Investing in KRBS 3.6% one year Bond

Kostas

I have just managed to open an account with KRBS for their new special edition 3.6% one year bond

I recieved a text timed at 6.oam this morning advising me that they had sent me an e-mail to advise me how to proceed to put money into the account.
I thought it a little strange a text from a bank coming at 6.0am
I have looked at the e-mail and it contains all the instructions for transfering money into the new account with all the special account input numbers.

~However the e-mail does not look terribly professional to me

Has anyone else had dealings with these people and are they safe to deal with

The contact phone number is the same as shown on this site

krbs.(with a com/ after it) and the normall www infront

I am planning on investing a large some of money and just have a bit of a niggle
How can I be sure they are OK?


Many thanks

calypso_rhapsody

KRBS are 'ok' in the sense that they are regulated and authorised and covered by FSCS. I agree that the text sounds a little odd - why don't you call customer services to check the details before you make the transfer.

I would like to say that i have had a problem or two with KRBS on the maturity of an account but i have been very impressed with the speed with which they agreed a resolution to the problem - even if it did take a few days to implement. None of this 'we'll get back to you within 8 weeks' nonsense and one individual who certainly gave me the impression that he was taking personal responsibility for resolving it. OK the problem shouldn't have arisen in the first place but full credit to KRBS for doing the right thing when it had.

matty17r

We have had money invested in krbs for many years and have always found them very good. Afraid cannot say the same for santander who we have also have investments with. Seriously thinking about taking all our money out of santander and opening the 3.6 yearly bond.

Kostas

Thank you to the two posters that replied.

I have had a problem logging on and so apologise for taking so long to say thank you

Mee

Same here - invested with them for sometime without problems/issues. I missed out on their 3.60%/1yr bond a month or so ago. Snagged it this time though...:j

calypso_rhapsody

I've been lucky enough to get 2 of the 3.6% bonds - as part of the resolution on my maturity 'problem' referred to above ... every cloud has a silver lining!!

joegib

One potential problem with KRBS term accounts is this clause of the T & Cs:

'We will write to you 10 days prior to maturity of your fixed rate bond notifying you of the end of your fixed rate. The maturity balance will be transferred to a suitable product of our choosing unless we receive alternative instructions.' (My emphasis)

So, if you're not separately monitoring the maturity date and for whatever reason their notification goes astray, or your instructions for repayment go astray, they'll roll your deposit over into another product. That may very well be another fixed-term 1-year account at a mediocre interest rate! So, you're money could be tied up for another year and you'll have no legal comeback in these circumstances.

That was certainly true of the last fixed-term arrangement I engaged in with KRBS. So, I took especial care to check that I received the notification within the right time window and sent my 'instruction' back by special delivery!

This is in contrast to institutions like Birmingham Midshires who will transfer unclaimed maturity monies to a decent interest easy-access account if there's a glitch at maturity thus allowing you to recover the deposit on demand.

Just so you know!

Joe

Ifts

joegib wrote: »

So, if you're not separately monitoring the maturity date and for whatever reason their notification goes astray, or your instructions for repayment go astray, they'll roll your deposit over into another product. That may very well be another fixed-term 1-year account at a mediocre interest rate! So, you're money could be tied up for another year and you'll have no legal comeback in these circumstances.

True it is a pain when they do that.

Although with Krbs you do have a 14 day cooling of period so if you did not get in touch with them prior to your bond maturing with maturity instructions (or they make a mistake), you at least get another chance to get out of it.

Mee

This has never been a problem for me or with KR. I log the maturity date of my accounts (why would you not?) and have always received the maturity instructions in time. My only gripe is that the maturity instructions are sent out only 10 days before whilst some others give you a month. I would also like to be able to do the maturity instructions online as per Skipton etc.

buffman

KRBS: NEW 1 year FIXED BOND. LIMITED EDITION BOND: 3.66% for 1 year (3.60% monthly); no earlier access; no additions; min investment £50K.

caveat_emptor

Kostas wrote: »

I have just managed to open an account with KRBS for their new special edition 3.6% one year bond

I recieved a text timed at 6.oam this morning advising me that they had sent me an e-mail to advise me how to proceed to put money into the account.
I thought it a little strange a text from a bank coming at 6.0am
I have looked at the e-mail and it contains all the instructions for transfering money into the new account with all the special account input numbers.

~However the e-mail does not look terribly professional to me

Has anyone else had dealings with these people and are they safe to deal with

The contact phone number is the same as shown on this site

krbs.(with a com/ after it) and the normall www infront

I am planning on investing a large some of money and just have a bit of a niggle
How can I be sure they are OK?
Many thanks

I had similar experience with an email with all my account details on it. Thought it was a bit odd in view of the warning on krbs website about email security risk so checked with krbs and was told it was ok. Then a few days later all the account details had been changed.:rotfl: