Looking for high-rate fixed terms - is Kaupthing/ING so risky?

bronzemonkey

So, with rates dropping and Kaupthing now owned by ING...what are people's thoughts on their 7.15% AER 12 month fixed term deposit?

It looks pretty attractive and still seems to be available. I haven't moved my instant-access money out of Kaupthing yet, so I guess it's a calculated risk to assume ING isn't going to go bust and to put more money into an account with a high fixed rate compared to the others available.

I'm just trying to work out what the good options are for savers with the base rate falling and several banks dropping their variable and fixed rates. I assume that we're going to see savings rates continue to fall over the next year or more, and with inflation being (currently) high and members talking about putting money away in high rate fixed accounts...is it not so silly to consider Kaupthing/ING again?

If it is silly, then what are the currently-available alternatives that other people are happy with?

elbe

there's already a thread on this started by toodlepip. 'Kaupthing edge rates' have a look at my post and make your own decision

elbe

in fact bronze monkey if you look around on this site there's lots of advice. My post in 'fixed rate savings' no 31 as well.

Research and more research = more money.

joyfull

Ive been informed by KE staff that the high rate fixed deposits are no longer available, despite the fact that they are still displayed on their website. I even tried to open one & no funds moved!

stevetodd

joyfull wrote: »

Ive been informed by KE staff that the high rate fixed deposits are no longer available, despite the fact that they are still displayed on their website. I even tried to open one & no funds moved!

I moved funds into their fixed deposits yesterday

joyfull

stevetodd wrote: »

I moved funds into their fixed deposits yesterday

HOW did you manage that? Did you just do it online? How long did you wait for funds to move?

Thanks

stevetodd

joyfull wrote: »

HOW did you manage that? Did you just do it online? How long did you wait for funds to move?

Thanks

I was very suprised, yes I did it online on the KE (ING) site it happened instantly, my cash was originally in a 1 year bond which I requested to be broken on 7th Oct, I regretted this after ING took over a couple of days later. My cash eventually was transferred intp their instant access savings account, yesterday I noticed that someone on here said they had transferred into a TB. So I tried myself, I was quite pleased as I was able to put some of it into thier 3 year 7.67% bond which is now a real stand out bargain.

martyn4764

When I click to request a Fixedterm deposit account I just get the message that "Your request for a deposit Account has been submitted" (no possibility to enter the amount or the term), so I was assuming that they'd locked this part of the site to prevent further new accounts

stevetodd

martyn4764 wrote: »

When I click to request a Fixedterm deposit account I just get the message that "Your request for a deposit Account has been submitted" (no possibility to enter the amount or the term), so I was assuming that they'd locked this part of the site to prevent further new accounts

To be honest I didn't expect mine to work, maybe I was lucky or perhaps the fact that I previously had a FTB allowed me to buy the FTB. I have checked this morning and the bonds are still there.

fizzypop

Worked for me too setting up 1yr FTDs on two diff accounts.
After all KE/ING have had some 3 wks to sort the KE website.
Be interesting to see what reaction we get.
I will have R85 gross int forms to send in.

DavidAC

I would be very aprehensive. When you open a new KE account dont you have to agree with the KE terms and conditions and that the money is deposited with KE. I dont think any of this has been updated since ING took over.