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

ed123_2

...miffed about ING taking over KP?....KP was insolvent and you may have had to claim through FSCS. Looking at the ING linking they have converted 100k euros at three different rates £70k, £77k & £77.7k.....not good

soolad

I will like know if anyone has been able to successfully close Kaupthing now ING fixed saving. I know a lot of people including myself have requested for it to be close for almost a week now.

just spoke to KE now ING and they have started clearing backlog but couldnt tell me when to expect it to be done.

pls post any update

Limes

ed123 wrote: »

...miffed about ING taking over KP?....KP was insolvent and you may have had to claim through FSCS. Looking at the ING linking they have converted 100k euros at three different rates £70k, £77k & £77.7k.....not good

Regardless of the mathematics at this stage, I don't think that currency rates remain fixed against each other, so if the time ever comes to be called upon the actual value of €100k would have to be determined at that date surely, so these 3 figures are merely guidelines wouldn't you have thought?

If you want the maths:

Today €100k is worth £79,523 based on an exchange rate of £1.00=€1.2575.

4 days ago it was worth £77,220 on a rate of about £1.00=€1.2950

Point is it's still a higher level of protection than in UK at present.

elbe

I've got a 6 month fixed with KE maturing on Mon 13th. KE e mailed me on Monday 6th to remind me. I'll be interested to see what happens next week. I spoke to ING yesterday and the girl didn't really know about whether or not they would honour the interest rates on the fixed term accounts. I'll let this thread know what shows in my KE, (or will it be ING by then?) account on Monday.

cheekykid

My money still in the fixed term even though I broke it. I wonder when they will be transfered to my savings account.

polus_

Limes wrote: »

Regardless of the mathematics at this stage, I don't think that currency rates remain fixed against each other, so if the time ever comes to be called upon the actual value of €100k would have to be determined at that date surely, so these 3 figures are merely guidelines wouldn't you have thought?

If you want the maths:

Today €100k is worth £79,523 based on an exchange rate of £1.00=€1.2575.

4 days ago it was worth £77,220 on a rate of about £1.00=€1.2950

Point is it's still a higher level of protection than in UK at present.

Point is you don't have any leverage if its 'guaranteed' by a foreign bank. This is the very reason I choose KE with its FSA guarantee.

asharon

My money is still in the fixed term and is now overdue.

cheekykid

I guess we need to wait till monday or so before our fixed terms deals are broken

llyblf

Spoke to someone at ING a moment ago who informed me that fixed term accounts will be honoured under KE's terms although the instant access rate is likely to change. He seemed well informed but its still certainly no guarantee.

EDIT It seems most people have been told that ING have yet to make a decision over fixed term accounts, i'll phone tomorrow and see whether the advice differs from what I was told today.

cheekykid

What about those who broke the fixed term with KE but are now under ING? Are ING aware of our request or we need to ask again?