Kaupthing Rate reduced by 2%

dealseeker

ING are taking the opportunity to reduce rate from 6.55% to 4.55% AER which is a 2% drop compared to the 1.5% base rate cut.

They would say they are "striking the right balance between providing great customer service and value whilst maintaining a strong and sustainable business. " There are currently no fixed rate offers.

I'm moving cash back to the YBS internet saver I already have @ 5.5% while I decide on home for cash.

The_Fiddler_2

Yes I agree it is time to jump ship. If they had stayed competitive I might have stayed, but I can get better than that.

I wonder if their plan is for all KErs to jump ship.

nilrem_2

The_Fiddler wrote: »

I wonder if their plan is for all KErs to jump ship.

Lol I don't think ING 'do' plans, from past experience they don't have much idea of what customers want! :eek:

gunnaknow

They want their money back, that's what.

bristolleedsfan

dealseeker wrote: »

ING are taking the opportunity to reduce rate from 6.55% to 4.55% AER which is a 2% drop compared to the 1.5% base rate cut.

.

Isnt it the last base rate decrease of 0.5% + this base rate decrease of 1.5% = a 2% rate reduction. :think:

LongTermLurker

The_Fiddler wrote: »

Yes I agree it is time to jump ship. If they had stayed competitive I might have stayed, but I can get better than that.

I wonder if their plan is for all KErs to jump ship.

I wondered the same. It's a distinct turning point from being the interest champion; however, I do understand their desire for sustainability, because paying interest at more than double base rate is hardly sustainable. However, there are accounts paying higher (Egg 6.3 if you have it and Halifax 6.0 GSR if you can get it).

Spot on BLF - it's just bad news that they've chosen to be the first to make such a large reduction at a time when people are feeing wobbly about them in general.

dealseeker

bristolleedsfan wrote: »

Isnt it the last base rate decrease of 0.5% + this base rate decrease of 1.5% = a 2% rate reduction. :think:

Good point well made. Still decision time for Kaupthing savers. Thanks.

northern_munky

Well I have just tried to get my money out of Kaupthing, never made a withdrawal before and seem to be having a few problems. I have filled in the amount I want to take out (all of it) then clicked 'make payment' at the bottom, nothing happened so I tried again and a box appeared saying 'confirm amount' or something, I clicked OK to that and still nothing seems to have happened, is it me or them?

bristolleedsfan

dealseeker wrote: »

Good point well made. Still decision time for Kaupthing savers. Thanks.

Whilst personally I didnt put money in KE in any case and had I done so id have been viewing the 100% rate cut match as an extra incentive to bring funds closer to home, once the rate cuts feed through elsewhere around 1 December here is a good benchmark for headline rates.

http://www.leedsbuildingsociety.co.uk/savings/fixed_rate_bond.html

Jnanns

I had KE 6.55%. Moved to 3yr fixed term at 7.67% as soon as bank rate was announced and heared Martin say we only had a few hours to do this.

MABLE

n

Jnanns wrote: »

I had KE 6.55%. Moved to 3yr fixed term at 7.67% as soon as bank rate was announced and heared Martin say we only had a few hours to do this.

I checked with KE last week and they advised me you were not able to transfer from the nominated account to a fix rate account anymore. This was before the rate cut.