KE Transfers to ING

noh

Essenchill wrote: »

I think noh simply meant that PIN will not let anyone access the account as it will not be valid once you have entered it once. I think shredding it and committing it to memory before you've tried to use it is a little bit extreme considering what the PIN is. I would destroy it carefully once up and running.

Yes that is what I meant perhaps not very well worded.
I would not throw the letter in the bin or shred it. I would keep it in my files. The PIN is one time only and is of no use to anyone after first use.

Nigel

noh

I see the accounts are now on the ING system.
My variable rate account and three fixed rate accounts are there this morning.

GCH888

alanwsg wrote: »

I was intending to choose option (1) and make a note in my diary to think about it again in 6 months time.
Has anyone got a good reason to choose option (2) instead?

My problem with this account is that the rate actually isn't fixed and will drop even though your money is locked away for six months. Right now it's being advertised as 4% but that will change to 3.5% very soon and to 3% when the interest rate is reduced further in March. I'd rather deposit my funds into a fixed rate account for a year somewhere else.

Shame really as I would've definitely kept my money with ING if they offered a fixed rate account of 4% (or even 3.5%). Still I think they'll manage to hoodwink a number of savers who think the 4% rate is fixed for six months. Typical ING Direct ... I still remember last year when they worded an interest rate reduction in their savings account to appear to the casual reader as an increase.

noh

even though your money is locked away for six months.

It's not locked away. It is an instant acess account and you can move money in or out whenever you wish.

withnell

alanwsg wrote: »

I was intending to choose option (1) and make a note in my diary to think about it again in 6 months time.
Has anyone got a good reason to choose option (2) instead?

By mid 2010 I'd hope that the base rate will have recovered. Without the foreign banks pushing the rates up to 6.5% like they were, I'd think most banks will be offering Base Rate or lower - so an guaranteed above BR deal will be great!

There's a good reason that ING don't want to be tied in to paying BR + 0.3% til 2012!

EalingSaver

alanwsg wrote: »

I was intending to choose option (1) and make a note in my diary to think about it again in 6 months time.
Has anyone got a good reason to choose option (2) instead?

See my earlier post on this thread:

http://forums.moneysavingexpert.com/showpost.html?p=18545563&postcount=23

This gives the only circumstance in my judgement where option 2 makes sense over option 1, unless like withnell you think a) that BOS base rate is going to go up sufficiently in shortish term (12 months) and b) that there won't be other competitive alternatives out there and c) that the lost interest in the meantime will make up for it. or you just want a simple guarantee because you aren't enough of a rate time to dump and move in the future.

Personally I doubt we'll see BOE base rate at or above even 2% for 12 months, unless there is now a very quick change and credit starts freeing up enough to stop us going deeper into recession and have a quick bottom out. But I doubt many are banking on that.

skitskut

With option 1 do you know whether the 6 months starts from when you make the decision or from a fixed date such as the deadline for making the decision on 9th March?

Redshcok

I transferred £1100 from my Cahoot account on the 3rd February to my Kaupthing Edge. This money hasn’t been included in the transfer of the rest of my money in the transfer.

I’ve spoken to ING Direct who says they were accepting transfer up to Thursday 5th at 5pm, I think I will have missed this deadline.

As the transfer from Cahoot would now be trying to access what I think would now be my closed Kaupthing Edge account, should this £1100 now be bounced back to Cahoot and if so how long should it take to be re-credited to my Cahoot account.

LesU

Redshcok wrote: »

I transferred £1100 from my Cahoot account on the 3rd February to my Kaupthing Edge. This money hasn’t been included in the transfer of the rest of my money in the transfer.

I’ve spoken to ING Direct who says they were accepting transfer up to Thursday 5th at 5pm, I think I will have missed this deadline.

As the transfer from Cahoot would now be trying to access what I think would now be my closed Kaupthing Edge account, should this £1100 now be bounced back to Cahoot and if so how long should it take to be re-credited to my Cahoot account.

I made a mistake paying from Cahoot to Halifax using the wrong sort code. It took 6 working days to re-appear in my Cahoot account. I guess it works out 3 to get to the Halifax and 3 days to get back again.