Fix Your Savings Rate NOW! Article Discussion

westv

Got round to taking in id to Halifax branch near work today so my Webwhatevertiscalled account is now up and running. Now need to transfer £ 40,000 from my HSBC account so that I can take advantage of one of the Halifax fixed rate deals. I'll have to do that over 4 days due to the £ 10,000 a day limit. Hopefully Halifax won't amend their rates before I have finished.

purplelotus

Dear "purplelotus!"
Your application for a Kaupthing Edge fixed term deposit account
As you may be aware, Kaupthing Singer & Friedlander Limited (the Company) was placed into administration pursuant to a court order on 8 October 2008. Also on 8 October 2008, the FSA issued a First Supervisory Notice which came into effect at 1.30pm, prohibiting the Company from accepting any customer deposits.
Pursuant to the “Kaupthing Singer & Friedlander Limited Transfer of Certain Rights and Liabilities Order 2008” any Kaupthing Edge Savings Account and Kaupthing Edge fixed term deposit account that was already opened at the time of the administration transferred to ING Direct N.V., Reading branch (ING Direct).
Unfortunately, due to IT systems that we were unable to disable, the apparent ability to apply for a Kaupthing Edge fixed term deposit account could not be removed from the Kaupthing Edge website until 6 November 2008. Our records indicate that you have attempted to open a Kaupthing Edge fixed term deposit account after 8 October 2008.
As Kaupthing Edge was not permitted to accept any deposits, your application in respect of the fixed term deposit account cannot be processed. We will be arranging to credit back to your Easy Access Savings Account with ING Direct the principal amount of funds that you have attempted to place into the Kaupthing Edge fixed term deposit account. We understand that given your attempt to open a new fixed term deposit account could not be processed, these funds will be treated as never having left your Easy Access Savings Account so you will not lose any interest on your Easy Access Savings Account as a result.

Yours faithfully
on behalf of the
joint administrators of Kaupthing Singer & Friedlander Limited (in administration)
(acting as agent of the Company and without personal liability)


AAARGH!!!

jackthelad_2

westv wrote: »

Got round to taking in id to Halifax branch near work today so my Webwhatevertiscalled account is now up and running. Now need to transfer £ 40,000 from my HSBC account so that I can take advantage of one of the Halifax fixed rate deals. I'll have to do that over 4 days due to the £ 10,000 a day limit. Hopefully Halifax won't amend their rates before I have finished.

Why not ring HSBC with your websaver details - sort code;acc No and ref and transfer the lot in one go:D

westv

jackthelad wrote: »

Why not ring HSBC with your websaver details - sort code;acc No and ref and transfer the lot in one go:D

Cos I believe the £10,000 limit also applies to telephone banking too.

jackthelad_2

westv wrote: »

Cos I believe the £10,000 limit also applies to telephone banking too.

Not if you speak to a human;)

gunnaknow

MeGrumps wrote: »

BEWARE Bank of Scotland Instant Access Savings Account Reward rate drop

This account is good because it is instant access (without penalty) and yet fixed rate for 1 year, which was 6.3% on £100,000 at the time that I opened the account. However, unawares to me the rate had dropped to 6% by the time I had made my opening deposit. On querying this I find that it's the rate at the time of the opening deposit that applies and not the rate when I opened the account. If I had known this I would have made the opening deposit by telephone transfer before the rate was dropped on 31st October. Not knowing that the rate was only fixed on the date at which the opening deposit was made, I had decided to wait until the account opening paperwork had been posted to me. Admittedly, I could have picked up this gotcha from the fine print of the Terms and Conditions that were available online when I opened the account. However, I had made the assumption that a fixed rate account would have only one fixed rate and that I would get this provided I funded the account within the 10 days I was told I was allowed when I opened it (by phone). I had assumed they would withdraw this product and introduce a replacement (with a modified name) if they decided to drop the rates. It transpires that my assumption was incorrect.

On top of this I have still not yet been informed by Bank of Scotland that the rate has changed as I am still awaiting them to properly complete the opening of my account (which commenced on October 26th) at which point I will be given internet access to my account (and will presumably be able to see what interest rate applies).

I find this use of multiple rates of interest for the same fixed rate account most misleading. So beware anyone who wants to lock into the current 6% rate, make the £5,000 opening deposit at the same time that you open the account by telephone. Has anyone else had a similar experience? Is it just HBOS that does this sort of thing?

The rate is now 5.8%, atleast to new applicants. I called them today and was told that once you've set up the account by phone, the rate that you apply for doesn't drop between the time of opening the account and the deadline for paying your minimum funds in. I had to rephrase my question a couple of times inorder to get this confirmation from him and I was left with the feeling that he might not have been certain, even when saying yes.

