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

cheekykid

Thinker wrote: »

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!

I don't think it matters much. I don't think ING will bust within couple of weeks so by then you can easily move your money elsewhere.

soolad

Im in the same situation, i called on monday to cancel my fixed deposit but nothing seem to have been done yet, even called the customer service yesterday morning before the news of the takeover i was told that the fixed saving will transferred to my regular saving before 2pm. But up to this moment nothing seem to have been done.

soolad

I feel we need to make the fixed saving matter a big issue cus people who have tried transfering money out and havnt recieved it, have made sure it everywhere in the news.

we cant be silent about this matter .... agree or not

Geoffo_M

soolad wrote: »

I feel we need to make the fixed saving matter a big issue cus people who have tried transfering money out and havnt recieved it, have made sure it everywhere in the news.

we cant be silent about this matter .... agree or not

Don't agree - just be happy that your capital is going to be safe. Looks like you'll lose any accrued interest - I don't know. Wait til your money is successfully transerred to ING and then move it out if you're not happy.

cheekykid

Am re-assured that our money is secured but when can we get our hands on it? I hope that early next week we should be able to withdraw normally.

polus_

Geoffo_M wrote: »

Don't agree - just be happy that your capital is going to be safe. Looks like you'll lose any accrued interest - I don't know. Wait til your money is successfully transerred to ING and then move it out if you're not happy.

Yep I agree, but being responsible and ruling out Icesave and choosing Kaupthing Edge becuase it had a good rating and was fully FSA backed, then putting under 35K in and being less well off then Icesave savers in the same situation does leave a bitter taste.

My fixed term times out in December, however it seems as though ING are not going to honor this anyway? Trying to claim money from a forign government is not where I want to be so Ill probably move it.

What do I learn? No fixed term accounts and get the interest paid monthly.... Id be several hundred better off

angiek

I have some money with KE which I only transferred in August from online savings into fixed rate 12 mths. I want to make a withdrawal of this money back into my instant access savings in case it transpires that ING are going to be the next down the pan. But I cannot do this transfer online - only allows me access to my instant access for withdrawals.
So is this because of the takeover by ING or is it that a fixed rate a/c with them means the money is stuck for the full 12 months? I cannot find anywhere in the terms and conditions and thinking it was UK guaranteed when I moved the money over I stupidly (!!) didn't check first. I have had other fixed rate a/cs which just penalise for early withdrawal.
Anybody know the answer -Do I have to phone to close fixed rate a/c?
Sorry if its already posted somewhere - but I am going cross eyed with all the late night trawling of forums over the last few days!
All I wanted to do is have a little bit put by for my future - but I think when/if I get my grubby little mits on MY money again, I will just enjoy life for a while and then......que sera sera!
Thanks.

soolad

You will have to phone them to close the fix saving, but i will warn you that i already requested that three days ago and it still not been done. I was told it usually take 24 hours and you lose -1% of interest rate.
Good luck

hpsauce_2

I am a bit miffed about ING taking over KE.
I put the money in KE rather than icesave due to the UK protection and so wasn't originally worried but with ING being the passport version :mad: will defo be moving it if they cancel the fixed rate interest level.

What a mess :rolleyes:

Valleycommando

Account will all earn the same interest in the same type of accounts. ING is merely managing the funds at the stage.