Whats going to happen to kaupthing edge fix term accounts??

andycarmi

Hi forum

Just wondering I have 50k sat in a fixed term account with Kaupthing edge (started in may for 3 years). Now that its been taken over by ING whats going to happen to these accounts will they carry on till the end of the 3 year term or are they going to be ended shortly?? Also if they are ended early by ING will they pay the interest earned so far, since may??

Just wondering if I should be phoning up and ending them early before ING do or just leave them as they are.

Thank you for your reply's

Andy

MKUX3

yes i am with Heritable now ING too and was wondering the same

amistupid

Telephoned ING this afternoon was basically told it was too early to give firm details regarding them honouring the saving rates of KE, only that if rates were changed depositors would be informed and could end their fixed rate term without penalty.

asharon

I closed my fixed rate account yesterday and apparently it takes two days to go back to normal savings. If I remember all I will loose is 1% or something like that of the interest to date.

However, I felt I would rather have it closer to a position where I can withdraw it when I want even if I miss out on a bit extra.

cheekykid

asharon wrote: »

I closed my fixed rate account yesterday and apparently it takes two days to go back to normal savings. If I remember all I will loose is 1% or something like that of the interest to date.

I closed my fixed rate account on Tuesday. Still the money ain't transfered to my savings account.

Anyone else in the same boat?

andycarmi

Thank you for your reply's I have tried to phone Kaupthing edge today but it appears to be busy all the time.

I think i'll leave it for the next few weeks to see what happens and hope ING keep the rates and fix terms all ready set up to run there term.:beer:

Andy

ray123

yes, closed fixed rate a/c on tue and Still the money ain't transfered to my savings account.

Money_Maker_8

I closed mine last Friday and it still hasn't moved. I think we're in for a long wait!

Butterfliesarepretty

I put £5,000 in an online savings 6.16% with kaupthing edge in june and its the only money I have left from my voluntary redundancy. I just hope mine is safe.

Teddycambs

I also requested closure of 1 year fixed term on Tuesday - money still not transferred to instant access. ING no help at all. Originally my funds were guaranteed by FSCS, now I would have to apply to Holland! How can the government guarantee all funds in Icesave then just give away Kaupthing and leave us all stranded?

Thinker

Teddycambs, this is exactly the point I was making yesterday on this website! I dont believe the British governmenmt can legally do what it has done. Its a huge change to our terms and conditions which we signed up to i.e. the UKs 100% FSCS. We did the "right and intelligent thing but could yet get shafted! Brown brokered the deal exactly for this reason beacuse he didnt want UK PLc to be liable for compensation. IF ING was to go bust and the Dutch gov reneg on compensation I would seriously consider a legal claim against Brown and his government, as you can be damn sure he wont pay up any comp now he's washed his hands of us. Plus, the worst happens Brown has personally steared us from the security of the UK FSCS to financial oblivion!