When I asked about the deadline for paying the minimum £5000 in, he said that it was the 1st of december but that it had just been extended to 28 after opening an account. If that's true then perhaps ex IceSave customers still waiting for their money should open one of these accounts before the rate changes and hope that it's true that the rate doesn't change for them before they get their money back from IceSave.

MeGrumps

The rate is now 5.8% ...

This is the rate they assigned to me 5.8% (6% for £100K+)

...I called them today and was told that once you've set up the account by phone, the rate that you apply for doesn't drop between the time of opening the account and the deadline for paying your minimum funds in. I had to rephrase my question a couple of times inorder to get this confirmation from him and I was left with the feeling that he might not have been certain, even when saying yes.

Your feeling was right. The rate is only fixed when you fund the account. I just called them and they were adamant. Even though I opened the account in October, it is the Reward rate for November that applies as this is when I funded the account. She conceded that I should have been warned that the rate might be different if I delayed funding the account but that there was nothing they could do now to remedy this.

When I asked about the deadline for paying the minimum £5000 in, he said that it was the 1st of december but that it had just been extended to 28 after opening an account.

This is because the rates will not change till then, not because of when you opened the account. When I opened my account there was no indication of how long the rate would be available for, or even that the rate could change for the very same type of account. So, the moral is, make sure you fund it before the rate changes. Note that the web site says:

Limited offer - open and fund an account before 1 December 2008, although may be withdrawn earlier

So don't heed what you were told. Fund it this month and also before it might be withdrawn.

isofa

purplelotus wrote: »

Dear "purplelotus!"
Your application for a Kaupthing Edge fixed term deposit account
As you may be aware, Kaupthing Singer & Friedlander Limited (the Company) was placed into administration pursuant to a court order on 8 October 2008. Also on 8 October 2008, the FSA issued a First Supervisory Notice which came into effect at 1.30pm, prohibiting the Company from accepting any customer deposits.
Pursuant to the “Kaupthing Singer & Friedlander Limited Transfer of Certain Rights and Liabilities Order 2008” any Kaupthing Edge Savings Account and Kaupthing Edge fixed term deposit account that was already opened at the time of the administration transferred to ING Direct N.V., Reading branch (ING Direct).
Unfortunately, due to IT systems that we were unable to disable, the apparent ability to apply for a Kaupthing Edge fixed term deposit account could not be removed from the Kaupthing Edge website until 6 November 2008. Our records indicate that you have attempted to open a Kaupthing Edge fixed term deposit account after 8 October 2008.
As Kaupthing Edge was not permitted to accept any deposits, your application in respect of the fixed term deposit account cannot be processed. We will be arranging to credit back to your Easy Access Savings Account with ING Direct the principal amount of funds that you have attempted to place into the Kaupthing Edge fixed term deposit account. We understand that given your attempt to open a new fixed term deposit account could not be processed, these funds will be treated as never having left your Easy Access Savings Account so you will not lose any interest on your Easy Access Savings Account as a result.

Yours faithfully
on behalf of the
joint administrators of Kaupthing Singer & Friedlander Limited (in administration)
(acting as agent of the Company and without personal liability)


AAARGH!!!

Been covered for weeks on this forum, that no new KE Fixed accounts were allowed to be opened...

Pity they didn't remove the link from their website though sooner.

dougz_2

MeGrumps wrote: »

The rate is only fixed when you fund the account. I just called them and they were adamant. Even though I opened the account in October, it is the Reward rate for November that applies as this is when I funded the account. She conceded that I should have been warned that the rate might be different if I delayed funding the account but that there was nothing they could do now to remedy this.

That contradicts what I was told when I applied for my BoS IASAR account this afternoon see http://forums.moneysavingexpert.com/showthread.html?t=1287565

Optimist

NickyDee wrote: »

Following Martin's e-mail on 6 November 2008, I applied for an ICICI Bank HiSAVE Fixed Rate Account at 7.1% for one year.

However, ICICI Bank sent me an e-mail on 7 November 2008 confirming that the interest rate will be 6.25% for all accounts opened by them, on receipt of cleared funds, from 7 November 2008. What was more bizarre about this e-mail was that it didn't appear in my inbox until 10 November 2008. (are they trying to con customers by allowing them to think that the original interest rate is applicable, then after customers have transferred the funds, the e-mail appears in their inbox advising them otherwise?)

Have I got grounds for complaint to apply for the original interest rate of 7.1%, given then I applied before 7 November 2008?

Strangely I thought I had opened a high interest account last week on the 11th slightly lower interest rate than yours. After receiving a mail this morning about them lowering their rates I looked at my account to find they had cancelled the application on the 12th :mad:

Somewhat annoyed I have asked them for an explanation and if they don't reopen it with the rates applicable at the time I will move my money.

I suggest you do the same