Concerned about a Fixed Term Deposit with KE

elbe

mjmal51 wrote: »

Why start a new thread on the same subject?

Mayb I should have kept the good news to myself?

The thread that I wanted to post on, the one we'd all been using, I couldn't find. 'what's going to happen to KE fix term a/c' so I started a new thread then found this one so posted here.

My sincere apologies:rolleyes:

cos69

Your good news is - your bond has matured and the cash has been made available to you. That's good news, but this thread is about whether ING will honour the T&C's for our KE bonds. So your thread is fine - maybe just change the heading

At the moment it is not 100% clear whether the terms will be honoured, hope they are but since none of the official communications I have read say the "accounts" were transferred rather than the cash or balances; its still an open question

Jonbvn

I wonder if it is possible to open a new fixed term account? Anybody tried?

cheekykid

Has anyone managed to break their fixed term deposit? I requested on tuesday last week and nothing yet.

nzseries1

tom188 wrote: »

Nothing will change.

Fixed rate means what it says, they wont be able to change the rate.

Tom188, how do you know? Some proof would be nice - can you quote a reliable source?

slopemaster

Jonbvn wrote: »

I wonder if it is possible to open a new fixed term account? Anybody tried?

Yes, I opened one on Thursday
I am going to open another today, as soon as my CHAPS transfer arrives....

slopemaster

Obviously I too am hoping and expecting that ING will be bound by the contract.
(And if not, if they do change the rates then we will have to be given an option to cancel)

tomandkath

I rang last Monday to close my term account and although nothing appears to have happened yet they did check when I rang to pester them that it had been authorised a day or two later and is just stuck in the log jam. I think we just need to sit it out for a bit. I'm glad the money wasn't instantly whisked into my savings account or I would have pressed the chaps button and would now be even more concerned my money might be lost in the ether. At least I can still see it in there!

slopemaster

slopemaster wrote: »

I am going to open another today, as soon as my CHAPS transfer arrives....

hmm...my bank have just rung; they have refused to make the transfer as they say it would go into the Kaupthing Administration account, not into my savings account!!!!
I tried to say they had it all wrong and ING have taken over the accounts and its fine... but ended up by getting worried they know something we don't...
Am waiting for KE to call me back....
and trying to get through to ING...

lectureral

I strongly suspect that Ing will have the right to reset the terms of fixed rate deals under the circumstances.

My guess is that they will give us a choice - terminate the fixed rate (I would expect them to honour the rate until decision day) or switch to a new fixed rate (typically 6.2% with Ing I think) for the rest of the term. This would fit with Ing's stated approach to interest rates.