Kaupthing in Administration

jamieslucky7

Would it be a bad idea to try and pull money out of my KE savings account (non-fixed)?

MadSage

jamieslucky7 wrote: »

Would it be a bad idea to try and pull money out of my KE savings account (non-fixed)?

At the moment you can still login and withdraw, so presumably, no. Mine is mostly in a fixed term so I'm leaving it where it is considering the amount of interest I would lose out on, and the fact that ING appear to be a very solid bank. I know it doesn't mean everything, but their ratings are looking very good.

http://www.ing.com/group/showdoc.jsp?docid=074320_EN&menopt=ivr|rat

I would still be interested to know how their current CDS compares to those of the big UK banks. I'm not sure where to find the latest rating. Anyone know?

Locoblade

northern5 wrote: »

Sadly for KE, I started a BACS transfer of my funds yesterday. Again, not because I'm worried about loosing it, but because I can't wait months for the FSCS to cough up should there be a problem.

I transferred the majority of ours out via BACS on Sunday evening as we need it in the next couple of weeks to pay our builder, it not arrived in our account yet though. Hopefully we'll see it tomorrow otherwise I'll start worrying, having to deal with a "money lost in limbo" claim doesn't bear thinking about.

Gwhiz

northern5 wrote: »

So ... here we are again a day later! I've just left the Icesave thread and have now hopped on here to hear the latest regarding KE!

At least this time we know we are protected, but I'm sure I'm not the only one who puts cash into these accounts and pulls the cash in and out as needed. If KE stop money being taken out now then I'm going to run into problems very soon!

Sadly for KE, I started a BACS transfer of my funds yesterday. Again, not because I'm worried about loosing it, but because I can't wait months for the FSCS to cough up should there be a problem.

Personally I'm glad that we have this forum to talk about this and share the news articles.... without this I would feel very isolated and in the dark!

One thing this will all teach people is do not use these sort of banks for your daily/weekly needs. I've got money in KE but tied up as I only want it for "savings" purposes. My liquid needs are all with UK banks, on lower interest, but more available (I can see the cashpoint machine from here!!).

jamieslucky7

MadSage wrote: »

At the moment you can still login and withdraw, so presumably, no. Mine is mostly in a fixed term so I'm leaving it where it is considering the amount of interest I would lose out on, and the fact that ING appear to be a very solid bank. I know it doesn't mean everything, but their ratings are looking very good.

http://www.ing.com/group/showdoc.jsp?docid=074320_EN&menopt=ivr|rat

I would still be interested to know how their current CDS compares to those of the big UK banks. I'm not sure where to find the latest rating. Anyone know?

Most of mine is also in fixed, so I will leave it there. Dont want to lose my interest!! However I have money from an SBT credit card and graduate overdraft in my normal KE savings account, which I will need access to next summer. Hopefully all this will be sorted by then though.

northern5

jamieslucky7 wrote: »

Would it be a bad idea to try and pull money out of my KE savings account (non-fixed)?

In my opionion its a bad idea if you don't need the cash soon, a good idea if you do!

Its fully protected by the bottomless pit/government up to £50k, and by the looks of things is going to be ok if ING take over anyway.

I have removed mine purely because I need access to some cash in the next few months and no longer have the security blanket I had from the funds in icesave!

slopemaster

XXXX wrote: »

Since now KE has been taken over by ING, no compensation is necessary. The variable rate offer maybe inevitably lowered assuming your fixed rate will not be changed before the end of your term?

So does anyone know if I grabbed their 7.67 rate on fixed-term account, would ING have to honour this???

formulaonefan

Locoblade wrote: »

I transferred the majority of ours out via BACS on Sunday evening as we need it in the next couple of weeks to pay our builder, it not arrived in our account yet though. Hopefully we'll see it tomorrow otherwise I'll start worrying, having to deal with a "money lost in limbo" claim doesn't bear thinking about.

I'm in the same position as you mate. My KE account is saying '0.00' and money hasn't reached my current account yet. very worrying. What do we do next if money doesn't show up in our current account tomorrow or day after???

gris

XXXX wrote: »

Really?

http://news.bbc.co.uk/2/hi/business/7658725.stm
'The Treasury, Bank of England and Financial Services Authority have taken their action to protect the UK customers of Kaupthing Edge by putting into administration its UK banking group, Kaupthing Singer & Friedlander (KSF), which holds the deposits of Kaupthing Edge's UK customers. '

Since now KE has been taken over by ING, no compensation is necessary. The variable rate offer maybe inevitably lowered assuming your fixed rate will not be changed before the end of your term?

I was talking about Darling who mentioned liquidation in respect to KE. KSF has gone into administration; KE has been wound up and transferred to ING.

jamieslucky7

formulaonefan wrote: »

I'm in the same position as you mate. My KE account is saying '0.00' and money hasn't reached my current account yet. very worrying.

Make sure you print out statements. Thats the first thing I did when I heard the news.