Now that KE is ING

MKUX3

amistupid

who did you contact re fixed term?

i have a fixed term with heritable now ING and would like to check it has been transferred, have you a tel no??

Paul.J.M

amistupid wrote: »

I had a substantial fixed term deposit with Kaupthing Edge which has now been smoothly transfered into the care of ING, it matures in 11 months. In view of the collapse of the Icelandic banks I am just relieved that my investment has been so quickly rescued. The icing on the cake is that it is now with a relatively far more secure bank who, at this time, appear to be paying me the same high 7.15% interest rate as KE. I am going to leave it where it is and hopefully collect next September.

Good, i will be doing exactly the same and so will be many others. If ING go bust then the world is definately in serious bother. I assume they have to honour the 7.15% until maturity.

amistupid

I'm not that lucky on 2nd Oct I made £5,000 BACS tranfer to Icesave it cleared into that account on the 7th, the day they went bust! But there again I'm glad I'll get it back eventually.

Baldur

amistupid wrote: »

...who, at this time, appear to be paying me the same high 7.15% interest rate as KE..

I also have a couple of fixed term accounts but certainly haven't seen anything official to confirm your assumption, other than a very vague "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".

'Operate' could mean almost anything, from continued internet access to contact details but doesn't necessarily indicate that existing interest rate contracts with KE will be honoured.

Rachel_Jones

I moved quite a large amount out of KE on Monday, 6th (or thought I did). It appears as a debit on my KE account but it has still not reached my link account and my UK bank has received no information about this transfer. I wasn't too worried as I thought I was covered by govt £50K but, having read other people's comments, am not feeling very anxious. I really need this money by Monday, 13th or I'll be in deep trouble. What are the chances of getting it?

Rachel_Jones

Above should read 'am now feeling very anxious' Typo, sorry. Is there any way to find out what's happening? I've tried phoning but with no luck.

MKUX3

heritable will probably be the same with transferring the fixed rate with iNG and keeping at the same rate until maturity in may 09.

derbyjon

Rachel_Jones wrote: »

Above should read 'am now feeling very anxious' Typo, sorry. Is there any way to find out what's happening? I've tried phoning but with no luck.

There are lots of people in the same boat, hence your problems in talking to them. Your money will not be lost, it will be sat within KE and will eventually be credited back when ING manage to clear the backlog.

I reckon by the end of next week the ING-KE accounts will be fully recredited and available for transfer if required.

Arch_23

what's the best thing to do now?

I have/had a substantial instance access account with KE, would it be best to just leave it there now instead of trying to transfer it do my linked account?

Don't want the money to get stuck in transfer limbo.

Foggy

I transferred my instant access money out of KE on Tuesday but left my fixed term deposit. I'm quite happy that its now with ING.

I can understand how the transfer to a passport scheme may alarm some given it's association with a reneged promise from another government but I am prepared to stick with it.