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Kaupthing Edge Risk?
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You Do NOt have the opportunity to deposit at the application stage when opening online.
Only when you have received confirmation from them which will include your account number/sort code etc will you have the opportunity to make the initial deposit.
My initial deposit was £1 (I always send £1 by BACS to test), once that had been accepted I sent a further £100.0 -
Bradford and Bingleys ('internet saver 3') has 6.51% AER which is only 0.04% less than this bank if you're worried
http://www.bradford-bingley.co.uk/savings/index.asp
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What is interesting is the Novation clause in KE's T&Cs.
This permits KE's UK bank to novate their contract with it's customers to it's Icelandic parent.
In agreeing to the T&Cs you agree to the novation KE's only obligation is to tell you that the novation has taken place.
As I understand it this means that as long as the consumer is dealing with the UK company it's covered in full under he fscs scheme so the full £35k is covered however if the novatioin were to take place the saver would be back to the scenario of having to claim first from the Icelandic compensation scheme and then once that was resolved revert to the fscs for the balance.
If anybody has a different view I'd like to hear it - holding onto my cash in the meantime!0 -
I know that things are sometimes exadurated... but this article seems pretty convincing
http://www.thisismoney.co.uk/ask-an-expert/savings/article.html?in_article_id=430852&in_page_id=1110 -
I know that things are sometimes exadurated... but this article seems pretty convincing
http://www.thisismoney.co.uk/ask-an-expert/savings/article.html?in_article_id=430852&in_page_id=111
It must be true I read it in the Daily Mail:rotfl:0 -
I know that things are sometimes exadurated... but this article seems pretty convincing
http://www.thisismoney.co.uk/ask-an-expert/savings/article.html?in_article_id=430852&in_page_id=111
thanks, i didnt know about this, just no point taking the risk. it would take forever to claim the money back from them. besides i can get practically if not the same rate elsewhere. i take it ING are ok?
the KE website is rubbish anyway, there is something glitchy and basic about it. WITHDREW my money just now. i cant see KE on egg money manager anyway!0 -
thanks, i didnt know about this, just no point taking the risk. it would take forever to claim the money back from them. besides i can get practically if not the same rate elsewhere. i take it ING are ok?
the KE website is rubbish anyway, there is something glitchy and basic about it. WITHDREW my money just now. i cant see KE on egg money manager anyway!
If ING failed you would have to claim compensation from the Dutch deposit protection scheme for the first 38000 euros and the remainder up to a total of £35000 from the UK scheme. So a potentially more complex and drawn out process than would applly if KE failed as they are covered by the UK scheme.
http://www.ingdirect.co.uk/common/tandc/direct_savings.pdf page 14
Nigel0 -
I was personally interested in the bond when I first saw the advert for KE. after going off them I then decided to find the best rate from a bank that is "more secure"... best i can find i thought id share with anyone who is intersted was cahoot, at 7.01% fixed for nearly a year.
http://www.cahoot.com/cahoot_products/cahoot_savings/savings_bond_account.html
Enjoy... or ignore if your not interestedBut im signing up right now
Edit:
It was withdrawn while i was signing up! Typical... Post office have one very similar though0 -
KE offer a 36 month Fix at 7.67% - I know, not all of us can afford to tie our money up for that long. HOWEVER, the "break rate" if you withdraw before then is 6.67% - as a result, would it be better to just put your money in there (assuming you have more than £1000) and then close it/withdraw when you need it - resulting in 6.67% which is respectable for instantish access?
You can set up more than one at different times/different amounts if you want to potentially keep some in the high rate all the way through/ensure that you don't lose the high rate on all the balance if you are unable to roll onto another card to maintain your stoozepot.
Thoughts ...?
Many thanks
Anon0 -
KE offer a 36 month Fix at 7.67% - I know, not all of us can afford to tie our money up for that long. HOWEVER, the "break rate" if you withdraw before then is 6.67% - as a result, would it be better to just put your money in there (assuming you have more than £1000) and then close it/withdraw when you need it - resulting in 6.67% which is respectable for instantish access?
You can set up more than one at different times/different amounts if you want to potentially keep some in the high rate all the way through/ensure that you don't lose the high rate on all the balance if you are unable to roll onto another card to maintain your stoozepot.
Thoughts ...?
Many thanks
Anon
This has been discussed on here before. However, no time to search out the threads.In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0
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