Kaupthing Edge Savings Rate Frozen For Now

Stompa

oscarhugo wrote: »

It seems that the Coventry CANNOT PHYSICALLY make the transfer with this sort code!

Well my £1 test transfer has just arrived, so I can confirm that the sort code does indeed work.

oscarhugo

Stompa wrote: »

Well my £1 test transfer has just arrived, so I can confirm that the sort code does indeed work.

I've tried [yesterday] to make a transfer of £1 from my Halifax cheque a/c. It hasn't told me I can't. Today I notice that the Kaupthing website says "you can only deposit from your linked account" or something along those lines. This Halifax a/c is not my linked a/c so whether the £1 will arrive or not remains to be seen, next week...

Stompa

oscarhugo wrote: »

Today I notice that the Kaupthing website says "you can only deposit from your linked account" or something along those lines.

Yes, that's always been in the T&C's I believe (section 13):

http://www.kaupthingedge.co.uk/Includes/PDF/tandcs.pdf

oscarhugo wrote: »

This Halifax a/c is not my linked a/c so whether the £1 will arrive or not remains to be seen, next week...

It doesn't explicitly specify what happens to BAC's deposits from non-linked accounts, but does say: ""Cheques from accounts that are not the Linked Account will not be accepted, and will be returned to the sender where reasonably practicable" - which sounds a bit ominous!

tasty_snacks

i didn't know anything about these guys until i saw an advert in this week's economist. must say, i am very impressed by the 6.5% AER instant access savings account.

am i being stupid, or is there a term for which this is guaranteed? i see that they promise to beat base rate by 30 bips, but from what i can gather make no mention of when this kicks in. for example, say i invest £1k with these guys, when does my 6.5% revert to 30 bips above base? tomorrow? next month? a year after initial deposit...?

10_66

Their website says "The interest rate will be at least 0.30% (gross) higher than the Bank of England Official Rate until 1st February 2012." http://www.kaupthingedge.co.uk/OurProducts/KaupthingEdgeSavingsAccount.aspx

oscarhugo

Well, the Coventry BS has been v.helpful. I've had several phone calls from "Naz" in CustServices to update me & finally today he says it's been sorted out & I can transfer funds to that sort code at Kaupthing. Instead of doing it online, I've made the transfer whilst I was still on the phone with Naz & will now wait with bated breath to see if it duly arrives in K.Edge on Wednesday (and also to see whether the £1 on-line transfer from the (non-linked) Halifax a/c will be credited or sent back with its tail between its legs...)

Stompa

oscarhugo wrote: »

Instead of doing it online, I've made the transfer whilst I was still on the phone with Naz & will now wait with bated breath to see if it duly arrives in K.Edge on Wednesday (and also to see whether the £1 on-line transfer from the (non-linked) Halifax a/c will be credited or sent back with its tail between its legs...)

I can sort of understand why the initial deposit has to be made from your linked account, but why subsequent deposits? For a BACS transfer why would they care where the funds came from? Or is this purely an anti-money laundering thing?

masonic

If nothing else, it's a good way of preventing people sending money to the wrong account by mistake.

bristolleedsfan

Stompa wrote: »

but why subsequent deposits? For a BACS transfer why would they care where the funds came from? Or is this purely an anti-money laundering thing?

Purely an anti-money Laundering measure I believe.

benjdr

So whats the verdict on Kaupthing?
Safe? reliable? good customer service? Best option at the moment?