100k with kaupthing edge

cheekykid

I have 100k with kaupthing edge on a 6month fixed term. Am trying to call them today to break it and chaps the money back to my british account but their telephone centre is permantly busy:mad:
Given to what happened to ICESAVE i believe it is a wise move to withdraw by balance asap before kaupthing has similar problems.

KingL

You really didn't need to waste a thread to say that, did you? There are dozens of existing threads where you could have said it. This place is cluttered up enough as it is!

cheekykid

KingL wrote: »

You really didn't need to waste a thread to say that, did you? There are dozens of existing threads where you could have said it. This place is cluttered up enough as it is!

Am just asking an advice on what would be a wise move

slipthru

I would advise you to do what you feel necesarry.

KingL

There aren't any questions in your original post, only a diary of what you are doing. In either case, forum etiquette would have you reading the other threads where the same 'questions' have been posted numerous times, and if you still need to ask, then to tag your question onto the end of an existing thread, rather then starting a new one.

etiquette aside - note that you are protected to £50k under the UK FSCS. You can close a KE fixed term early, but you will lose 1% on your interest rate. This would still give you a pretty good rate.

As far as the stability of KE and the preservation of your "uncovered" £50k is concerned, you will find as many opinions as there are people. It is possible that a government would step in and cover it all, it is possible that KE will be stable and there will be no need to worry about, it is possible that it will end up in the toilet. The best you can do is keep up to date with the news by watching out for news items posted in the threads around this forum and making judicious use of the various opinions posted in the most recent 5,000 or so posts made here. Ultimately, you will have to decide what to do.

cheekykid

Sorry but i didn't mean to scaremonger in any way.

isofa

If you are scared, I'd suggest reduce your balance to 50K which is currently fully protected under the FSCS. (Anything above 50K isn't.)

I have less than 50K with KE and I'm happy to keep it there at present.

leviathan

For the sake of 1% of 100K ie: 1000 (being simple and not thinking about tax) verses the potential loss on interest for say 6months, or maybe longer, on 50K whilst FSCS sorts itself out should something go wrong at KE; I know what I'd be doing.

It's not scaremongering, it's financial sense.

Take a look at the AA's offer.
But again, you're sticking your money away for 12months in the current climate where liquidity makes a lot of sense.

frank_potter

cheekykid wrote: »

I have 100k with kaupthing edge on a 6month fixed term. Am trying to call them today to break it and chaps the money back to my british account but their telephone centre is permantly busy:mad:
Given to what happened to ICESAVE i believe it is a wise move to withdraw by balance asap before kaupthing has similar problems.

Do whatever you think is best and follow your instincts.

If I was in your situation I would personally move the whole balance to somewhere safer. There are clearly many on this forum who would disagree with this. In my view capital preservation is the key at the current time.

Please remember that it is your money and that if things go wrong you will be the loser.

cheekykid

frank_potter wrote: »

Do whatever you think is best and follow your instincts.

If I was in your situation I would personally move the whole balance to somewhere safer. There are clearly many on this forum who would disagree with this. In my view capital preservation is the key at the current time.

Please remember that it is your money and that if things go wrong you will be the loser.

I agree with you that right now what matters is safety rather than high interest rates.

Tp update the thread, I managed to get through to their telephone centre after 5-6 times and I broke my fixed 6month deal. They said it takes up to 48hours for the money to be transfered to my normal KE savings account. So all should be ok.

South_Bound

It is not 1% of total investment/savings, it is a reduction in 1% of the interest paid over that period - ie 5.5% instead of 6.5%.