Anyone had accounts with Kaupthing Edge?

HungryHippos · 12 Oct 2008 at 21:35

If so what are you doing with them now?

Fortunately ING, a large Dutch bank, have bought all of the UK savers deposits that were with Kaupthing Edge so our money is safe (apparently), I am personally transferring my savings back to my HSBC current account as soon as humanly possible.

I fail to see how this can work out profitably for ING though...

Should have seen the nationalisation of Kaupthing coming soon and was considering moving my money out a week or two ago but decided against it, I should listen to my instincts more!

Does anyone have any recommendations of good savings accounts to use now? Ideally want something that is easy to use/access and offers a decent return.

I think I have used my ISA allowance this year in a stocks & shares ISA but I am not totally sure, in April next year I will max out my ISA allowance with a new ISA account somewhere.

Ironic Namesake · 12 Oct 2008 at 21:41

I'm not too sure, may just leave account with ING - theey're supposed to be quite good.

Will check what rates are like when they give me my account details

Sankari · 12 Oct 2008 at 21:50

A bank with a name from which you can derive the word "kaput"... never a good idea IMHO.

Vasquez · 12 Oct 2008 at 22:01

I had credit with them

, they must have had things going south for awhile because they sold my account to another company a few months ago.

Moeks · 12 Oct 2008 at 22:12

Yes, I had a savings account with them, I transferd the full amount in my acount Tuesday, the day before they were nationalised. However, it seems my money is floating around somwhere in the great electronic aether, it's neither in my Barclays account or my Kaupthing/ING account right now. According to their website ING are working on a backlogue of transfer requests so hopefully I will see it soon.

HungryHippos · 12 Oct 2008 at 22:27

Moeks said:
Yes, I had a savings account with them, I transferd the full amount in my acount Tuesday, the day before they were nationalised. However, it seems my money is floating around somwhere in the great electronic aether, it's neither in my Barclays account or my Kaupthing/ING account right now. According to their website ING are working on a backlogue of transfer requests so hopefully I will see it soon.

I'm sure you will be fine, ING do seem like a solid financial institution.

Did you use BACS or CHAPS also?

Zogger · 13 Oct 2008 at 12:35

I had £100 in Kaupthing but even if I had more I don't think I would consider moving it. Bit annoying that it was ING though since I'm already complaining about how they got my ISA interest rate completely wrong.

kkbigal · 13 Oct 2008 at 12:46

I also have an account with KE (just glad I didn't choose Icesave). I'm in the process of getting a new account set up with Alliance & Leicester (6.60% AER Variable).

The only problem with ING Direct is it operates under the "passport" compensation scheme as it is also a foreign bank (Dutch). Apparently this means that you would have to apply for compensation from the country that ING is based in, which could take longer to get your cash back than than a UK bank if ING happened to go under.

There's also the problem that nobody knows if we will classed as "new" customers or not, and whether we will be entitled to the 6.50% rate that ING is offering their new customers.

So for me, I'd prefer to move my saving elsewhere.

Zogger · 13 Oct 2008 at 13:00

hmm, I assumed since the information in the e-mail and on the website said this:

What about my money?
All your savings are safe and are now with ING Direct in the UK and your accounts will continue to operate in the same way as before.

that nothing would really be changing in terms of the interest rate guarantee.
Could be wrong though.

Moeks · 13 Oct 2008 at 13:14

Eulogy said:
I'm sure you will be fine, ING do seem like a solid financial institution.

Did you use BACS or CHAPS also?

BACS ...no sign of it this morning so far either, I'll give them a few more days then I'll phone them up and ask them about it.

I don't particularly want to bank with ING, infact I'm keeping all my money with British banks now, the reason I went with Kaupthing Edge in the first place was obviously because of their brilliant rates but also because they were incorporated in this country and thus I was fully protected under our FSCS, not Iceland's. I won't use a bank that operates under the passport scheme. Ultimately if something happened to ING, I know that the Dutch government are going to be far more interested in looking after their own people's deposits than mine, I would expect nothing less to be honest.

kkbigal · 13 Oct 2008 at 13:18

Zogger said:
hmm, I assumed since the information in the e-mail and on the website said this:

that nothing would really be changing in terms of the interest rate guarantee.
Could be wrong though.

Kaupthing Edge/ING said:
What is ING Direct’s policy on interest rates?

We believe in striking the right balance between providing great customer service and value whilst maintaining a strong and sustainable business.

Looks like them saying we'll get paid interest how ING see fit.