Kaupthing Edge Savings Rate Frozen For Now

Stompa

oscarhugo wrote: »

Has anyone else had a problem with the sort code that Kaupthing has listed for BACS deposits into its K.Edge account?

FWIW it gets identified as NatWest for me too. I doubt that there's a problem, but I'm going to try a test run with a £1 transfer just to ensure it ends up at the intended destination.

Aegis

I'm having problems opening an account with them simply because I've opted for paperless banking with my other accounts/credit cards. They initially wanted an original statement from my linked account, so I got in touch with them and asked if they could do any other verification, as I don't receive paper statements for any of my banking/finance needs any more. I was told that another option was to send them a cancelled cheque from my linked account, but would have to include a recent statement from another bank or credit card account.

I've sent back an email explaining to them that this is impossible for me, but haven't had a reply yet. I suspect that I will be unable to open one of their accounts, so I'll be off to a competitor before too long!

robp

Same here regarding opening an account, but having no paper communication to send.

They should be making provision for this common type of account.

Stompa

Aegis wrote: »

I'm having problems opening an account with them simply because I've opted for paperless banking with my other accounts/credit cards.

It's for precisely that reason that I've chosen not to go entirely paperless.

Aegis

Stompa wrote: »

It's for precisely that reason that I've chosen not to go entirely paperless.

Perhaps something I should have considered at the time, but for 0.09% AER difference between these guys and ICICI, I can live with it! However, I'll give them a couple of days or so before I complete my HiSave account opening process to see if they realise that in the modern age it's becoming less and less reasonable to ask for original statements...

oscarhugo

Stompa wrote: »

FWIW it gets identified as NatWest for me too. I doubt that there's a problem, but I'm going to try a test run with a £1 transfer just to ensure it ends up at the intended destination.

Stompa -- Who is your linked account with? It seems that the Coventry CANNOT PHYSICALLY make the transfer with this sort code! They have updated me twice & say that both Kaupthing & NatWest are unhelpful & will not confirm the sort code but that it appears that Kaupthing is using an old sort code that NatWest allocated them some years ago. It all seems v. strange - but, in the meantime, I am unable to deposit into my Kaupthing a/c...

moneylover

How long is it taking for accounts to open when they get bank statement? Posted mine off on Saturday and now getting worried

moneylover

jackdoor wrote: »

You must live a blessed life if this is the sort of thing that worries you!

Yes, it does concern me because I have quite a lot of money sitting in a current account waiting to go into a new 3 year fixed rate account. As I am soon to become a pensioner interest on savings is very important. My concern is that the fixed rate 3 year account may be closed and there is nothing nearly as good on the market. So that is why I asked what I thought to be a perfectly reasonable question - how long is it taking on average for accounts to be opened - ie after a bank statement has been posted.

Stompa

Aegis wrote: »

Perhaps something I should have considered at the time, but for 0.09% AER difference between these guys and ICICI, I can live with it! However, I'll give them a couple of days or so before I complete my HiSave account opening process to see if they realise that in the modern age it's becoming less and less reasonable to ask for original statements...

Hmmm, the main reason I'd been avoiding ICICI was that I'd read that they could be a real pain when it came to proving your ID - requiring certified documents etc. There's a long thread about it somewhere.

Update: It seems my fears were unfounded, having just applied they've not asked for any ID at all.

Mr._H_2

jackdoor wrote: »

Having a lot of money sitting in a current account is poor planning indeed, especially if it's so important to you?

There's no need to be rude.

I know all of my savings accounts I've ever had would only allow transfers to linked accounts. Therefore, if I want to open a new account with someone else with a large deposit, that would have to go via my current account. If it's a bond, you can't do a small first payment then top it up - usually all the money has to be deposited in one go.

So, it doesn't sound like poor planning to me.