Kaupthing - how long to set up?

kizziedog

Hi All,

I've got a little money (£20k) which I want to put in a savings account until 1st. Nov.
How long does it take to set up a Kaupthing Edge A/C? What has been the experience of others?

Thanks for your help

debbie42

Mine was very quick, but I did have to wait for something via the post (id number, or password, I forget?) It took less than a week. I didn't have to supply id: I've heard mixed reports as to whether this is required or not, I'd imagine this may slow it down a bit? Then you have the transfers to wait for, in terms of getting your cash in and out.

exel1966

Mine was also about a week. Apply, get accepted, they post details of account number, sort code etc and then you may have to send confirmation of your ID/address to them to conform with AML regulations.

kizziedog

Thanks Debbie. How long did the transfer take please?

exel1966

Transfer times will vary dependent upon when and how you send.

BACS will usually take 3 working days i.e send monday, arrive wednesday. Send over a weekend and it will take longer.

Chaps is isame day, but you have to pay approx £20-30.

Send a payment of £1.00 only to test, prior to transferring a large sum.

genny

Mine was up and running in about 7 days, I didn't have to send any ID documents, I believe they just verified via the electoral role.

First transfer in took around 4-5 days, all the rest took at max of 3 working days.

Needed to contact them for a few queries, phone was answered within 2 rings, very fast, efficient and polite.

Can't fault them, and they've been putting up the rates. Search the forums and you'll find a lot of satisified customers, wish UK banks could offer a similar service!

kizziedog

Thanks to everyone for your help.

debbie42

I needed to call them recently, to check my tax status. The phone was answered promptly and my query handled very efficiently. Sure beats the A&L for phone service!

ulysses76

I tried to transfer money from my TSB account into Kaupthing & was told by TSB that a BACS transfer could only be done if I provided a printed giro cheque form, otherwise I had to do a CHAPS transfer costing me £25.I am now having to route money from TSB to Kaupthing via my Sainsbury Internet saver.:mad:

debbie42

ulysses76 wrote: »

I tried to transfer money from my TSB account into Kaupthing & was told by TSB that a BACS transfer could only be done if I provided a printed giro cheque form, otherwise I had to do a CHAPS transfer costing me £25.I am now having to route money from TSB to Kaupthing via my Sainsbury Internet saver.:mad:

Why won't LTSB let you do it if you know the account + sort code? You could quite feasibly want to transfer money to somewhere other than Kaupthing that doesn't provide paying in slips.

Incidentally, when I joined Kaupthing they provided a different code for CHAPS and BACS transfers.

dag_2

My advice to anyone who has just come into an inheritance, or a lottery win, or whatever, for the first time, is that you should first of all try to open an instant-access or no-notice savings account with the organisation with which you already hold a current account. Why? Because you can usually get that set up at a moment's notice, and you can transfer money into and out of it straight away. Granted, it might not pay the best rates, but it will pay the highest rate that you're able to get while you're waiting for the formalities to complete on the applications for accounts that do pay the top rates.