When should I close my Kaupthing Edge Account

jazzyd_2

I currently have a few thousand pounds sitting in my Kaupthing Edge Account and would really like to know when I should close this account. Last Friday I did a test transaction of £10.00 via Bacs to my nominated bank account which is the Abbey National.

This money has not been received in my account. I have spoken to K/E tonight and they informed me that the money has been sent, Abbey told me there is no sign of it. I want to transfer the balance out asap, but dont want to risk it as there is no guarantee it will reach my account. That's why I did a "test run" with £10.00 and that seems to be bouncing around in that big black financial hole and no one can tell me where it is or when it will arrive.
Any advice will be greatly appreciated.

EalingSaver

About 15 days ago would be a good idea....

Personally, I would let the dust settle. They haven't cleared the bag log of transactions, closing account at this time would just leave you in more limbo.

briona

jazzyd wrote: »

I currently have a few thousand pounds sitting in my Kaupthing Edge Account and would really like to know when I should close this account. Last Friday I did a test transaction of £10.00 via Bacs to my nominated bank account which is the Abbey National. This money has not been received in my account. I have spoken to K/E tonight and they informed me that the money has been sent, Abbey told me there is no sign of it.

Well I wouldn't recommend closing your account before you've successfully transferred the outstanding balance out!

ING are currently working to clear the backlog of transactions made from last week – I transferred my entire balance last Wednesday by BACS and received it today at around 4:00pm. If you only attempted a transfer last Friday, I would assume yours is further down in the list and will be actioned early next week. Actually they may already have sent it, but if it was done nearer to 6:00pm, you wouldn't expect to see it in your account today.

I don't doubt that ING will get the money to you, it's more a question of when. So far they have been (almost!) as good as their word and have credited as many transactions as they could today. They had originally said everyone's would be credited with the exception of a few manual transactions. An update from around 2:00pm said most people's would be credited.

Personally I'd give it another week and see what happens before attempting to transfer the rest out.

ian-d

Can I ask (sorry for the hijack), I transferred my money out the day before it all went wrong and had no problem receiving. That left with me a zero balance in my account, although I suspect I may have some interest owing, which I don't think will show until next month.

What happens if I request they close the account, will they send me my remaining interest (no idea what it will be) by cheque? Or will they just not pay out?

Masomnia

As far as I know, when you close an account any outstanding interest to be paid is credited to your linked current account.

The_Dangerman

Why would you want to close a top paying account? 6.55% with one of the better rated banks around - and with whom the governement has chosen to entrust your money?

I'm keeping mine and have added more money! They may slash the rate at some point in future to ING levels or below, but until then I'm enjoying the high rate!

exel1966

I just don't understand why people are clambering to remove their monies from KE (ING). You now have more protection than before and still have one of the highest paying accounts available as ING have (for the time being) honoured previous rates. Whether those rates stay for long remains to be seen so why not wait ?
Far better to let the dust and financial markets settle before making rash decisions and compounding the problems of unstability within the banks.

ian-d

Not that I need to explain, but if trace back my previous posts, you'll see that I was making a car purchase, hense removing the monies I had from that account. My other savings are already split within other high interest savings accounts, plus various other investments. I don't see the point in retaining an account I have no short to medium term future for.

Craigoldfield

exel1966 wrote: »

I just don't understand why people are clambering to remove their monies from KE (ING). You now have more protection than before and still have one of the highest paying accounts available as ING have (for the time being) honoured previous rates. Whether those rates stay for long remains to be seen so why not wait ?
Far better to let the dust and financial markets settle before making rash decisions and compounding the problems of unstability within the banks.

Because there are too many sheep out there. Get a bit of a panic on, grab all their cash and put the banks under even more pressure and creating a self-fulfilling prophecy of collapse.

EalingSaver

exel1966 wrote: »

I just don't understand why people are clambering to remove their monies from KE (ING). You now have more protection than before and still have one of the highest paying accounts available as ING have (for the time being) honoured previous rates. Whether those rates stay for long remains to be seen so why not wait ?
Far better to let the dust and financial markets settle before making rash decisions and compounding the problems of unstability within the banks.

Agreed. I don't have such plans at the moment. My comment to OP was intended in the vein that if they wanted to close they shoiuld definitely wait for the dust to settle. And the '15 days ago' is a fact; as stress over effectively frozen accounts and missing payments would have been avoided; but that is history.

billesniper

I withdrew all but a small amount from my K.E account rather than close it down, that money is now back in my Halifax account, how safe is it to put It back into K.E?. Thanks.