What? Why would someone want to switch from a neo-broker to a more or less traditional bank? Especially if the account was moved from ING to Scalable Capital 18 months ago? Isn’t ING much more expensive, less flexible, and, on top of that, less cool than Scalable Capital?
First of all: Scalable Capital has incredibly good features, which I have occasionally written about. The Scalable interface is extremely well thought out and optimized. I really, really, really like it.
The ING interface, on the other hand, is at times a journey into the depths of user experience. A watchlist? Yes, it’s there. But finding it? Phew. Setting price alerts? Nope. When I look at my ETFs (see the photo on the left), they have cryptic names. I know what’s behind them, but intuitive? Not really. It’s not fun either. There are many features I miss from Scalable. So why did I transfer my account back? And what about the costs involved in a trade here?
First off, there are negative points with Scalable as well, such as how it took them almost two months to change my phone number. The transfer from ING to Scalable was quick, but the reverse took several weeks. And the fact that even cash that wasn’t touched was blocked at Scalable if I had any transaction, I just can’t understand. Cash goes to Scalable quickly, getting it out? Forget it. And while the Scalable support is friendly, it’s not helpful.
However, my decision to move the account back to ING was immediately dampened. There was a problem with two stocks being transferred from another account, and I spent 40 minutes in the ING phone queue until I got a representative on the line who very condescendingly explained to me that ING was doing everything right and that the problem lay elsewhere. Was it really such a good decision with ING? Actually, a week later, I had a much better experience. At ING, real bankers sit at the desk, who are also allowed to make decisions. And that’s important to me.
Additionally: I don’t need cheap trades. “Back and forth makes pockets empty,” as the old stock market saying goes. I’m not a speculator, not a day trader. When I buy something, I want to keep it (I’ll write more about that later). Neo-brokers don’t really offer “free” trades, they finance themselves through rebates and spreads, i.e., the difference between the buy and sell price. The seemingly cheap trades, according to the consumer protection agency, also encourage more trading.
The trades at ING, which feel more expensive, do make you hesitate when you want to buy something. The suboptimal interface also prevents me from buying quickly, sometimes it really gets in the way. But rushing on the stock market isn’t a good advisor anyway. So, a bad interface can also have advantages. Who would have thought…
What else speaks for ING? Of course, you can have various accounts and savings accounts distributed around the world, but it doesn’t always make life easier. Even though it’s boring, the screenshot on the right shows that you can make it simple. ING now allows you to have more than one extra account (these are savings accounts), and here I separate the usual reserve from the account used for the trading account. I have everything at a glance, and when I need money, it’s on the checking account within seconds. Tax returns also become a bit easier when you don’t have to pull information from different corners.
It’s not as cool as Scalable or Trade Republic. But it works, and in an emergency, I have real people on the line. And time is money.