Started by emkay , 3 May Posted 3 May Ideally we also need interest to be paid monthly. But, unlike a UK BOS account where you simply lose interest if you need access to the capital, we were told that there is no way of getting your funds back unless you die! I've googled profusely but can only really see what's of the comparison websites - all of which don't seem to pay monthly interest.

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The bonds are not redeemable at any time prior to maturity. KfW will make payments with respect to the bonds without deduction or withholding of taxes, unless otherwise required by law. Purchasers of the bonds must make payment in euro. KfW will pay the principal of and interest on the bonds in euro. However, if you elect to hold bonds through DTC, you will receive payments on the bonds in U. The bonds are governed by the laws of the Federal Republic of Germany and provide that the District Court Landgericht in Frankfurt am Main is the exclusive jurisdiction in which an action or other legal proceedings arising out of or in connection with the bonds may be brought.

Application has been made to list the bonds on the regulated market of the Frankfurt Stock Exchange. The managers named in this pricing supplement are offering the bonds subject to various conditions. The managers will have the right to reject any order in whole or in part and to withdraw, cancel or modify the offer without notice.

The bonds will be represented by two or more permanent global certificates. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this pricing supplement, the accompanying prospectus supplement or prospectus to which it relates is truthful or complete.

Any representation to the contrary is a criminal offense. Incorporation by Reference. Exchange Rate Information. Registrar and Paying Agent. Governing Law, Jurisdiction, Enforcement and Language. Additional Tax Information. Additional Information on German Taxation. Additional Information on United States Taxation.

Securities Identification Numbers. Further information concerning KfW and the bonds offered hereby may be found in the registration statement Registration Statement No. If the information in this pricing supplement differs from the information contained in the accompanying prospectus supplement or prospectus, you should rely on the information in this pricing supplement.

You should rely only on the information provided in the disclosure document. We have not authorized anyone else to provide you with different information. We are not making an offer of these securities in any jurisdiction where the offer is not permitted. You should not assume that the information contained in the disclosure document is accurate as of any date other than the date on the front of each document forming part of the disclosure document or, with respect to information incorporated by reference, as of date of such information.

However, there is no assurance that Deutsche Bank AG, London Branch, or any person acting for it will undertake stabilization action. The information incorporated by reference is an important part of the information provided to you, and information that we file later with the SEC, to the extent it stipulates that it is to be incorporated by reference, will automatically update and supersede this information. We incorporate by reference the documents and any amendments to them filed with the SEC until completion of this offering.

We will provide, without charge, to each person to whom a copy of this pricing supplement has been delivered, upon the request of such person, a copy of any or all of the documents deemed to be incorporated herein by reference unless such documents have been modified or superseded as specified above.

The net proceeds from the sale of the bonds will be used by us in our general business. Fluctuations in the exchange rate between the euro and the U. Fluctuations in exchange rates that have occurred in the past are not necessarily indicative of fluctuations in the rate that may occur during the term of the bonds. We file reports with the SEC giving economic data expressed in euro.

No representation is made that the euro or U. There are, except in limited embargo circumstances, no legal restrictions in the Federal Republic of Germany on international capital movements and foreign exchange transactions.

According to the Frankfurt Stock Exchange, the Frankfurt Stock Exchange is the most significant of the eight German stock exchanges and accounted for approximately Of the latter, 12, were attributable to domestic issuers and 5, to foreign issuers. Stocks, exchange-traded funds, actively managed funds as well as certificates, reverse convertibles, warrants and bonds are traded on both platforms.

Xetra matches buy and sell orders from licensed traders in different locations worldwide in a central, fully electronic order book. These orders are executed at best conditions. Via their trading screens, domestic and international investors have access to the securities listed on the Frankfurt Stock Exchange. Each security is supported by a lead broker, who fixes bid and ask prices and either executes incoming orders in accordance with the price discovery rules or manages them in an order book until they are executed or deleted or expire.

This also enables trading of less liquid securities on the trading floor. In general, floor trading operates each business day from to CET and offers the trading models continuous auction and single auction. Transactions on the Frankfurt Stock Exchange are settled on the second business day following a transaction. A quotation can be suspended by the Frankfurt Stock Exchange if orderly stock exchange trading is temporarily endangered or if a suspension is necessary in order to protect the public interest.

An issuer of debt securities that are admitted to trading on a domestic exchange in the Federal Republic of Germany must promptly publish any new non-public factual information that could have an adverse effect on its ability to perform its obligations under such debt securities. The description of the terms and conditions below with the exception of certain explanatory text designated by italics is substantially the same as the non-binding English translation of the legally binding German language text thereof and is qualified in its entirety by reference thereto.

