beware error kaupthing edge

accy

deposited £30,000 in kaupthing edge 1 year fixed rate 7.01%. Amount of gross interest after 1 year was shown at £2k and something pounds.
But now it is showing up at just £1,500
Anyone else seen a deduction shown in there fixed rate term?

LongTermLurker

Is it now showing what you will get back at the end of the year NET of tax? Must admit though, £2000 - 20% would still be £1600, not £1500.

accy

No it doesn't. It says "gross interest at maturity £1500"
Can't seem to find a calculator to see how much interest i get on £30k at 7.01% for 12 months.

Happychappy

accy wrote: »

deposited £30,000 in kaupthing edge 1 year fixed rate 7.01%. Amount of gross interest after 1 year was shown at £2k and something pounds.
But now it is showing up at just £1,500
Anyone else seen a deduction shown in there fixed rate term?

Hi

I deposited the same amount and also come up with a wrong future balance, the net interest is 5.68% giving £1704 net interest at 20% or £2103.00p gross.

I emailed Kaupthing and they responded that they are aware and are sorting the problem

Thank you for your email.



We are aware that some of the accounts have this problem and are looking into it as we speak.



It will be amended as soon as possible, but we are aware of the problem.



Sorry for any inconvenience and thank you for choosing to save with Kaupthing Edge.


Yours sincerely,



Jamie Fyson

Customer Services

Kaupthing Edge

So dont worry, it will get sorted

HC

accy

thanks for the heads up

Mikeyorks

accy wrote: »

Can't seem to find a calculator to see how much interest i get on £30k at 7.01% for 12 months.

Obviously, from the last post, they can't find a calculator either!

It should be £2103

[Deleted User]

accy wrote: »

Can't seem to find a calculator to see how much interest i get on £30k at 7.01% for 12 months.

Try http://www.moneysavingexpert.com/savings/savings-accounts-best-interest#savingscalc

Mikeyorks wrote: »

It should be £2103

To clarify Mikeyorks is referring to gross interest here.

Ologhai

Kaupthing's website reports a 'Forward Transaction' from my fixed-term bond/account to my instant access savings account which adds up to my initial deposit plus the NET interest to be paid (rather than the gross). It does appear to be about the right amount of net interest.

Is this what is being mis-reported on some people's accounts? Where on your online accounts does it report the gross amount of interest?