorb potential future losses comfortably will not be allowed by the FSA to retain their independence - unless the Treasury were to invest in them on taxpayers' behalf (not impossible). As for those with adequate capital but inadequate access to deposits and wholesale finance, their future hinges on whether the Treasury and Bank of England relax their conditions for providing taxpayer loans and guarantees.

Ralph Silva of TowerGroup, the leading financial services research firm, said that up to 15 building societies could be forced to merge within the next year or so but that at least five others would fail on the lines of Dunfermline Building Society.

He said: "At least four or five more will go the same way [as Dunfermline] over the next 12 months. Most building societies wait too long before asking for help and the result will be that some will be too far along to be saved. I think that 10-15 societies could merge within the next year or so – although to be clear, I expect them to merge into other entities, not disappear completely

Is that "not disappear" like C&G?

I am thinking that if Nationwide has said it has little appetite for more deals :

Nationwide, Britain’s biggest building society, has already bailed out three struggling societies and is said to have a limited appetite to do more deals. The new super-mutual being created through the merger of Britannia and the Coop is among other parties being sounded out by the regulator on their appetite for possible deals.

Then who does still has an appetite?

I thought if Britannia / Co-op were being sounded out for mergers then maybe that was a good sign, but Britannia was downgraded by Moodys.

It has been said that Santander is looking to buy , yet Moodys downgraded A&L from C to E, so am I wrong to feel that that does not equal a good bet?

And so I just go round in circles. Do I go with the Spanish, or the Dutch (Ing), just put it all in Tescos?

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And so I just go round in circles. Do I go with the Spanish, or the Dutch (Ing), just put it all in Tescos?

It might help if you tell us how much you've got Sybil ......

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It might help if you tell us how much you've got Sybil ......

Thanks Grey Shark , I don't want to buy gold or change currency or anything, so I can't see it makes any difference how much I have got, but I am looking to deposit the maximum £50000. Got £50000 in A&L currently which I have been trying to transfer to Nationwide for 3 months , been a nightmare trying to open the account and now I have heard their rates are going down. But have money in Ing, and I don't want to make the wrong choice and get money out of A&L and leave money in Ing , only to find Ing hit the dust and its hard to get money out of their compensation scheme. I don't trust the compensation scheme and I do not have faith in NS&I's either.

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I don't want to buy gold or change currency or anything, so I can't see it makes any difference how much I have got, but I am looking to deposit the maximum £50000. Got £50000 in A&L currently which I have been trying to transfer to Nationwide for 3 months , been a nightmare trying to open the account and now I have heard their rates are going down. But have money in Ing, and I don't want to make the wrong choice and get money out of A&L and leave money in Ing , only to find Ing hit the dust and its hard to get money out of their compensation scheme. I don't trust the compensation scheme and I do not have faith in NS&I's either.

Having read your post twice i can only conclude that your a permanent worrier , your never be happy with what ever choice you make or you're just taking the p1ss :) ...... which is it or is it a combination of the 3 ?

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Having read your post twice i can only conclude that your a permanent worrier , your never be happy with what ever choice you make or you're just taking the p1ss :) ...... which is it or is it a combination of the 3 ?

Sorry you feel this way , what can I say? I am worried about where I put my money right now , and I was genuinely looking for some advice. Its not a Q of me not being happy whatever my choice, it is a Q of the banking sector being in a bad way and the mutuals being no better and not wanting to make a bad choice.

So not I am not taking the pi@@ just genuinely looking for some advice re Ing (Dutch compensation ) Santander (Madoff losses ) etc etc as original post. :(

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