The Top Easy Access Savings Discussion Area

large_satsuma

Not having tried online banking, I'm unsure how it works.

My current account is with Cooperative, and I'd like to use their Armchair Banking (phone) to easily transfer amounts into and out of a Kaupthing Edge saver account.

Should this be no problem?

KingL

To get money into a KE account:
Either: 1) You could 'push' money into a KE account from your co-op account via whatever methods co-op support or 2) you could 'pull' money from your co-op account into your KE account by logging into the KE secure website and clicking a few buttons

To get money out of your KE account:
You will first need to transfer the money into a current account which has chequebooks/cash points (which, presumably, your co-op account does). However the only (design) way to do this is by logging into the KE secure web-site and clicking a few different buttons.

i.e. I don't think you can 'pull' money out from KE into co-op by talking to the co-op. You will need to have internet access and a KE account/login id that you can use to 'push' money out to the co-op account.

Also, note that it takes 3 or 4 working days to move your money in either direction, so you may need to plan ahead a little bit when you want some cash.

funkyhitman

KingL wrote: »

To get money into a KE account:
Either: 1) You could 'push' money into a KE account from your co-op account via whatever methods co-op support or 2) you could 'pull' money from your co-op account into your KE account by logging into the KE secure website and clicking a few buttons

I was under the impression that you can only push money into KE by BACS. I don't recall seeing any way of pulling via KE online banking. Perhaps this is down to there being two KE account versions. I am currently on the old version which does not have as many features as the new but KE are slowly updating existing customers I believe.

KingL

Yer, sorry I have just checked and I was talking nonsense there. It's a 'push' in both directions. However, the main point to L.Satsuma esq is still accurate - you can't get money out of KE by just talking to the co-op.







edit: ps the test cash that I moved out of KE on Monday night has now arrived in my current account 2.1 working days later.

BulletCraig

I'm just awaiting my account details for KE and then should be ready to transfer my money over. Is there any sort of limit from my banks end over how much to transfer all at once? Ie are the bank likely to get jumpy if I suddenly move a five figure sum of money all at once? I would ask my bank but the nearest branch is miles away and it's absolutely impossible to get an answer over the phone as it's all centralised.

trinovantes_2

BulletCraig wrote: »

I'm just awaiting my account details for KE and then should be ready to transfer my money over. Is there any sort of limit from my banks end over how much to transfer all at once? Ie are the bank likely to get jumpy if I suddenly move a five figure sum of money all at once? I would ask my bank but the nearest branch is miles away and it's absolutely impossible to get an answer over the phone as it's all centralised.

I opened a KE account last week and transferred a small amount on Tuesday 15th just to check everything works. Hopefully it should arrive tomorrow. I'm certainly not brave enough to transfer five figures into a brand new internet bank account.:eek:

A Motley Fool poster is still awaiting their 'large amount' to show up in the account.

I'll be transferring in small frequent chunks, until I gain more confidence in this particular bank!

KingL

BulletCraig wrote: »

I'm just awaiting my account details for KE and then should be ready to transfer my money over. Is there any sort of limit from my banks end over how much to transfer all at once? Ie are the bank likely to get jumpy if I suddenly move a five figure sum of money all at once? I would ask my bank but the nearest branch is miles away and it's absolutely impossible to get an answer over the phone as it's all centralised.

vanilla HSBC will only let you move out £10,000 a day via internet banking. Dunno about any others.

It's worth checking with your bank if you are likely to have a stack of money sitting around getting 0.00001% in a current account because of it. Do they have a messaging service on their internet banking?

BulletCraig

KingL wrote: »

vanilla HSBC will only let you move out £10,000 a day via internet banking. Dunno about any others.

It's worth checking with your bank if you are likely to have a stack of money sitting around getting 0.00001% in a current account because of it. Do they have a messaging service on their internet banking?

I already have a savings account with a decent interest rate running alongside my current account with my bank so it's not the end of the world if it takes me a couple of weeks to transfer all the money over in chunks. Thanks for the help.

Vectra

I paid my Bank £30 and transferred all the cash in one go it only took hours

mrparnold

Hiya again, KE just called me 19.07.08 at 10.15, to confirm there's a bug in their system and they're waiting for a fix from Iceland (Head office).
What I did not clarify was that I was setting up a future transfer of funds, not an immediate one. Their do it today Transfer works fine, its when you choose a future date as I was that it goes pear shaped.
So I found a bug for them, they're happy and so am I now, due to them giving me a little reward and I can also relax about their Transfer system at last.
Good to have a happy ending, at least once they get the bug fix in place! Cheers.