Kaupthing Edge: Cancellation of fixed rate bond?

oliver_m_2

Hello, I've opened a 1 year fixed rated bond on 1 October 2008 with Kaupthing Edge. Usually bank customers can cancel any agreement such as a bond within 14 days of opening. This should also apply to Kaupthing Edge, right? Can I cancel my fixed rate bond then? I cannot find anything on the online banking system of Kaupthing Edge. In the current situation I don't trust the Islandic banks very much therefore I would feel safer if I could cancel my fixed rate bond and tranfer my fundings back to my nominated account. Does anyone know whether I can cancel my fixed rate bond? Thank you!

Lavendyr

Yes, you can. Just call them up and ask to break the deal. They will move the money plus any interest earned (at 1% less than the deal rate) to your easy access account. You can then transfer it back to your nominated account.
Hope that helps

Nala

They will transfer it directly to your nominated account too. I closed mine today and was offered a direct transfer.

ray123

How long does it take to close, I was told it would take 48 hours when I rang today. But on the website it says that no notice is required?

kristofferson67

Closing your fixed term deal with Kaupthing will take 2-3 working days apparently.