Kaupthing Edge Savings Accounts to become ING Accounts by 8th Feb 09

antispam246

atypical wrote: »

I think it will be the the 2% fixed rate bonus for one year that they are currently offering anyway.

Though that doesn't seem very 'exclusive' so perhaps it'll be more!

What if you both already have this and the KE account about to be transferred? I have both right now, will would it affect the transfer or can I have this account twice?

roddydogs

4% instant access measly?........where can u get better, then?

shesketh

Just spoke to ING who told me that migrating a/c holders from Kaupthing Edge will be given the option of a) sticking with the KE terms (guaranteed to be 0.3% above BBR until Feb 2012), or b) a 2.05% fixed bonus above ING Direct's variable rate for 6 months. Think I know which option I will plump for...;)

Essenchill

shesketh wrote: »

or b) a 2.05% fixed bonus above ING Direct's variable rate for 6 months

What is ING Direct's variable rate currently?

omelette451

Essenchill wrote: »

What is ING Direct's variable rate currently?

2% apparently, which means if the bonus quoted above is correct, we should be just about matching the current 'new customer' bonus rate of 4%. I think I'll accept it - 6 months is probably about the time it will take for Tesco actually to open account I applied for earlier this month. (Incidentally, if 4% really is the best anyone can hope for, am I missing something about the Tesco Internet Saver one? I know it was a limited time only deal, but something about it seems too good to be true...)

EalingSaver

shesketh wrote: »

Just spoke to ING who told me that migrating a/c holders from Kaupthing Edge will be given the option of a) sticking with the KE terms (guaranteed to be 0.3% above BBR until Feb 2012), or b) a 2.05% fixed bonus above ING Direct's variable rate for 6 months. Think I know which option I will plump for...;)

Interesting. Their standard for 'new customers' is a bonus for 12months. I opened an ING account probably about 2 months or so ago. Have drawn down quite a lot of my KE instant and some of it has ended up in ING. So in this case I oculd end up with 2 seperate ING accounts with bonus rates of different durations. Wonder whether it is worth taking money out remaining money now from KE and putting it into existing ING account, or maybe wait in case the above info turns out to be incorrect: e.g. maybe they;ll do the bonus on the new accounts for 12 months :-)

Anyone else in the position of still having some money with KE but also having the ING bonus account?

EalingSaver

omelette451 wrote: »

(Incidentally, if 4% really is the best anyone can hope for, am I missing something about the Tesco Internet Saver one? I know it was a limited time only deal, but something about it seems too good to be true...)

Ahh, we are now in the times where we are all wary of any bank which is offerring rates which are higher than others :-)) Probalby the impact of getting stung by IceSave, KE & B&B

I don't know when Tesco launched their savings account. But it is possible that they launched it with a high rate to help kick off their presence in the market, and they have just decided to not bring it down as dramatically or rapidly as others have. But they are now at that point - they closed off the 'bonus' part for new customers sometime in Jan I believe. So for newbies its about 3.6%. So from that point of view they are no longer offerring a 'dodgy' high rate.

Thank god for the Egg account which fixed both the 'variable' rate as well as the bonus for 12 months. 6.3% looks pretty damn good right now. Of course, they didn't keep it on the market for long and must be feeling the pinch.

jimbow25

I had the above e-mail and also some information in the post about this switch this morning.

This seems strange because I called and closed my account in December, the KE website acknowledges this is the case, and I've received my closing balance (26p) in my linked account. Are they going to give me an ING account anyway, I wonder.

Pete_Joseph

EalingSaver wrote: »

Interesting. Their standard for 'new customers' is a bonus for 12months. I opened an ING account probably about 2 months or so ago. Have drawn down quite a lot of my KE instant and some of it has ended up in ING. So in this case I oculd end up with 2 seperate ING accounts with bonus rates of different durations. Wonder whether it is worth taking money out remaining money now from KE and putting it into existing ING account, or maybe wait in case the above info turns out to be incorrect: e.g. maybe they;ll do the bonus on the new accounts for 12 months :-)

Anyone else in the position of still having some money with KE but also having the ING bonus account?

No but for those of us who don't have the new ING bonus account but do have the old KE account one possibility is to transfer as much cash as possible into the old KE account to arrive just before the transfer date on the assumption that when it transfers it will be getting a higher rate in the new ING account than you can easily get anywhere else at the moment, even if it is only for 6 months. That is if you are prepared to take a gamble on the Dutch Government not defaulting on its commitment to bail out savers up to the stated ceiling if ING goes belly up. Or is there a snag I have missed?

Essenchill

Pete_Joseph wrote: »

That is if you are prepared to take a gamble on the Dutch Government not defaulting on its commitment to bail out savers up to the stated ceiling if ING goes belly up. Or is there a snag I have missed?

And if the rate turns out to be not so 'exclusive' you can move it all right out of there when the transfer is done...