Are You Leaving It In ING

Steve_xx

MKUX3 wrote: »

i cannot understand it.

people who have fixed term bonds with KE are saying they have broken the fixedterm, yet i have FTD with Heritable now ING and when i have written and phoned i am being told i cannot do anything until maturity.

where am i going wrong?

Your money has been transferred to ING and I just wonder whether there is any possible get out clause without you being penalised. I wonder what rights KE had to transfer your funds and whether or not it is possible, since you didn't consent to that transfer, that you might be able to break the bond without being disadvantaged for doing so. This sort of thing might be buried in the terms and conditions.

LucyTheDwarf

Heritable Bank is not KE - in fact, it was Icesave, or more correctly it was owned by Landsbanki (spelling?), the organisation behind Icesave.

With KE FTDs, you can get your money, and the penalty for this is that the interest rate is lowered by 1% for the time the money was in there. (Not a bad deal, as the rates were very good). This is a condition of the account, as it was set up, and therefore this is still the rule now. With Heritable, and Icesave FTDs you could not withdraw funds, at all - that is just the way the account is, I am afraid. The terms and conditions are still the same as they were with Heritable, for the foreseeable future at least I would imagine, now they are run by ING.

Just goes to show how careful you have to be when tying up your money for any period of time - and how you need to read the small print, so you know whether you can get at your money if you need to.

Mags222

Pssst wrote: »

I agree with Fraud at Kaupthings views, i have pulled my wad out of ING and brought it back within the UK.I dont trust any foreign bank. If Icesave can rip people off,so can ING. Funnily enough i got a letter from ING this morning reassuring me of how good and safe they were. The icesave website said the same thing on the day before they stole my money. I'll bet ING are seeing a loss of deposits from UK investors who are pulling money out

My sentiments entirely I won't risk keeping my hard earned money abroad for a very long time.....if ever, don't think I could stand to go through this all over again. !!!!!

Steve_xx

Mags222 wrote: »

My sentiments entirely I won't risk keeping my hard earned money abroad for a very long time.....if ever, don't think I could stand to go through this all over again. !!!!!

While you are busy putting your money into what you believe is a UK bank, the directors of that bank have actually been investing it abroad for you on very risky terms, it seems.

The reality of the current situation is that many banks, including those that are deemed to be UK banks, have been investing their depositors money most imprudently. The problem is worldwide and worldwide includes the UK. So don't for a minute get hooked on the idea that all the foreign banks are baddies and that those in the UK are innocent, because that is certainly not the case.

Dan29

MKUX3 wrote: »

i cannot understand it.

people who have fixed term bonds with KE are saying they have broken the fixedterm, yet i have FTD with Heritable now ING and when i have written and phoned i am being told i cannot do anything until maturity.

where am i going wrong?

When I opened my fixed rate account with Heritable they sent a booklet which says "Withdrawals of money from a Fixed Rate Bond before the maturity date are not permitted".

I believe withdrawals from a Kaupthing Edge fixed rate deposit account are permitted, subject to a reduction in the interest rate.

That is the difference between the two different products.

pandora205

Having received most of mine from Kaupthing/ING (I left 1k in though not sure of my reasoning at the time!) I've just opened a Bradford and Bingley Issue 3 internet saver account. At least I know that'll be safe as I need to access it in a few months time.

I'm not sure whether to transfer the other 1k when the backlog of BACs and CHAPs have passed though.

Caudle

I had £32k in KE and £13k in ING. All £45k has been taken out and reinvested.

"Dutch compensation scheme"? No thanks!

Not a penny of my savings is in any notice account now, whether foreign or UK-based. I have realised the value of being able to pull savings out quickly. Yes, maybe I get 0.5% less than if I tied money up for a year, but that is not important during what could be a longish period of financial turmoil/credit crunch/recession etc.

baby_boomer

We should all do what we are most comfortable with.

But interest rates may plummet and those recent long term fixed rate deals may come to look like gold dust.

Jonbvn

baby_boomer wrote: »

But interest rates may plummet and those recent long term fixed rate deals may come to look like gold dust.

That is my thinking ATM. A lot of the commentator's on most of the broadsheets (Times & Torygraph) are screaming for big rate cuts - "2% by Xmas". Although I think cuts of that magnitude are unlikely in such a short space of time, cuts do seem inevitable.

Given the above, KE's 7.67% (gross) 3-yr fix looks edible to me!

MKUX3

re Heritable fixed bonds, maturing april and may 09.

looks like i have to keep my money there as i have no option now that it is transferred to iNG

anyone else in my position??