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Kaupthing Account Opened... now what?
fablad75
Posts: 326 Forumite
I've just received an email with my new Kaupthing Edge account number and sort code, and I'm a bit unsure about what to do next.
I've opened both ING and ICICI accounts in the past and the procedure was different - I sent off a cheque, and if I recall correctly, signed and posted off a direct debit authority form.
Kaupthing Edge, on the other hand, wants me to give my account details to my bank (Nationwide) to set up a BACS arrangement. Will my bank know what needs to be done? And how does BACS work - will it allow me to transfer money both ways? And is there a minimum opening amount?
Thank you.
I've opened both ING and ICICI accounts in the past and the procedure was different - I sent off a cheque, and if I recall correctly, signed and posted off a direct debit authority form.
Kaupthing Edge, on the other hand, wants me to give my account details to my bank (Nationwide) to set up a BACS arrangement. Will my bank know what needs to be done? And how does BACS work - will it allow me to transfer money both ways? And is there a minimum opening amount?
Thank you.
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Comments
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Do you have Internet banking with Nationwide? If you do set it up under Payments and Transfers. You can have a single arrangement or a regular arrangement. Failing that phone nationwide and give them the details for kaupthing and they will set it up.
Bacs is just the automated clearing system - you ask nationwide to make the payment and 3.4 days later it appears in your kaupthing account. Same the other way.
It's supposed to be £1000 but I believe you can pay in less - it just won't earn any interest.0 -
Thank you! I've got online banking with Nationwide so I'll give it a go. Think I'll start with £1 to make sure it works before I send any more.
I haven't received the login details for my Kaupthing account yet - will there be a function in that website to do a similar BACS payment to transfer money back to my Nationwide account?
Thinking about it, doesn't using this BACS system mean that I can send money from any bank account, not just my nominated link account?0 -
Thank you! I've got online banking with Nationwide so I'll give it a go. Think I'll start with £1 to make sure it works before I send any more.
I haven't received the login details for my Kaupthing account yet - will there be a function in that website to do a similar BACS payment to transfer money back to my Nationwide account?
I would imagine so - just waiting on my login details too.Thinking about it, doesn't using this BACS system mean that I can send money from any bank account, not just my nominated link account?
I can't see why it wouldn't although it does say to use your linked account. I'm sure others have tried it on here - do a search for kaupthing.0 -
Mike, are you sure about that? I have a Kaupthing account and have been told by customer services (also it says on their website) that deposits can only be made from the nominated account. I haven't tried a BACS transfer from any other account, but did wonder (ICICI, for example, allows BACS payments from any account, but deposits by direct debit only from the nominated account).0
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Ahh no, I think you are right. I just assumed that because they give you the BACS details, money could be sent from anywhere.
A quick check of the FAQ confirms what you say. Sorry for the confusion.
It does beg the question why BACS is used, why don't they set up a DD instead for deposits?
Mike0 -
I have also wondered how and why they stop BACS deposits from other accounts. Does anyone know?0
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Presumably it's to save money on their side (which they can then pass on to the customer in higher interest rates). There's probably some technical reason why it's easier/cheaper to just accept payments from a single linked account rather than from anywhere. Would be curious to know if anyone working at a bank that does linked accounts knows.0
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My K Edge Savings a/c is up and running. Am going to put initial deposit in after pay is in!!
More news to follow.......0
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