Kaupthing Edge fixed term deposit confusion

funkyhitman

Hello, I currently hold a KE savings account which I believe you have to open BEFORE you can open a fixed term deposit.

I am slightely confused by how it works though and am hoping someone can shed some light on it.

1. In Kaupthing's help file it says to open a fixed term offer (why does it now refer to it as an 'offer' where previously it was 'deposit'?) you can login to your online banking account and select which term offer you want. When I do this I can not select anything. Instead it tells me to contact Customer Services to set up an offer. Can you not set one up online?

Should I use the 'Apply' button on the main page to set one up or is that for new customers only?

2. I also don't understand how the fixed term deposit/offer works. Is it a new account I am opening alongside my savings account or am I basically locking my current savings account money with a fixed rate?

Thank you for your help!

Baldur

funkyhitman wrote: »

Hello, I currently hold a KE savings account which I believe you have to open BEFORE you can open a fixed term deposit.

I am slightely confused by how it works though and am hoping someone can shed some light on it.

1. In Kaupthing's help file it says to open a fixed term offer (why does it now refer to it as an 'offer' where previously it was 'deposit'?) you can login to your online banking account and select which term offer you want. When I do this I can not select anything. Instead it tells me to contact Customer Services to set up an offer. Can you not set one up online?

Just ring them on the number given (or saynoto0870 gives an alternative geographical number)

2. Should I use the 'Apply' button on the main page to set one up is that for new customers only?

I didn't, just rang, as above.

3. I also don't understand how the fixed term deposit/offer works. Is it a new account I am opening alonside my savings account or am I basically locking my current savings account money with a fixed rate?

It's a new account, into which you transfer the sum that you wish from your savings account. The transfer is immediate but shows up in your online accounts page the following day.

LongTermLurker

Have you put any money into your savings account? First, deposit at least £1000 in your savings a/c, then you can click one of the offer links at the bottom and it asks how much you want to fix - it's all very quick that way.

I guess the reason they call them 'offers' is because you end up with 1 savings account and 1 Fixed Term Deposit account - inside the FTD account you can have multiple 'offers' or individual deposits. 'Offers' is a strange word to use, I agree.

The 'apply' button is only for new customers.

funkyhitman

Hi thanks both for your answers.

I do indeed have over £1000 in my savings account so I find it odd that it won't let me choose my offer online. I guess I shall just have to ring up.

Also, do I have to transfer money from my savings account into the FTD account or can I also transfer from my linked current account...or is that only linked with the savings account and not the FTD?

Thanks very much.

Baldur

funkyhitman wrote: »

Also, do I have to transfer money from my savings account into the FTD account or can I also transfer from my linked current account...or is that only linked with the savings account and not the FTD?

You will need to check that with them when you ring - by the way, they also call them 'deals', just to confuse you more....;)

funkyhitman

hah yeah I recall reading 'deals' too. Crazy.

I shall give them a call in the near future. I'm banking on the interest rate raising one more time from 7.1% soon and then I will pounce! Do you think it is likely to rise? Someone on these forums was saying BoE base rate may increase soon. When is the due date?

Baldur

funkyhitman wrote: »

I shall give them a call in the near future. I'm banking on the interest rate raising one more time from 7.1% soon and then I will pounce! Do you think it is likely to rise? Someone on these forums was saying BoE base rate may increase soon.

Pass - if I knew, I wouldn't be posting here, I'd be too busy formulating financial plans.

When is the due date?

The next MPC meeting is 9 & 10 July, so the decision should be announced on the 10th.

funkyhitman

Merci Beacoup!

Stompa

funkyhitman wrote: »

I do indeed have over £1000 in my savings account so I find it odd that it won't let me choose my offer online. I guess I shall just have to ring up.

FWIW I'm in the same position, and also thought it seemed very odd that you don't appear to be able to apply online.

whu

at what point doesnt it allow you to apply online - once you click on the FTD you want it allows you to put in the amount and then click process application- is it then that the problem arises?

funkyhitman

Stompa wrote: »

FWIW I'm in the same position, and also thought it seemed very odd that you don't appear to be able to apply online.

Hi, I contacted KE about this and they told me that when I signed up for the savings account I did not tick the checkbox that said I am interested in a FTD. I don't even remember there being one so I must have missed it.

Come the next BoE base rate decision I shall contact KE to open one up hopefully with a higher interest rate than the current 7.1%. :beer: