Kaupthing Rate reduced by 2%

gogsboy

Baldur wrote: »

As Masomnia said the fixed rate offer is no longer available, having been withdrawn on 10th October. There are no withdrawal conditions/penalties.

They saw it coming then, what does that leave, not a lot to choose from then?

maplewood2

ray123 wrote: »

Did anyone manage to open a fixed rate deposit account on the same day that the base rate dropped to 3%?

Yes! I did, and felt quite smug. But today i got an email with an embedded message from the joint administrators:

Your application for a Kaupthing Edge fixed term deposit account
As you may be aware, Kaupthing Singer & Friedlander Limited (the Company) was placed into administration pursuant to a court order on 8 October 2008. Also on 8 October 2008, the FSA issued a First Supervisory Notice which came into effect at 1.30pm, prohibiting the Company from accepting any customer deposits.
Pursuant to the “Kaupthing Singer & Friedlander Limited Transfer of Certain Rights and Liabilities Order 2008” any Kaupthing Edge Savings Account and Kaupthing Edge fixed term deposit account that was already opened at the time of the administration transferred to ING Direct N.V., Reading branch (ING Direct).
Unfortunately, due to IT systems that we were unable to disable, the apparent ability to apply for a Kaupthing Edge fixed term deposit account could not be removed from the Kaupthing Edge website until 6 November 2008. Our records indicate that you have attempted to open a Kaupthing Edge fixed term deposit account after 8 October 2008.
As Kaupthing Edge was not permitted to accept any deposits, your application in respect of the fixed term deposit account cannot be processed. We will be arranging to credit back to your Easy Access Savings Account with ING Direct the principal amount of funds that you have attempted to place into the Kaupthing Edge fixed term deposit account. We understand that given your attempt to open a new fixed term deposit account could not be processed, these funds will be treated as never having left your Easy Access Savings Account so you will not lose any interest on your Easy Access Savings Account as a result.

Yours faithfully

pieman_71

MumofThree wrote: »

Sorry to disappoint you pieman, but KE have not been offering any new fixed rates since they were taken over by ING. It may appear to go through but will not be honoured. Personally I'm moving all mine out ... had a nightmare month waiting for missing funds to arrive in my linked account!

You're right . . . got this email today:

Your application for a Kaupthing Edge fixed term deposit account
As you may be aware, Kaupthing Singer & Friedlander Limited (the Company) was placed into administration pursuant to a court order on 8 October 2008. Also on 8 October 2008, the FSA issued a First Supervisory Notice which came into effect at 1.30pm, prohibiting the Company from accepting any customer deposits.
Pursuant to the “Kaupthing Singer & Friedlander Limited Transfer of Certain Rights and Liabilities Order 2008” any Kaupthing Edge Savings Account and Kaupthing Edge fixed term deposit account that was already opened at the time of the administration transferred to ING Direct N.V., Reading branch (ING Direct).
Unfortunately, due to IT systems that we were unable to disable, the apparent ability to apply for a Kaupthing Edge fixed term deposit account could not be removed from the Kaupthing Edge website until 6 November 2008. Our records indicate that you have attempted to open a Kaupthing Edge fixed term deposit account after 8 October 2008.
As Kaupthing Edge was not permitted to accept any deposits, your application in respect of the fixed term deposit account cannot be processed. We will be arranging to credit back to your Easy Access Savings Account with ING Direct the principal amount of funds that you have attempted to place into the Kaupthing Edge fixed term deposit account. We understand that given your attempt to open a new fixed term deposit account could not be processed, these funds will be treated as never having left your Easy Access Savings Account so you will not lose any interest on your Easy Access Savings Account as a result.

Guess I'll read on and work out where to move it to!

LongTermLurker

gogsboy wrote: »

Who are the ones still offering fixed rates with instant access?

I didn't necessarily say still available

One was the Egg 6.3, which a lot of people will already have, and you'll have read about above.

The other that springs to mind (and is still available for a couple of weeks) is the Halifax Guaranteed Saver Reward, which has a few specific requirements - see here and summarised here

Philip26

I have read all the thread (and the ING/KE site) but...has anybody with a KE been notified that the rates is dropping - we have to be give 30days notice (by law?) don't we? So are we not receiving the higher rate still?

Philip

P.S. If not, time to move:rotfl:

easteregg_2

Philip26 wrote: »

I have read all the thread (and the ING/KE site) but...has anybody with a KE been notified that the rates is dropping - we have to be give 30days notice (by law?) don't we? So are we not receiving the higher rate still?

Philip

P.S. If not, time to move:rotfl:

I have not been advised of the rate cut, but it does report 4.55% when I view the account. Considering it has taken ING direct over a month to pay some people for their same day transfer (and there is still many still waiting) I wouldn't be surprised they don't send a letter within 30 days. It is time to move your money.

Stewster

gogsboy wrote: »

They saw it coming then, what does that leave, not a lot to choose from then?

Not really. The Tesco one is not fixed but is still paying a 6.5% rate and up to 2000 clubcard points ..........


Although just noticed on the /tesco website that they have to have received your application by 12/11/08. Even so, its still a pretty good ratre at the moment.........

Jake'sGran

northern_munky wrote: »

Well I have just tried to get my money out of Kaupthing, never made a withdrawal before and seem to be having a few problems. I have filled in the amount I want to take out (all of it) then clicked 'make payment' at the bottom, nothing happened so I tried again and a box appeared saying 'confirm amount' or something, I clicked OK to that and still nothing seems to have happened, is it me or them?

I had the same problem two weeks ago but it was on a Sunday. In the end I gae up deciding it was because of the weekend. On the Monday it worked OK, I just clicked the OK box and away we went. Send them a message; see if that helps. I am just going to try and get the last £3000 out.

rail.link

Still waiting for the funds to arrive.
Thankfully, it's not a significant amount.

Masomnia

Just to let you all know, I requested the account closure on Friday (7th) and it arrived today (14th)