Kaupthing Edge, Should I Avoid?

houmie

Hello,

I have my savings with KE. On the one hand I know that its covered by the FSA and is safe. On the other hand the money is being transferred to ING Direct.

1) I wonder if it makes sense to get the money straight out and put it in ICICI?
2) What happens to the 9 days interest in October? Would they be paid once transfered to ING?


Thanks
Regards

etherline

I find it quite interesting that where savers had opened accounts which were protected by the FSC Scheme, the UK government has shunted its responsibility to the Dutch government. I do understand that a relatively safe harbour is better than sinking but I am sure that most savers would have preferred to continue to be protected by UK rules. Is there a reason why continued FSCS protection could not have been made a condition of sale?

prudryden

It is one thing that your principal is protected - but it is another to risk a year's interest on that principal for a paltry few quid on a slightly higher rate in a speculative bank. Indian banks in the beginning of the year had a lower rating by Moodys than the Icelandic banks. Not one of them was rated investment grade.

alared

papolo wrote: »

You are talking rubbish!

Do not believe everything you read in newspapers, deeper investigation is needed to make a conclusion.

If you have no deep understand about how banks operate and how they do business then it will be better if you shut up and stop making stupid comments about the safety of KE and icelandic banks.

Seems like you do

:T :T :T

roddydogs

Has KE been taken over by ING? the BBC keep saying its been Nationalized? whats the difference?

alared

roddydogs wrote: »

Has KE been taken over by ING? the BBC keep saying its been Nationalized? whats the difference?

You and Papolo were the two main people on this thread telling everyone to shut up about KE being in danger.

Not a lot of shouting now and telling people they were scaremongerers!

The government snatched control of KE in this country and have now got ING Bank to take over the running of KE`s customer`s accounts.

So dear old Darling has come to the rescue of all it`s UK customers and everyone`s £50k is safe.

roddydogs

alared wrote: »

You and Papolo were the two main people on this thread telling everyone to shut up about KE being in danger.

Not a lot of shouting now and telling people they were scaremongerers!

The government snatched control of KE in this country and have now got ING Bank to take over the running of KE`s customer`s accounts.

So dear old Darling has come to the rescue of all it`s UK customers and everyone`s £50k is safe.

Where have i said that, exactly?

poppy10_2

roddydogs wrote: »

Has KE been taken over by ING? the BBC keep saying its been Nationalized? whats the difference?

Kaupthing, the Icelandic bank, has been nationalized by the Icelandic government. Kaupthing Edge is a UK bank and has been taken over by ING.

frugalrob

I have a very small amount of money in what was Kaupthing edge which I was happy with because it was under the UK protection, now that it has been bought by ING I am not sure what to think.

I am happy that ING is a decent bank and not at immediate risk but tbh who knows these days? My issue is that before my money was with a riskier bank but protected under the UK guarantee but now it is under the Dutch protection which is more than enough (£77k I think - per person??) but its Dutch protection. Whilst I have nothing against the Dutch economy or people I'd probably rather have it under UK protection, as whatever the rights and wrongs, this seems to be pretty secure so far.

Am I in a better or worse position right now? And knowing what the interest rates are going to be would be a help too!