Standing Orders with Kaupthing Edge

Gambit

Hi all,

I'm looking to open up a Halifax Regular saver and needed an account to drip feed this from. So I've chosen Kaupthing as I have read many positive views of them from this forum but I've still got a few questions.
I wondered if I could set up a standing order from this account to the halifax account?
Also, how easy is it to set up linked accounts? Is there a limit of how many accounts can be linked?

Thanks in advance

Mikeyorks

It's not really a good choice if you've established it specifically to fund the Halifax RS? As you can only fund the KE account from a linked account. And you can only withdraw funds the same way. Establishing the 'link' is straightforward - you just provide the Sort Code / Account Number when opening the KE account.

The Tesco Esaver is a better account to specifically feed the Halifax RS as it allows SOs?

p3gg

Mikeyorks wrote: »

The Tesco Esaver is a better account to specifically feed the Halifax RS as it allows SOs?

Are you definite about this Mike? The Tesco FAQs are a little thin on detail. I'm getting the following:

Question:

How do I withdraw money from my internet saver account?

Answer:

Once you have registered for Tesco Electronic Banking, you can go online and transfer funds to another Tesco Savings account. You can also set up payment mandates so that you can transfer money to any other account in your name.

To me that leaves the question open. Can you really set up a standing order (unusual for anything labelled as a savings account), or do you have to set up a one-off payment mandate manually each month?

Any definite info greatly appreciated.

p3gg

Gambit

The problems with the Tesco esaver is that is only 5% and according to Martins tips on drip feeding I should be choosing one of the best savings accounts to drip feed from. I dont mind having to do a manual transfer and I can simply put a recurring reminder in my outlook calendar but would obviously be easier to have a standing order set up.

What about Bradford and Bingley? Would a standing order not be possible with them either?

YorkshireBoy

Gambit wrote: »

The problems with the Tesco esaver is that is only 5%

The 'Instant Access Savings' account pays 5%. I think Mike was referring to the 'Internet Saver' account, which currently pays 6.25% (including a 12 month introductory bonus of 1.5%).

http://www.tescofinance.com/personal/finance/savings/savingsaccounts/internetsaver/index.jsp

Gambit

YorkshireBoy wrote: »

The 'Instant Access Savings' account pays 5%. I think Mike was referring to the 'Internet Saver' account, which currently pays 6.25% (including a 12 month introductory bonus of 1.5%).

http://www.tescofinance.com/personal/finance/savings/savingsaccounts/internetsaver/index.jsp

Doh... silly me :P

Will try to call them tomorrow to see if standing orders are possible.

YorkshireBoy

Gambit wrote: »

Will try to call them tomorrow to see if standing orders are possible.

Even if they aren't (and I don't think they are), it's still an excellent feeder account (for the first year at least) because Tesco operates the new Faster Payments system meaning transfers are instant so there's no 'float'/loss of interest whilst in BACS transit.

Gambit

I checked with Tesco and they dont do standing orders...

But they did say that any transfers done to another bank account would be done the SAME day! I did read something about these same day transfers but didnt know it was live yet... Does anyone know how long it takes for a transfer from Kaupthing Edge to happen??

Gambit

Managed to search through the website and found the info I was looking for - click here to read it yourself.

It also seems that as Tesco is part of The Royal Bank of Scotland Group it seems that transfers within the group should definitely be done the same day! :j

So although it pays 0.25% less I think I'll be going with them. I've worked it out and after tax I would only be earning just under £8 less a year and I think I'd rather that and have the transfers go through straight away!