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Kaupthing Edge, Should I Avoid?

shaz77_2
shaz77_2 Posts: 1,881 Forumite
in Savings & investments
After reading Martins savings article I am tempted to transfer some money into this account, however some friends have advised me not to. Should I avoid this account or are my friends overreacting?

Thanks
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Comments

  • Bunker
    Bunker Posts: 28 Forumite
    Kaupthing Edge is covered by the FSCS compensation scheme up to £35k , so in theory it is as safe as a UK bank (however safe that is!). As Icelands largest bank I suppose it should be one of the least likely to go bust, but then I am no expert.
  • isofa
    isofa Posts: 6,091 Forumite
    Covered in about 50 discussion threads, why not search and read?
  • alared
    alared Posts: 4,029 Forumite
    KE is OK but avoid B&B
  • Pollycat
    Pollycat Posts: 35,822 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Savvy Shopper!
    After reading Martins savings article I am tempted to transfer some money into this account, however some friends have advised me not to.

    Who would you say is the most financially astute?
    Martin or your friends?
    :confused:
  • xer
    xer Posts: 8 Forumite
    Last post completely wrong . Now the savings arm of BB is to be taken over by Santander, BB is exactly the place TO put your savings in, however due to reasons mentioned in other threads, would you want to be a guiny pig to test the compensation system if KE goes bust ? I'm not, so my balance dropped to £5 last night from £25 k.
    Passionate about interior design, architecture, old buildings, new spaces.
    Love decorating.
  • home_alone
    home_alone Posts: 755 Forumite
    isofa wrote: »
    Covered in about 50 discussion threads, why not search and read?


    The "50" other threads were based over a period of time, we are now in a day to day situation, the original poster asked a question based on what is now happening and one I would like to see answered as I am about to downsize from another bank and place a lump with KE.

    gary
  • Pollycat
    Pollycat Posts: 35,822 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Savvy Shopper!
    Last post completely wrong . Now the savings arm of BB is to be taken over by Santander, BB is exactly the place TO put your savings in, however due to reasons mentioned in other threads, would you want to be a guiny pig to test the compensation system if KE goes bust ? I'm not, so my balance dropped to £5 last night from £25 k.

    By 'last post' I'm not sure if you meant mine or the one by alared.
    You and I were posting at almost the same time.

    If mine, I was pointing the OP to question why his/her friends were advising against KE.
    Is it just a case of them saying 'OO-ER, don't put your money in an Icelandic Bank' or 'Oh, I don't trust this Internet Banking stuff' , then that's not really sensible financial advice (IMHO).

    I didn't mention B&B at all, that was alared.
  • xer
    xer Posts: 8 Forumite
    Hi Pollycat - no, not your post but the post by alared. Sorry for any confusion.
    Passionate about interior design, architecture, old buildings, new spaces.
    Love decorating.
  • luvpump
    luvpump Posts: 1,621 Forumite
    Part of the Furniture Combo Breaker
    I am in the process of pulling out of K.E, ,..for one reason only, The terms & conditions state that they can transfer your money to K.E Iceland from the u.k Division & the customer by accepting the T&C's agrees that they can do this, should they feel the need, In which case you would no longer be covered by the Fscs & move to the Icelandic version ..
    I like the Bank & there customer service is very good, There probably wont be any problem with them, but in such uncertain times I would rather play safe-er, at least for the time being ..
  • genny
    genny Posts: 319 Forumite
    luvpump wrote: »
    I am in the process of pulling out of K.E, ,..for one reason only, The terms & conditions state that they can transfer your money to K.E Iceland from the u.k Division & the customer by accepting the T&C's agrees that they can do this, should they feel the need, In which case you would no longer be covered by the Fscs & move to the Icelandic version ..
    I like the Bank & there customer service is very good, There probably wont be any problem with them, but in such uncertain times I would rather play safe-er, at least for the time being ..

    Is this true and they won't be covered by the FSCS or passport scheme? I find this hard to believe, there has never been a mention of this possibility from Martin or anyone else up to know, can we have some comments from others please?
This discussion has been closed.
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