A copy of the form of conditions has been filed with the SEC as an exhibit to the registration statement. General Provisions. Principal Amount and Denomination. Global Certificates, Bonds and Form. The bonds will be represented by two or more permanent global certificates without interest coupons.

The CBF global certificate will be issued in bearer form and will represent the bonds credited to accounts of financial institutions that are accountholders of CBF, including such bonds which are held through Euroclear and CBL, each of which maintains an account with CBF, and further including such bonds which are held through any other clearing system which maintains an account with CBF.

Together, the bonds represented by the CBF global certificate and the DTC global certificate, respectively, will equal the aggregate principal amount of the bonds outstanding at any time. The amount of bonds represented by each of the CBF global certificate and the DTC global certificate will be evidenced by the register kept by the registrar.

Definitive certificates representing individual bonds and interest coupons will not be issued. Transfers of bonds shall require appropriate entries in securities accounts. The bonds represented by the DTC global certificate may be exchanged for bonds represented by the CBF global certificate and vice versa.

Such exchanges shall be recorded on the register and shall be effected by an increase or a reduction in the aggregate amount of bonds represented by the DTC global certificate by the aggregate principal amount of bonds so exchanged and a corresponding reduction or increase in the aggregate amount of bonds represented by the CBF global certificate. The bonds will constitute unsecured and unsubordinated obligations of KfW and will rank equally with all of our other present and future unsecured and unsubordinated obligations, but subject to any applicable mandatory statutory exceptions.

Interest Rate and Due Dates. The bonds will bear interest at the rate of 4. The bonds will cease to bear interest upon the end of the day preceding the day on which they become due for redemption. Late Payment. In July , the German Federal Bank announced a base rate of 3. Accrued Interest. Maturity; Repurchase. We may at any time purchase and resell bonds in the open market or otherwise at any price.

Bonds so purchased and not resold by us may, at our own discretion, be held or surrendered to the paying agent for cancellation. Payments of principal shall be made upon surrender of the CBF global certificate and the DTC global certificate, as the case may be, to the paying agent.

All costs of any such conversion shall be deducted from such payments. If such bid quotation is not available, the paying agent shall. If no bid quotation from a leading foreign exchange bank is available, payment of the euro conversion amount will be made in euro to the account or accounts specified by DTC to the paying agent.

Until such account or accounts are so specified, the funds still held by the paying agent shall bear interest at the rate of interest quoted by the paying agent for deposits with it on an overnight basis, to the extent that the paying agent is reasonably able to reinvest such funds.

Such election in respect of any payment shall be made by the DTC bondholder at the time and in the manner required by the DTC procedures applicable from time to time and shall, in accordance with such procedures, be irrevocable. Any payments under this paragraph in euro shall be made by wire transfer of same day funds to euro accounts designated by DTC. All payments made by or on behalf of us to CBF and to, or to the order of, the registered holder of the DTC global certificate at the close of business on the relevant record date, respectively, shall discharge our liability under the bonds to the extent of the sums so paid.

Record Date. Business Days. If any due date for payment of principal or interest in U. Payment Date and Due Date. Substitution of Paying Agent. All payments by us in respect of the bonds shall be made without deduction or withholding of taxes or other duties, unless such deduction or withholding is required by law. In the event of such deduction or withholding, we. Termination for Default. Definitive certificates representing individual bonds and interest coupons will not be issued in the event of a default.

The registrar and the paying agent in such capacities are acting exclusively as our agents and do not have any legal relationship of any nature with or accountability to the registered holder of the global certificates or to any bondholder. Further Issues. We reserve the right, from time to time without the consent of the bondholders, to issue additional bonds, on terms identical in all respects to those set forth in the terms and conditions of the bonds except as to the date from which interest shall accrue , so that such additional bonds shall be consolidated with, form a single issue with and increase the aggregate principal amount of, the bonds.

Any notice will become effective for all purposes on the third day following the date of its publication or, if published more than once or on different dates, on the third day following the first date of any such publication.

Governing Law. The bonds, both as to form and content, as well as our rights and duties and those of the bondholders, shall be governed by and shall be construed in accordance with the laws of the Federal Republic of Germany. Any action or other legal proceedings arising out of or in connection with the bonds may exclusively be brought in the District Court Landgericht in Frankfurt am Main.

The conditions are written in the German and English languages, with the German version controlling and binding. It will satisfy the income tax liability of a non-business investor with respect to investment income. However, investors may apply for a tax assessment on the basis of applicable general rules if the resulting income tax burden would be lower. It is, therefore, possible that the bonds will be treated as discount notes issued with original issue discount for United States federal income tax purposes.


Fixed rate savings account 3 - 5 years




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