Kaupthing Rate reduced by 2%

Humper

northern_munky wrote: »

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?

But you CAN'T withdraw all of it. The minimum account balance if £100. You have to phone up and close the account if you want the lot, just what I'll be doing

sloughflint

Humper wrote: »

But you CAN'T withdraw all of it. The minimum account balance if £100. You have to phone up and close the account if you want the lot, just what I'll be doing

I left £1 there.Still waiting for the interest for days in the ether.

Baldur

Humper wrote: »

The minimum account balance if £100. You have to phone up and close the account if you want the lot, just what I'll be doing

Incorrect, the minimum balance is £1 (or zero, if you also have a fixed term deposit account). I have just totally emptied my savings account online, leaving two fixed term accounts open - see http://www.kaupthingedge.co.uk/Includes/PDF/tandcs.pdf

7.1.3 Minimum Combined Balance
If you hold a Savings Account but not a Fixed Term Deposit Account, the required minimum balance on the Savings Account is £1. However, if you hold a Savings Account and a Fixed Term Deposit Account, there is no minimum balance for the Savings Account.

SkipClick

Humper wrote: »

But you CAN'T withdraw all of it. The minimum account balance if £100. You have to phone up and close the account if you want the lot, just what I'll be doing

Where did you here this from?. I withdraw all my money out no problem going to close my account in the new year sometime.

Masomnia

I think I'm right in saying that you need £100 in there to earn the full 4.55%, if you have say £90 it earns much less I believe.

isofa

Masomnia wrote: »

I think I'm right in saying that you need £100 in there to earn the full 4.55%, if you have say £90 it earns much less I believe.

Yes this is correct, the "minimum" balance of the easy access account is £100, info here: http://www.kaupthingedge.co.uk/our-products/interest-rates.aspx

"For the savings account, the interest rate is 0% (Gross) if the balance falls below the minimum."

I'm considering closing mine now, I've hung on all through the bad times, but ING dropping the rate, (and ING owning it!), has convinced me to leave. Pity it was a great account before all this Icelandic mess.

Anyone closed it in the "correct manner". I.e. requesting a closure, having the interest made up to date and a full balance transfer then out to the nominated account?

gogsboy

Is it not just a matter of time before all the accounts that people jump to will also drop by similar magnitude?

If not, is it not bad for credit rating opening various accounts and the like or does it not matter two hoots

Baldur

gogsboy wrote: »

Is it not just a matter of time before all the accounts that people jump to will also drop by similar magnitude?

The funds from my KE savings account will be earning 6.3% fixed until next October in my Egg FR savings, which is more than enough reason to move them as far as I'm concerned.

Humper

SkipClick wrote: »

Where did you here this from?. I withdraw all my money out no problem going to close my account in the new year sometime.

On the KE site, just click on "Our Products" and it states £100 is the minimum balance. However the T&C say £1. Confusing!

Baldur

Humper wrote: »

On the KE site, just click on "Our Products" and it states £100 is the minimum balance. However the T&C say £1. Confusing!

£100 is the minimum balance to earn the specified interest rate, not the absolute minimum balance, which is £0, if you hold term deposit accounts as well as the savings account.