Kaupthing Edge - is it really so good? Worries about transfer process.

cairon · 14 April 2008 at 2:59PM

I set up a K Edge account as suggested by many including Martin. When I tried to set up a standing order with Natwest they dont recognise the savings account number. When i spoke to K Edge they said I need to tell NAtwest to set up account number as 00000000 and then have my account number and name as a reference. Reason is that the sort code is a Natwest clearing account. As my first transfer will be pretty big is it me or does this sound like your money could be lost. Lets face it big banks arent known for their administrative strength. K Edge sound convinced this is a good way to work and money wont disappear but I'm nervous as I like more control than that. Anyone using them yet? Does this approach really work? I did consider a long term account for a much larger sum but this really sounds like a potential admin error waiting to happen. Why so complicated?

Whats the next best alternative.

Any thoughts folks.

marshall2k · 14 April 2008 at 3:01PM

You could follow their instructions and make a £1 test payment. That's what I did.

[edit] Just to clarify, I didn't have a problem with the account number so it was just a normal sortcode + account number BACS transfer.

cairon · 14 April 2008 at 3:09PM

I have emailed them suggesting they take the same system as Icesave and ING. Time is money and all that. I'll post their reply if I get one.

DocProc · 14 April 2008 at 3:17PM

The following is copied and pasted from Kaupthing's Terms and Conditions

13 Paying Money into the Savings Account
Page 24 of 27

13.1.1 Initial Deposit

You must make the opening payment to the Savings Account by withdrawing at least £1 by BACS from the Linked Account once you have been advised that the Savings Account has been set up.

13.1.2 Subsequent Payments

a) Any subsequent payments must be for at least £1 and must be made in Sterling by BACS, CHAPS or cheque from the Linked Account. Note that the bank or building society with which the Linked Account is held may charge you for making a CHAPS payment. Please contact that bank or building society for further details.
b) Deposits by cheque should be made payable to yourself with your Account Number on the reverse.
Please post cheques directly to Customer Services at Kaupthing Edge, PO Box 9403, Nottingham, NG9 9DR.
c) Cheques from accounts that are not the Linked Account will not be accepted, and will be returned to the sender where reasonably practicable.

cairon · 14 April 2008 at 3:50PM

Thanks again for this information. I guess I could send a cheque but a definate theme is coming clear that K Edge is time consuming to work with. If I set up a Standing order for £1 then I'll need to call again and change the standing order. A quicker solution is to open an Icesave - sort out a direct debit right away and job done. Ing direct was a lot easier to administer than this. Given K Edge is using a Natwest clearing account I presumed Natwest would know how to set up a standing order to them but they dont. Its all a bit of a pain for a mere point something of a percent. I might send a cheque and use another bank for regular savings.

I did not spot the cheque route so thanks again for that one.

marshall2k · 14 April 2008 at 3:58PM

It doesn't need to be a standing order. You could do a one off BACS payment for £1.

spalding · 14 April 2008 at 3:59PM

I thought the minimum intial deposit was £1000 can you open with a £1?

marshall2k · 14 April 2008 at 4:00PM

The minimum balance needed to earn interest is £1000. Transfers can be any amount >£1

spalding · 14 April 2008 at 4:06PM

so can open with only a pound?

marshall2k · 14 April 2008 at 4:11PM

Yep, but no interest will be earned until 999 of its friends are added.

spalding · 14 April 2008 at 4:20PM

Thats great thanks

Kaupthing Edge - is it really so good? Worries about transfer process.

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