ING Group, the Dutch financial group, has opened an Internet bank in the UK.
ING Direct has only got one product - a savings account. But once it gets enough punters on board, it intends to flog 'em all sorts of other financial stuff like mortgages, mutual funds, pensions and life insurance.
According to Lindsay Sinclair, chief exec, ING Direct UK the UK banking industry "needs shaking up". He insists that the current savings rate of 4.3 per cent will "remain at the forefront of the industry" and that it isn't just an introductory rate to tempt new savers.
Based in Reading, ING Direct UK is expected to employ around 200 people.
ING has ebanks in seven other countries and boasts around 6m customers around the world.
The bank adds around 300,000 new customers each month, the company said. ®