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Kent Reliance one year fixed bond (6%) closing on Monday 28/11/2008
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You loose 100 days interest. It's all on their website...0
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I think they pulled all the info from their website now its closed, but what it did also say is "only in exceptional circumstances" or something vague like that, and I could not find any seriously worded T&C speak on the matter to clarify that. Basically the wording kind of suggested to me that you might not be allowed to just close out with the penalty for any reason, or maybe they were just saying it to discourage people doing it lightly, so I was wondering if anyone knew for sure?MickKnipfler wrote: »You loose 100 days interest. It's all on their website...
If the answer is yes, that you can close at whim, then it could makes sense to split deposit across a few duplicate accounts, so you can achieve a sort of partial withdrawal of you need to.0 -
There's absolutely no sense in savers rushing into the large majority of fixed rate bonds with money they might well need to withdraw before the term is up. Use them for money you are sure you won't need in the meantime. 100 days interest penalty will wipe out any additional interest and more. You should always keep a reasonable amount of rainy day money in variable rate instant access accounts and - particularly advantageous at present - a small minority of fixed rates which allow penalty free withdrawals.0
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Nobody can ever be 100% sure they will not want the money for some unforeseen change in circumstances, so I think it is always relevant to consider early withdrawal feature as a valuable benefit, both financially and for peace of mind.Use them for money you are sure you won't need in the meantime. 100 days interest penalty will wipe out any additional interest and more.
Also, I disagree about the 100 days. It is equal to about a 1.6% loss, so you could still be well ahead despite the penalty, on with a 2 year deal if you close it later in the term. Obviously this presumes variable interest rates fall and stay down long enough, but that is the sort of speculation you are making with all fix rate savings anyway.0 -
I've got money staggered in 3 fixed accounts (including Kent Reliance), so I know that even though I'm going to tie more money up now, one of the other fixed accounts will be maturing in a couple of months, when I can reassess the situation.0
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same with me, I just opted to leave my Icesave bond running with the FSCS, that matures in March, I then have one with FirstSave due to expire in May, then Birmingham Midshires in August and now Kent in November.0
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...does anyone know how quick kr are re clearing cheques.....I may be a few days out re money coming in......thanks ed0
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I also wondered, did anyone send any ID with their application, I'm sure it didn't ask for any, which is unusual?0
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I didn't. It's an interesting point...0
(If anybody wants one).
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