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Kaupthing Edge Interest rates - no brainer?
Tozer
Posts: 3,518 Forumite
Just looking at the interest rates on KE's fixed term products.
36 month rate is 7.67% gross. It has a 'break rate' for early withdrawals of 6.67%.
Given that the instant access rate is 6.36% gross, I'm struggling to find a downside of paying into the 3 year fixed term and, if necessary, closing it if I need the money earlier.
Upside is that the rate is fixed (unlike the instant access which is bound to fall) for the term...and pays a higher rate in any event.
Am I wrong?
36 month rate is 7.67% gross. It has a 'break rate' for early withdrawals of 6.67%.
Given that the instant access rate is 6.36% gross, I'm struggling to find a downside of paying into the 3 year fixed term and, if necessary, closing it if I need the money earlier.
Upside is that the rate is fixed (unlike the instant access which is bound to fall) for the term...and pays a higher rate in any event.
Am I wrong?
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Comments
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I don't think they are available anymore despite looking as though they are from the online banking side of things. There is a thread on this somewhere.
http://forums.moneysavingexpert.com/showthread.html?t=1246919
Haven't checked recently to see if the people who tried were successful
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Kaupthing Edge, are no more.0
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sloughflint wrote: »There is a thread on this somewhere.
Sorry, but I couldn't help but smile at the thought of someone searching for "Kaupthing" on this forum.:rotfl:Debbie0 -
Not 100% right. The savings accounts have been acquired by ING but the name is still operating.
I've actually just managed to open a 3 year fixed term account.
How did you do that? I tried today and I got a msg saying something like "your application has been submitted". Did you do it on line or by phone?0 -
I thought I'd provided you with a relevant thread titled "Kaupthing Fixed Deposit - No NEW accounts allowed"You are absolutely right. No shortage of posts, just information...
According to that thread I linked to, people have tried and think they've been successful. There was uncertainty whether it had really worked though.bjorn_again wrote: »How did you do that? I tried today and I got a msg saying something like "your application has been submitted". Did you do it on line or by phone?0 -
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sloughflint wrote: »Yep, looking at my edit time, it took me a good 4 mins to find through that lot. Maybe I should not have bothered.
Actually it only took you 2 minutes
:rotfl: Noobie (not so) trying to make loads a dosh - please bear with all my questions :beer: Thanks 0 -
I love Kaupthing :rolleyes:
Especially when they went bust with 17k of my savings... which has taken me 24 days to get back... :mad:
I would not go near them at the mo, they have been taken over by ING (Ignorant Netherlands gits), even if they are taking deposits...
Look here: http://forums.moneysavingexpert.com/showthread.html?t=12407130
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