KE Accounts

The_Fiddler_2

For those who have emptied (or almost emptied) their KE accounts, are you keeping them open? Is there any reason we should keep them open with £1?

ukclarkkent

just to get any interest owed to you at the end of the month maybe. i've done that and will be closing it next week. opened up an aa one instead.

LardyCake

...or if you have a fixed term a/c with KE

noh

LardyCake wrote: »

...or if you have a fixed term a/c with KE

If you have a fixed rate account you can have a £0 balance in your variable rate savings account.
See T+Cs section 7.1.3
http://www.kaupthingedge.co.uk/Includes/PDF/tandcs.pdf

Nigel

LongTermLurker

ditto lardycake - a quid's nominal so while I could take it out, it's doing no harm. When the last of the FTDs pays up I'll make a decision then, but I can't see any reason to stay with ING at those rates - they're only average now. The only reason to stay would be on the basis of "average rates but better than average telephone service" - for now!

oldagetraveller

ditto LTL & LardyCake! I've a fiver in there but only until my final fixed rate matures in January '09

natman

Ditto for me to. I have pulled out all of my money of the easy access account appart from £1.

I have a fix term account and just keeping a quid in for ease, and like the others will decide when my fix term account matures at 7.15% in July.

The_Fiddler_2

Well I only have a pound, my savings arrived in my linked account today (Monday-Thursday by BACS so can't complain about the service). Looks like once I have the interest for this month I can empty it and leave for 3 months to close.

gogsboy

ukclarkkent wrote: »

just to get any interest owed to you at the end of the month maybe. i've done that and will be closing it next week. opened up an aa one instead.

So because I wiped my account out in total, they will not recognise the fact I've had x amount in for that period of time?

LongTermLurker

gogsboy wrote: »

So because I wiped my account out in total, they will not recognise the fact I've had x amount in for that period of time?

If you closed your account (rather than just withdrawing), they would have calculated interest due and paid it.

If you had withdrawn all your money and had a FTD account, that doesn't automatically close the no-notice a/c so it will stay open and they'll add interest at the end of the month - if you leave it open the interest will compound and grow every month.

If you had withdrawn all your money and didn't have a FTD account, you would have breached the Ts & Cs of the no-notice, which says you must keep £1 in, and they would automatically close the account, crediting any interest and would presumably write to you saying it had been transferred to your linked account or maybe enclosing a cheque, or asking you to deposit £1 to keep the a/c open.

Whatever, you wouldn't lose interest due.