KAUPTHING-EDGE new top savings a/c ?

pem2

Although they only require an original bank statement to send to them in the post, I still regard that as a minor pain especially as in the last 6months I've successfully opened with online verification Northern Rock, Birmingham Midshire, Bradford & Bingley, Coventry Build and icesave without sending any personal documents so I probably wont be opening one.

BabyDragon_2

Thanks for that post pem2 - That's helpful to me as I find the documents things a real pain too

mking007

thx for posting this

moneylover

Presumably the Freepost address
Kaupthing Edge is a UK one? Its hard to believe a one line freepost address is real!
Has anyone got their account open yet and usable? Was just wondering how many days it takes.

Rafter

Why would you give your savings to an icelandic bank backed by a country with a population the size of a small uk city?

This is another accident waiting to happen. There is no pot of money waiting to pay out if another bank goes under. You will be waiting years potentially for your money with no interest.

Stop chasing the last few pennies of interest and keep it safe in UK banks and building societies that the government will bail out like they did northern rock.

R.

Steve_xx

Rafter wrote: »

Why would you give your savings to an icelandic bank backed by a country with a population the size of a small uk city?

This is another accident waiting to happen. There is no pot of money waiting to pay out if another bank goes under. You will be waiting years potentially for your money with no interest.

Stop chasing the last few pennies of interest and keep it safe in UK banks and building societies that the government will bail out like they did northern rock.

R.

How do you know that the UK based banks are safe. Do you have insider information that the majority of us are not party to?

Chasing the last few pennies is one thing. Leaving cash with the likes of HBOS in their Liquid Gold account, paying a paltry 1% is simply not an option for the majority of us. But by all means, you leave yours there if that makes gives you the feeling of safety.

Aegis

Rafter wrote: »

Why would you give your savings to an icelandic bank backed by a country with a population the size of a small uk city?

Because they have good rates, are backed by an Icelandic government scheme similar to our FSCS, and the FSCS will pay out the balance (if any) of £35000 if the institution goes belly up and can't return its depositors' money.

This is another accident waiting to happen.

Really? Can you explain your claim in a little more depth so that the rest of us can understand why this bank is much less safe than a UK bank?

There is no pot of money waiting to pay out if another bank goes under. You will be waiting years potentially for your money with no interest.

Do you have experience of the FSCS taking years to pay out? The estimates I've seen discussed around here seem to imply that it might take months, but would be very unliekly to take years.

Stop chasing the last few pennies of interest and keep it safe in UK banks and building societies that the government will bail out like they did northern rock.

Again, if the money in the various institutions is covered by the FSCS than savers will get it back even if the extremely unlikely situation occurs where a bank goes completely out of business without being able to find a buyer. Even Northern Rock had several offers on the table for takeovers, so why would any other retail bank find itself in a situation that it can't come back from?

Rafter

Steve & Aegis,

I'm working on the basis of the moneyweek article. If other banks and financial institutions are nervous about the credit worthiness of these organisations why shouldn't I be?

Personally I don't believe that people should put their savings with these organisations without some recognition of the risk that they couldn't withdraw their money at short notice potentially.

I also think that if someone launched 'Bristol Bank' with the backing of Bristol council and local tax payers, people would be a bit nervous about it.

Iceland isn't any bigger though and UK savers are happy to give billions to them, at high rates, well above UK mortgage rates in fact and somehow think their money is as safe as houses.

Sure there are risks associated with UK banks and building societies, but these are a lot less. Otherwise why would the city still be happy to lend to these banks at a lower cost than the icelandic ones?

R.

baldbloke_2

Quote:
Originally Posted by sloughflint
.:rolleyes:

Sarcasm is the lowest form of wit as they say



.... :rolleyes2 :rolleyes2 :rolleyes2 ...



Quote: Originally Posted by bristolleedsfan
.... :rolleyes2 :rolleyes2 :rolleyes2 ...

:eek: :rotfl::D

I think that says it ...



Have you formed a Secret Society or is this just public private messaging ... or what?

It is possible to overdo the 'smilies' methinks

No wonder us oldies get confused!

Steve_xx

Rafter wrote: »

Steve & Aegis,

I'm working on the basis of the moneyweek article. If other banks and financial institutions are nervous about the credit worthiness of these organisations why shouldn't I be?

Personally I don't believe that people should put their savings with these organisations without some recognition of the risk that they couldn't withdraw their money at short notice potentially.

I also think that if someone launched 'Bristol Bank' with the backing of Bristol council and local tax payers, people would be a bit nervous about it.

Iceland isn't any bigger though and UK savers are happy to give billions to them, at high rates, well above UK mortgage rates in fact and somehow think their money is as safe as houses.

Sure there are risks associated with UK banks and building societies, but these are a lot less. Otherwise why would the city still be happy to lend to these banks at a lower cost than the icelandic ones?

R.

I understand your point. At the end of the day the guaranteed protection to depositors of a UK or foreign bank operating in the UK is still 35k.

If another UK bank faced difficulty right now then I have to say that I don't think that the UK government will stomach another propping up at this point.