Kaupthing Fixed Deposit - No NEW accounts allowed

joyfull wrote: »

Having been told no further fixed deposit accounts could be opened in KE the website STILL appears to give the option to open them.

So, today I did & the funds were transferred!! Feeling unsure, I phoned KE to confirm that this account would be honoured only to be told NO it would not and only people who had originally opened their fixed deposit accounts with KE originally would be able to keep them.

I'm now told the funds will be transferred back into my savings a/c & this will take 24 - 48 hours.

Don't want to alarm anyone who has also taken this step but may be worth checking.

Yet more funds in limbo.

I will certainly challenge them on this, as I requested them to cancel the breaking of my FTB's more than a week before they actually did break them. They said it was too late and now they are saying that despite their site alowing me to transfer back in they will break the bonds WITHOUT my consent, I don't think that's right. Or am I just seeing things my way?

EDIT: on second thoughts whats the point its not that much money anyway

joyfull wrote: »

It's not right. I too am pretty angry. I'm keen to get my funds into a fixed deposit a/c asap as I'm not happy with funds languishing with KE/ING not knowing what interest it will be earning. I will now try Anglo Irish. However my money is now unavailable again whilst ING sort themselves out. Keep us posted Stevetodd if you do contact them.

I rang them and they not only said that my money wasn't in any FTB's but at noon today it was sent back to my nominated bank account! I would have preffered it in the FTB but to be honest I am not too unhappy that it is coming back to me as it seems they are still in confusion over there.

Like you I may park some in Anglo Irish, but because the FTSE 100 is so low I may consider BM's GEB which pays 8.7% if the FTSE 100 is higher at the end of the bond than the start. I would probably go for a 5 year bond so giving the FTSE 100 plenty time to rcover from its current mess. I am not too sure if I have left it too late now as I think this GEB starts early Nov

Any constructive criticism of this GEB would be welcomed by anyone

isofa wrote: »

I'd say there are better investment ideas, but I'm not a financial adviser!

Its not an investment ie it is a strict 8.7% interest payment if the FTSE is higher, it does not pay out a shared performance of the FTSE as some GEB do, here is a link to the product detail:

http://www.askbm.co.uk/savings/t/geb/product.asp?id=200

Why don't you stick it in ICICI UK. Totally FSCS regulated and doing various fixes. You may miss the 7.2% but you'll get the 6.8% which is still good.