Kaupthing Edge Fixed Rate Account

Konisberg

Hi. I wondered if someone could confirm my understanding of KE T&Cs for the fixed rate account. I read it that you can take you money out at anytime with interest paid up to the day of closure, and the only penalty seems to be that you do have to completely close it and remove all funds. Seems a bit "too" fair to me so I am thinking I must be misunderstanding it.

http://www.kaupthingedge.co.uk/OurProducts/Terms.aspx

beardiedog

Yes, that's the way I understand it. It's a one-time 'deal', if you withdraw any amount from the term account you have to close it and enter into a new deal with the revised sum of money. However, you should be aware that the fixed rate may have fallen since the original deal was made, so you may lose out by leaving early.

dt99idr

From the 'Interest Rates' section for their website

"For the fixed term there is an interest penalty of 1% (Gross) for early withdrawal."

I assume this is the Deal Break interest rate the T&C refere to.

Ian

Konisberg

Thanks guys. That 1% penalty seems fair considering others don't let you have your money under any circumstances