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Kaupthing and ING
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Jake'sGran
Posts: 3,269 Forumite
I had a £10k fixed rate bond with Kaupthing that matured last week and wrote to them at the end of July to say I would want to close the account which was moved to ING plus the small amount that was in ING originally. When I phoned them a few minutes ago the stroppy young lady told me they don't act on written instructions - first time I have ever heard this! Considering that it's impossible to locate an email address the telephone is the only way a customer can do business with them. This causes another problem i.e.
my OH is rather deaf and in any case does not want anything to do with telephone or on line banks. I look after his finances. We want to close his account but I can see that we will have problems doing it. Any advice would be appreciated especially
your comments re ING refusing to take instructions by letter?
Finally, did any of you take out one of the Kaupthing fixed rate bonds? I have a note that the rate was 7% but have been given a figure of £10.600 to maturity.
my OH is rather deaf and in any case does not want anything to do with telephone or on line banks. I look after his finances. We want to close his account but I can see that we will have problems doing it. Any advice would be appreciated especially
your comments re ING refusing to take instructions by letter?
Finally, did any of you take out one of the Kaupthing fixed rate bonds? I have a note that the rate was 7% but have been given a figure of £10.600 to maturity.
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Comments
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I have a fixed-rate bond (but mine doesn't mature until later this year). As I remember it, the interest rate was 7.5%. This would explain why (net) interest is 600 pounds on 10,000.0
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I have a letter from Kaupthing Edge dated October last year, it states the interest rate is 7.15% AER on one or three year fixed terms.0
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Like a lot of accounts, KE/ING is an online account. This by definition means that they are operated online only, and usually written (by post) instructions are not accepted. This is spelt out in their T&C's, and is done to keep costs low. I am somewhat perplexed why you opened such an account in the first place, given your aversion to them?
Regarding the interest on your 10k, I would guess that tax has been deducted, unless you completed an R85 form?In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0 -
As it is online account, why not just move all the dosh out, leaving zero and forget it?
May just come in handy should you reconsider if ING bring out savings super rate [watch out for flying pigs if this happens]Eight out of ten owners who expressed a preference said their cats preferred other peoples gardens0 -
I took out a 3 year Kaupthing Egde savings bond paying 7.67% gross and the rate stayed the same when it was transfered over to ING.
When you log in to your account you should be able to see what interest rate your getting and also the interest accrued to date plus the maturity date/balance.
Balance (£): xxxxxxx
Rate (Gross): 7.67%
Term: 36 Months
Tied ING Direct Savings Account: xxxxxxx
Maturity date: 26-Sep-2011
Maturity balance (£): xxxxxxx
Interest accrued to date (£): xxxxxxx
The interest rate you get depends on what date you took out the fixed rate bond with Kaupthing Egde.Never let the perfume of the premium overpower the odour of the risk0 -
Like a lot of accounts, KE/ING is an online account. This by definition means that they are operated online only, and usually written (by post) instructions are not accepted. This is spelt out in their T&C's, and is done to keep costs low. I am somewhat perplexed why you opened such an account in the first place, given your aversion to them?
Regarding the interest on your 10k, I would guess that tax has been deducted, unless you completed an R85 form?
You might have misunderstood. I do have a number of on line accounts. It is my OH who has an aversion to them.0 -
You can log in online (he will have been sent the relevant login when the account transferred to ING) so you can withdraw the money for him online, as you would have had to do if the account was still operated by Kaupthing0
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As it is online account, why not just move all the dosh out, leaving zero and forget it?
May just come in handy should you reconsider if ING bring out savings super rate [watch out for flying pigs if this happens]
I closed it today by telephone. But in the post today I received a letter from them detailing the maturity balance, interest earned and the tax deducted even though they had an R85 and the statements I have from Kaupthing clearly show that I was getting GROSS interest. There is even a letter confirming this.
My records show that I should have got 7% gross interest. The letter today states "Interest earned £572.00" and "tax deducted £143".0 -
I had to ask for interest to be paid gross again after the account was transferred to ING.
You can reclaim it by filling in a R40. hmrc.gov.uk/forms/r40.pdf0 -
Jake'sGran wrote: »My records show that I should have got 7% gross interest. The letter today states "Interest earned £572.00" and "tax deducted £143".
Your rate would have been at 7.15% gross.
Interest BEFORE tax would have been £715.00; AFTER tax will be £572.00 (difference between the two is the interest deducted - ie. £143.00).
I wish I took out the 3 year term at 7.67% !0
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