When should I close my Kaupthing Edge Account

The_Dangerman

I would say "as safe as it gets at the moment".

I agree with what Martin Lewis says - the government have chosen ING to put your money with, so not only have you got 100,000 Euros in protection, it would be unthinkable in my opinion that the government would let savers lose money. And remember thats only IF the Dutch government don't bail it out and IF they can't honour the protection scheme.

The fact they are also part of the EU means I can't see them being able to favour Dutch citizens over EU ones.

But of course we hope they don't go bust - and all the commentry and rating I have seen of them show them as being an extremely secure bank, in the same league as HSBC and Santander.

I'm more than happy to leave mine in and get a very good rate.

billesniper

Thanks for that most helpful.

mvagusta

I took my money and ran when Ke was transferred to Ing. Got it on Friday.

For those of you still with money in there's a report from Reuters today that Ing are to get goverment cash worth 9 billion euro's.

Seems strange that the company has 1 Trillion in savings yet needs a cash injection from the dutch goverment.

http://www.reuters.com/article/businessNews/idUSTRE49I1CB20081019

The_Dangerman

I must admit that news does suprise me as it goes against all the sentiment we have been hearing towards ING. However, I don't think it's a cause to run and panic. Relative to it's size and when compared to other banks it's quite a modest injection.

The biggest reassurance should be that Alistair Darling put the money with them - the political fall out if any KE savers lost money would be massive.

However, if no amount of interest is worth being subjected to worry - so if leaving money in KE should cause anyone to worry then take it out, easy.

Joe65_2

The_Dangerman wrote: »

The biggest reassurance should be that Alistair Darling put the money with them - the political fall out if any KE savers lost money would be massive.

Well shouldn't the KE savers be grateful he saved them once already.
Now he's got them off the FSCSs books. Only yourself to blame if it happens again.

The_Dangerman

Nah not really, it would be politically disasterous for Labour to let KE savers lose money.

However, I wouldn't recommend keeping anymore than 100,000 Euros in there.

Nobody has lost any money, I really wouldn't worry.