Kaupthing Edge

patfoxy

Hi

I am thinking of opening a Kaupthing Edge Savings Account where the interest rate is 6.55% AER.

Once I deposit the £100 minimum deposit to open the account will that amount start earning interest at 6.55% or is it just deposits greater than £100 (so first £100 earns 0% interest).

The Kaupthing terms & conditions do not seem very clear on this point.

I am only planning to put aside a relatively small amount in savings so every bit of interest counts.

Does anyone know for certain?

Thanks,

Pat

chinbergs

Hi Pat

You'll start to earn interest on that 100.

The minimum bit just means they wouldn't let you have an account open with 99.99 in it - it has to have 100 to be open.

Hope that helps

marshall2k

Accounts can be opened with any amount but interest is only earned on balances over £100.

noh

marshall2k wrote: »

Accounts can be opened with any amount but interest is only earned on balances over £100.

To avoid any doubt.
No deposit is required until the account is set up. The first deposit must be for £1 or more but interest, on the total balance, is only earned when the balance is £100 or more.
http://www.kaupthingedge.co.uk/Includes/PDF/tandcs.pdf page 20

Nigel

patfoxy

Thanks for clarifying the matter.

Pat

altocumulus

noh wrote: »

The first deposit must be for £1 or more
http://www.kaupthingedge.co.uk/Includes/PDF/tandcs.pdf page 20

Nigel

£1 duly sent to test the transfer - only (!!!) took 5 working days.....

Conrad

Im today looking for a savings account and considered this one but I am nervous investing with an outfit I know nothing about. Spains biggest developer recently went pop, a number of American and German banks are in trouble so for me Id rather get a lower rate and be able to sleep.

The Building Societies such as my local The Saffron I think are the safest Bankers on the planet

occamsrazor

Conrad wrote: »

The Building Societies such as my local The Saffron I think are the safest Bankers on the planet

Just wondering from what basis you've come to that conclusion....