Kaupthing Edge Savings Account @ 6.55%

LongTermLurker

Oblivion wrote: »

fatrat1 has posted this nonsense in several threads. Seems to be a troll.

Dave.

He should go back under his bridge then

johnmoney05

OK. Guys. Anyone knows if you can only transfer money into your Kaupthing Edge account from your "linked" account? What will happen if transfer from your other bank account?

Just tried to set up transfer in from my linked Halifax account. My log in was totally locked. Nightmare....was told Germany was one of "hazard" zone!!!

Oblivion

johnmoney05 wrote: »

OK. Guys. Anyone knows if you can only transfer money into your Kaupthing Edge account from your "linked" account? What will happen if transfer from your other bank account?

Since Kaupthing Edge requires you to 'push' money in by electronic transfer from another account rather than 'pull' money in by a direct debit arrangement, it seems logical that you should be able to push money in from any bank account that does electronic transfer, not just your linked account.
You just need to make sure you quote the correct sort code for KE and your KE account number when setting up the transaction.

The linked account only becomes relevant when you want to take money out from KE.

Dave.

jimbow25

I think their terms do say that you can only deposit from one linked account, even if that isn't logical. Sorry I don't have the T&Cs to hand.

I do remember that you have to call them up to change the linked account, though. I'm in the process of changing my main current account so I've used a secondary current account as my linked one for now.

Apreciar

By mistake I recently transfered money into KE from a non nominated account; although, it was from the same branch as my nominated account and in my name. It went through with no problems.

KTF

The initial deposit must come from the linked account (to set up the link) but after that you can transfer in from any account using the account number and sort code provided.

You can only transfer money out via the linked account though.

Anon

KTF wrote: »

The initial deposit must come from the linked account (to set up the link) but after that you can transfer in from any account using the account number and sort code provided.

You can only transfer money out via the linked account though.

While personally I think it illogical that you can only send money in via the linked account (and logically if you have the numbers, it should work), that is their rule.

Anon

Oblivion

Anon wrote: »

While personally I think it illogical that you can only send money in via the linked account (and logically if you have the numbers, it should work), that is their rule.

Anon

Yes, but as previously stated, that only applies to the initial deposit. I think this is a simple precaution that many banks and building societies adopt to ensure that the bank you declared as being yours when you signed up for the account, really is, and not some money laundering source.

Dave.

Stompa

Oblivion wrote: »

Yes, but as previously stated, that only applies to the initial deposit.

Not according to their T&C's, which state:

13 Paying Money into the Savings Account

13.1.1 Initial Deposit
[FONT=Arial,Arial]You must make the opening payment to the Savings Account by withdrawing at least £1 by BACS from the [/FONT][FONT=Arial,Arial]Linked Account once you have been advised that the Savings Account has been set up. [/FONT]
13.1.2 Subsequent Payments
[FONT=Arial,Arial]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. [/FONT]
[FONT=Arial,Arial]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. [/FONT]
[FONT=Arial,Arial]c) Cheques from accounts that are not the Linked Account will not be accepted, and will be returned to the sender where reasonably practicable. [/FONT]

LongTermLurker

Stompa wrote: »

Not according to their T&C's, which state:

13 Paying Money into the Savings Account

13.1.1 Initial Deposit
[FONT=Arial,Arial]You must make the opening payment to the Savings Account by withdrawing at least £1 by BACS from the [/FONT][FONT=Arial,Arial]Linked Account once you have been advised that the Savings Account has been set up. [/FONT]
13.1.2 Subsequent Payments
[FONT=Arial,Arial]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. [/FONT]
[FONT=Arial,Arial]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. [/FONT]
[FONT=Arial,Arial]c) Cheques from accounts that are not the Linked Account will not be accepted, and will be returned to the sender where reasonably practicable. [/FONT]

There is another way of looking at the above (highlighted in red) which I hadn't previously considered, and that is any BACS, any CHAPS or a linked cheque. That also makes it more understandable why they would need to include rule 13.1.2(c) specifically for cheques.

However, "[FONT=Arial,Arial]Note that the bank or building society with which the Linked Account is held may charge you for making a CHAPS payment" confuses the matter a bit...
[/FONT]