My bank told me not to invest in Kaupthing Edge!

dunstonh

I'm a complete novice in these things and she is meant to be the expert!!

Your saw a bank sales rep. Hardly an expert. They are only authorised to sell their own product range and are not allowed to comment beyond generic information on other providers.

I believe the FOS/FSA are tightening up on this and have instructed certain banks to refrain from using such terms such as Financial Advisor.

Still in proposal and consultation stage with next publication due in November (was October but put back). The current proposals are that only IFAs will be able to be called advisers. Every other type of "current" adviser will not be able to use the word adviser and they will not be able to present their sales process as an advice process.

It wont stop cashier's giving out duff info though as they are unregulated.

1socrates1

What I am curious about is: doesn't Abbey and HSBC offer a bank account of 8% so why is it that Kaupthing Edge and others are recommended as high interest accounts? Or is there some hidden catch with the Abbey or HSBC accounts?

exel1966

Those are current accounts, not savings accounts which have conditions attached such as must use a switching service, must deposit a min payment of approx £1kpm and 8% only payable up to £2.5K, then it drops to something like 0.05% !!

Or

they could be regular savings accounts to which you refer which are completely different.

1socrates1

Okay now I understand, thanks.

Aegis

1socrates1 wrote: »

What I am curious about is: doesn't Abbey and HSBC offer a bank account of 8% so why is it that Kaupthing Edge and others are recommended as high interest accounts? Or is there some hidden catch with the Abbey or HSBC accounts?

The HSBC 8% account is a fee-paying account with a load of other features attached. If you put £1000 or more in the account and keep it there, then you still have about a £4 per month deficit to pay for the account privileges. This means that if the added extras (like travel insurance, better mortgage rates, etc) are something you want, it's worth keeping the account, otherwise you probably don't need it.

JohalaReewi

However, the First Bank of Nigeria does offer a savings account with a reasonable interest rate LOL

http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=429022&in_page_id=7

newsaver5

:T Thank you for your comments. I didn't think they were right but it's alot of money and when someone makes a comment, it makes you reconsider.
I will be down to Halifax in the morning to transfer the money!:T

elona

Whenever I want to withdraw MY money from anywhere and they ask what I am going to do with it I reply either that I am doing home improvements or that my cousin is an accountant - for all know one day either of these statements may be true!;)

LongTermLurker

elona wrote: »

Whenever I want to withdraw MY money from anywhere and they ask what I am going to do with it I reply either that I am doing home improvements or that my cousin is an accountant - for all know one day either of these statements may be true!;)

Try "Sorry ... classified information ... if I told you, I'd have to kill you ...", looking round furtively where the dots are

Alternatively, look really worried and tell them "They told me not to say anything!"

formulaonefan

When I saw the post I got really scared. With all the login problems we had lately and I'm still unable to logon to Kaupthing Edge I was for one moment thought oh sh**!

Did anyone have or had problem logging into Kaupthing Edge?