Now that KE is ING

Baldur

genieuk wrote: »

Sorry Baldur I have posted just like yours

No problem, the more the merrier.

Perhaps the message that 'top up' means 'top up', rather than optimistic & unrealistic interpretations will finally sink in.

Pssst

Its very easy to get paranoid about these things. Should we all draw our money out and stuff it under the mattress? It would then be worth even less as inflation and mice and burglars take a nibble at it. ING are a much bigger operation than Landeswanki and more importantly,are at the heart of Europe !. I too think the KE customers were very lucky that Darling did the deal and got ING to take them under their wing.

brydlesmansteve

Thinker wrote: »

yes but the UK gov has been notably silent about the fact that KE customers, previously covered by the UK FSCS, are now it would appear no longer covered by the scheme. This is a huge change in my terms and conditions - I choose KE for its 100% FSCS guarentee- in other words "I did everything right" but still get potentially shafted if the dutch poo hits the fan.

Like I say, if ING went to the wall and the dutch gov renneged, Brown would be saying, 'nothing to do with me guv'! This situation, if it were to occur couldnt be legal could it as its a massive change to KE UK terms which I have neither agreed nor even informed about - listen to that silence!

Thats my point made... I still wish to know from anyone who knows, are transfers still working out of KE accounts?

I closed my account last Thursday and am still waiting for my money to hit my linked account!

Limes

This is from the ING Direct website and has been posted elsewhere and may answer some of the questions about the mechanics/security of deposits/transaction processes - or it may not. . .

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.

sajawi

Does anyone know or can guess whether ING is likely to respect the rates we currently have as KE customers? I'm particularly keen to know whether the term deposits I have, at various stages on their way to maturity, are likely to be respected, or have I lost the months that this money has been sitting waiting for maturity?

Thanks

Chriswsm

I was wondering the same thing sajawi. I have invested 30k with KE as recently as late September for 1 year @ 7.15% as recommended by MSE at the time. I was also very pleased with how user friendly KE's website was.

I feel that my money is safe with ING but I do wonder if all agreements will be adhered to. Their message above implies that all agreements will continue as normal but does not say how long for.

Still at least it is safe (relatively speaking) and that is the important bit.

sajawi

Thanks Chris - then we're in similar boats. I invested just under 30k at their 7.15% rate in August and would hate to lose out on what I've already accrued just because the money doesn't mature till next August.

And I've found the KE site the simplest, smartest and easiest to use of all the bank websites I've used. Looks like it'll stay like that for the time being, if not for long.

blowupiceland

Who gives a f*ck if they don't respect the old interest rates.

Most of us just want our money back in its original form, and are not bothered about the interest.

Presumably, after all this s*it has gone down, you'll be moving your money to the latest Somalian internet banking wheeze for the sake of an extra 1% interest.

Get a grip.

sajawi

Well it's been pretty clear from the beginning that if your money is in a bank that is signed up to the UK guarantee - as Kaupthing is - then you will get all your money back. That's not really an issue, and certainly isn't now that all that money is safely transferred to ING.

However, when you invest you do so to make your money grow, no? So if you lose several months of interest - potentially hundreds of pounds - is the loss not a legitimate cause for concern?

AlanW_2

I already had some money with ING and now find my KE savings have moved too. While I am grateful to the government and FSCS for their action I could now be in a position to loose even more money.

OK, ING looks like a good bet but my protection has now reduced from £50k + EUR100k to just EUR100k as it looks like KE is not being kept as a separately FSA registered entity. I could have had money with Heritable too and do have some with Icesave. If my savings all get consolidated with one bank then I'm back to square one and have to work on spreading it out again, especially as there seems to be a lack of confidence in the passport type compensation schemes.

Alan