KBC allowed me to break out of 3.6% fixed rate with no penalty

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arbitron

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We recently switched (as existing customers of KBC ) from 3.6% fixed to 2.9% with no break fund fee. Zero fuss and will roll on to new customer rates after this fixed period. Pleasure to deal with them too.
 
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Thanks! At the time we fixed the KBC 3.6% was the best on the market. We only fixed as we needed certainty for a few years. When we saw that new customers were getting new rates, we called up and asked. The guy straight away told us we could probably get 2.9% with no break fund fee. I was a bit dubious as we had 18 months+ left and I had calculated the fee at around €1,600.

The form was a 2-pager, required very little info. Sent it back, got a phone call the following week to confirm rate and that there was no fee, then 1 week later we made payment at new rate. We didn't really believe it until it came out of the account!
 
Hi arbitron

Thanks for that information. It will be really useful to others.

Are the two issues connected? In other words, could you have broken out of the fixed rate anyway and just gone on variable?

Or did they make the break conditional on refixing?

Brendan
 
No they weren't connected, they asked me if we wanted to go variable or fix again.
 
We used a broker originally and I thought afterwards that KBC may have recouped some fee from them to offset the change, but I checked with the broker and they did not lose out.
 
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