KE to ING Takeover

DCEA1

I have an Instant Access Savings account and Fixed Term Savings account with Kaupthing Edge, are ING obliged to keep the same interest rates when the money transferred to ING or will they have a different rate.

cheekykid

We have yet to know this

del1001

DCEA1 wrote: »

I have an Instant Access Savings account and Fixed Term Savings account with Kaupthing Edge, are ING obliged to keep the same interest rates when the money transferred to ING or will they have a different rate.

That's anyboby's guess at present, but I have doubts that ING will adopt the KE rates, the following taken from the KE / ING website -

"What is ING Directs policy on interest rates?

We believe in striking the right balance between providing great customer service and value

whilst maintaining a strong and sustainable business."

Thinker

My position is exactly the same as yours. Reading the ING statement on the KE website, it certainly leaves the door open for new rates

DaveG247

Cheers DCEA1

Just want I wanted to ask gonna keep an eye on this thread

LardyCake

DCEA1 wrote: »

I have an Instant Access Savings account and Fixed Term Savings account with Kaupthing Edge, are ING obliged to keep the same interest rates when the money transferred to ING or will they have a different rate.

I think ING will do what they like with the Instant Access rate (probably lower it).

The Fixed Term/Fixed Rate account is different though - if they change the rate they will be breaking the terms of the contact, thus you should be free of your obligations under the contract and able to withdraw your money if you don't like the rate. At least that is how I think the law works.

Nala

As far as I'm concerned I'll be transferring my KE/ING savings as soon as possible. The thought of anything happening and having to claim via a non-uk compensation scheme....what if they close the door to us?

LardyCake I do hope you are right for the sake of those with fixed rate accounts so that they will be able to make a decision. It's awful to have that taken out of your hands.