Do I need to withdraw my KE savings?

drfclee

Ive not really followed the Banking crisis in Iceland and feel ive missed out on valuable info by not doing so. Ive got a few grand in KE and also got an ING account. I know information is probably not that clear at the minute but what im wanting to know is can i leave my money in KE or will ING shut down KE and move my money to an ING account?

Ive just tried withdrawing my money but the screen just refreshes and wont confirm the transfer. Im not too bothered at the minute as i dont need the access but just want to know if by leaving money in the account, it wont cause me any hassle further down the line.

Any info regarding this would be welcome.

P.S I took this account on this sites recommendation but if i lost it id only blame myself for not spending it!! Martin, Your a godsend.

ebyard

No.

There is a huge backlog of KE withdrawals which ING are now processing. Your money is safe in KE/ING for now.

My advice is to wait and see what interest rate ING are giving KE customers and then decide.

elbe

drfclee wrote: »

Ive not really followed the Banking crisis in Iceland and feel ive missed out on valuable info by not doing so. Ive got a few grand in KE and also got an ING account. I know information is probably not that clear at the minute but what im wanting to know is can i leave my money in KE or will ING shut down KE and move my money to an ING account?

Ive just tried withdrawing my money but the screen just refreshes and wont confirm the transfer. Im not too bothered at the minute as i dont need the access but just want to know if by leaving money in the account, it wont cause me any hassle further down the line.

Any info regarding this would be welcome.

P.S I took this account on this sites recommendation but if i lost it id only blame myself for not spending it!! Martin, Your a godsend.

Have a look at the 'kaupthing edge site problems thread, should answer at least one of your queries

nzseries1

Clearly you haven't followed the Icelandic banking crisis, nor the 1,299,373 other threads on the same topic.
For example, this one: http://forums.moneysavingexpert.com/showthread.html?t=1214233

gogsboy

nzseries1 wrote: »

Clearly you haven't followed the Icelandic banking crisis, nor the 1,299,373 other threads on the same topic.
For example, this one: http://forums.moneysavingexpert.com/showthread.html?t=1214233

Some of us are not able to follow it, or perhaps not as much as others for example!

Some of us don't have internet access all the time and when we do it's probably far more taxing than trying to log into a site....I mean if you can attempt a log in that's a start!

Perhaps you should pin point the 1,299,373 other firestarters and kane them before deportation to....lets say Iceland!

And for as helpful as you are....you're link points to a 'log in' problem from what I can gather? It's hard work here fighting for webspace....and air space!

The OP's main line was 'Do I need to withdraw my KE savings?'

A question that was on my mind..but since I do not have 52.5 million meg broadband its hard to follow the 1,299,373 threads which a high percentage go off the point anyway so are as much use as 45 million peanuts in Icesave!

Expand the mind a little!! Think outside the box....your box! There are other people in the world and they dont all lead your life!

Baldur

drfclee wrote: »

I know information is probably not that clear at the minute but what im wanting to know is can i leave my money in KE or will ING shut down KE and move my money to an ING account?

As you say, it's not clear at the moment but your funds are, effectively, controlled by ING and covered by their authorisation under the Dutch equivalent of the FSA (and, therefore the Dutch compensation scheme up to €100,000) at the moment, so even if they shut down KE, essentially nothing changes.

There are unofficial claims on these boards that ING employees have stated that KE contracts & interest rates will be honoured (at least in the short term) but, until an official statement is made, who knows?

drfclee

nzseries1 wrote: »

Clearly you haven't followed the Icelandic banking crisis, nor the 1,299,373 other threads on the same topic.
For example, this one: http://forums.moneysavingexpert.com/showthread.html?t=1214233

Thanks for all your replies. Except the one ive quoted. I read about 10 pages of god knows how many posts on each of them and not one said anything about leaving money in the account or what exactly ING was doing with it. So like every other tom !!!!!! and harry on this forum, i asked. If i had time to read the 1,299,373 threads on here id be out of a job for starters. So excuse me for having a little bit of a life and not spending all my time on the internet. Im happy to let my money stay in KE till im informed otherwise. Hopefully the rate will stay at least competetive.

Cheers guys

EalingSaver

drfclee wrote: »

Thanks for all your replies. Except the one ive quoted. I read about 10 pages of god knows how many posts on each of them and not one said anything about leaving money in the account or what exactly ING was doing with it. So like every other tom !!!!!! and harry on this forum, i asked. If i had time to read the 1,299,373 threads on here id be out of a job for starters. So excuse me for having a little bit of a life and not spending all my time on the internet. Im happy to let my money stay in KE till im informed otherwise. Hopefully the rate will stay at least competetive.

Cheers guys

Good for you. Someone with a sense of perspective (I'm not sure the rest of us have managed to maintain it).

Personally I would now leave well alone until the backlog of withdrawls etc. prior to the 'rescue' work through the system. And then make a considered decision of what you want to do.

Reaper

Actually this raises an interesting question. For now ING are operating Kaupthing as a seperate arm and are continuing paying the same rates of interest. However that means Kaupthing savers are currently earning more than ING Direct savers.

I would expect some adjustment in the future but enjoy it while it lasts!