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BKent

chris_o wrote: »

I opened an account with no problems but haven't been able to transfer funds in yet because the account number they gave me only has seven digits and BACS transfers need eight. I messaged about this a couple of days ago but haven't heard back yet.

I have the same problem as Chris in that the Kaupthing Edge account number only has seven digits while my bank (Cahoot / Abbey) requires an account number with eight digits.

Would someone please explain how to transfer money into KE.

caroleiw

Me too with the 7 digit account number. My sisters is 8 digits. I've messaged them a couple of times now and heard nothing. Has anyone has this problem rectified yet.
Carole

JimmyTheWig

I believe that you simply put a zero at the front of a seven digit account code to make it an eight digit code.
But probably safest _not_ to take my word for it!

Moggles_2

JimmyTheWig wrote: »

I believe that you simply put a zero at the front of a seven digit account code to make it an eight digit code, but probably safest not to take my word for it!

I'm sure that's right, but if it were my money, I'd ring Kaupthingy (01159 836331) to check

GailR_2

I've just inherited some money and have never before been in a position to invest/save. Was going to put some in Kaupthing/buy cash ISAs/invest in companies I like the sound of. Your forum is fascinating but I don't understand a lot of the jargon used. I'd appreciate any simple instructions based on all your obvious experience. Thanks.

JimmyTheWig

GailR wrote: »

I've ... never before been in a position to invest/save.
...
Was going to ... invest in companies I like the sound of.

Hold it right there!
Unless this investing is a bit of fun where you don't mind if you lose your money or not I'd scrap the idea of investing in companies you like the sound of. Investing in individual companies is risky, even for someone who knows what they are doing.

If you want to invest in the stock market (a good idea if it is a long term investment - at least 5-10 years) then I suggest you start with a broad investment, such as a tracker that follows the FTSE 100.


I'll try some simple instructions. A lot of what you do depends on how long you want to invest the money for, what rate you (and/or your partner if you have one) pay tax at and what your attitude to risk is. And, of course, how much money you are looking at saving/investing.
Making a few assuptions, I'd suggest something like the following...
1. Open a cash ISA ASAP (i.e. for the 2007-2008 tax year) with £3000 (this is the maximum allowed).
2. Do the same for your partner if you have one and are happy for them to look after some of your money.
3. Open a cash ISA next week (i.e. for the 2008-2009 tax year) with £3600 (the limit has increased). This can be with the same ISA provider or a different one.
4. As per 2, do the same for your partner if appropriate.
5. If you have money after this that you want access to and/or don't want to be under any risk then open a high interest savings account for it (without saving more than £35,000 with one provider - if we're talking this sort of money then open accounts with more than one bank and spread the cash).
If you have a partner, do this in the name of whoever pays the lower rate of tax.
6. If you have money that you don't want to access for the next 5-10 years and are happy to risk it then open a stocks and shares ISA. In the long term this is likely to out-perform an interest paying account but this is not guaranteed, especially in the short-term.

Ask if any of the above doesn't make sense.

Vectra

re acct no
how about knocking off a 0 from your 8 digit one
Ihave two in front of mine

JimmyTheWig

Oh, and the other thing you could do is put money into a pension.

GailR_2

Thanks for that. Very sensible advice. I will buy the ISAs for both myself and my partner as suggested and will probably hold off buying shares. Well, maybe just one or two for the hell of it.... I like the idea of an ISA that performs well but don't want to wait 5-10 years - however as the amounts aren't too big I'll do it anyway. I've got £50K and will never get any more - also need to put some aside somewhere really safe for our son who's not likely to earn much, if at all as he has mental health problems. If there are any more ideas I'd love to hear them. thanks again.

GailR_2

I've looked on the forums and spoken to Hoodless Brennan (I opened an on-line account with them y'day) but can't find information regarding a tracker re your suggestion. Could you please direct me? Thanks.