A&L Online Tracker (inc Kaupthing Edge AER rate vent)

khalid

Pays 6% (includes a bonus of 1.50% payable until 04 January 2010), yet not mentioned in Martin's 'Savings Accounts' guide. Has the advantage over the e-Saver (issue 2) by being instantly accessible without a withdrawal penalty. The only thing I don't like about it is that interest is paid annually (1st October).

PS, why on earth did ING drop the Kaupthing Edge AER rate to 4.55% when they offer 6% AER on their savings account? I guess they must have wanted to get rid of all their KE customers!

Baldur

khalid wrote: »

PS, why on earth did ING drop the Kaupthing Edge AER rate to 4.55% when they offer 6% AER on their savings account?

Only to new customers - their ex-KE depositors are a captive audience.

Baldur

Spam reported

soulsaver

Baldur wrote: »

Only to new customers - their ex-KE depositors are a captive audience.

Could you not close the KE accounts & open the ING as a 'new' customer? Assuming you weren't already an ING customer, they'd would need some balls to say no :cool: .

Baldur

soulsaver wrote: »

Could you not close the KE accounts & open the ING as a 'new' customer? Assuming you weren't already an ING customer, they'd would need some balls to say no :cool: .

Of course you could try it, if you don't already have an ING account but how many of the people involved are likely to be aware or do so?

jay7_2

Baldur wrote: »

Only to new customers - their ex-KE depositors are a captive audience.

I'm not so sure that's true. I received an email from ING today:

Effective from 7 November 2008 the rate on your Easy access savings account will change to 4.55% AER

It's 18 November today, they either meant 7 December or the change is retrospective which isn't fair. I'm going to move my savings elsewhere and I'll avoid ING. I lost my trust in them.

Baldur

jay7 wrote: »

It's 18 November today, they either meant 7 December or the change is retrospective which isn't fair. I'm going to move my savings elsewhere and I'll avoid ING. I lost my trust in them.

I received the same e-mail on 14th November - the Banking Code only requires institutions to notify you within 30 days of a change in interest rates (or put a notice in premises/newspapers within 3 days), so 'retrospective' doesn't come into it.

temba

Does the rate cut only apply to normal savings? What about the fixed term accounts?

Baldur

temba wrote: »

Does the rate cut only apply to normal savings? What about the fixed term accounts?

Variable rate accounts only.

temba

Thanks Baldur.

I know this sounds a dumb question ... but....

is a fixed TERM account also a fixed RATE account? Can't find any mention on the website of this

Baldur

temba wrote: »

...is a fixed TERM account also a fixed RATE account? Can't find any mention on the website of this

Yes, the term & rate were contracted when the account was opened. That's why ING have to honour the rates and terms, just as the FSCS would have if they had been obliged to pay compensation to KE customers - variable rate accounts are not contracted, so are liable to interest rate changes.