Am I nuts?

slopemaster

My money just arrived in Kaupthing Edge a/c today.
Now planning to put it in 3-yr term a/c at 7.67%
Rates like that won't be around for long...

IT_nerd

Do you like filling out forms?

tomterm8

Erm, Kaupthing Edge don't even exist any more, AFAIK.

South_Bound

I'm with slopemaster here, we are now talking about ING. Safe as anywhere, just not sure about the passport scheme they offer. Will check that out and see what to do with my money.

IT_nerd

Come on people! Learn from mistakes!
Yet another passport scheme, and it didn't work great for icesave.

cheekykid

slopemaster wrote: »

My money just arrived in Kaupthing Edge a/c today.
Now planning to put it in 3-yr term a/c at 7.67%
Rates like that won't be around for long...

Since they accepted your deposit I guess KE (ING) are operating normally?

slopemaster

tomterm8 wrote: »

Erm, Kaupthing Edge don't even exist any more, AFAIK.

their website's up and running, and ING say 'business as usual'...

jingle68

statement from ING website:

ING DIRECT UK HAS SIGNED AN AGREEMENT WITH THE UK TREASURY TO TAKE OVER £2.5 BILLION DEPOSITS FROM KAUPTHING EDGE AND £538 MILLION DEPOSITS FROM HERITABLE BANK



What does this mean for you?
Is it true you are taking over Kaupthing Edge and Heritable Bank?
We are pleased to confirm that we have signed an agreement with the UK Treasury to acquire £2.5 billion in deposits and 160,000 customers from Kaupthing Edge as well as £538 million in savings deposits, held by 22,200 customers from Heritable Bank.
ING Direct is in a position of strength. We are very pleased to have been able to take such rapid and decisive action that has provided Heritable Bank's customers, and those of Kaupthing Edge, with the reassurances they need. We are working to rapidly ensure that it is business as normal for all customers. We look forward to extending our approach of offering simple and straight-forward products backed by award-winning customer service to our new customers.
I am an existing Kaupthing Edge and Heritable Bank customer. What does that mean to my account?
This means that the savings you currently have with Kaupthing Edge and Heritable Bank are safe.
In the short term your accounts will continue to operate in the same way using the same contact details, so you will not see any change. Your accounts will be managed by ING Direct.
As a customer with us you now have the added reassurance that your savings are protected under the Dutch National Bank’s Deposit Guarantee Scheme for up to €100,000 (approx £77,700) per depositor and therefore €200,000 (approx £155,400) for a joint account.
Can I continue to transact on my Kaupthing Edge and/or Heritable Bank account?
Yes – please continue to access your account in the same way using the same contact channels as normal (via phone or web).
Are my savings with you safe and secure?
You have the reassurance that your savings are with ING Direct, we are wholly owned by the Dutch ING Group which announced net profits of £2.8 billion in the first 6 months of 2008. ING is one of the world’s largest financial institutions with assets of over £1 Trillion and 85 million customers. ING Group has one of the highest credit ratings in the financial services industry. AA-credit rated as measured by Standard and Poor’s.
The Dutch economy is one of the strongest with a AAA (triple A) rating which is exactly the same credit rating as the UK.
As a customer with us you now have the added reassurance that your savings are protected under the Dutch National Bank’s Deposit Guarantee Scheme for up to €100,000 (approx £77,700) per depositor and therefore €200,000 (approx £155,400) for a joint account.
I have an account with ING Direct and Kaupthing Edge / Heritable Bank, what compensation cover do I now have?
Your ING Direct savings are protected by the Dutch National Bank’s Deposit Guarantee Scheme which has increased its guarantee to €100,000 (approx £77,700) per person. This covers all the accounts you may hold with ING Direct, Kaupthing Edge and Heritable Bank.

slopemaster

Actually, I take it back about the website operating normally.
It shows my deposit in there, but keeps crashing.
The announcement from ING has just appeared on the KE website
(ie same as the one posted above from ING site)

temba

he he! well if you're nuts so am I . Two nuts in a forum of panic and mayhem :beer:

I actually got the 3 yr term this morning, before I knew anything about KE being in trouble, but I'm quite glad I did now, esp if ING honour it, and if they don't I've not lost anything have I?

I agree with you, I don't think those rates will be here for long.;)

slopemaster

It finishes by saying

"What is ING Directs policy on interest rates?

We believe in striking the right balance between providing great customer service and value

whilst maintaining a strong and sustainable business."

which sounds ominous to me...