Kaupthing Edge is unlike IceSave

XXXX

Kaupthing Edge saving account is not like IceSave at all. I recently opened one with them as they seem to offer quite a good rate, but the way how they operate is not as convenient as other internet saving accounts like IceSave.

Basically Kaupthing Edge does not setup direct debit for you, so you have to transfer funds in and out by BACS. Therefore you would lose interests twice when putting funds in then again when taking funds out.

Not as good. How disappointing! _pale_

planemad

Thanks for passing this on to other forum members.
But why did you open the account in the first place as the transfer methods are clearly stated in the terms and conditions PDF available on their website.

The best rate is not always generally the best product.

bristolleedsfan

Was wondering whether anybody else has encountered similar problems to Poster on thread No 137 here. :think:


http://forums.moneysavingexpert.com/showthread.html?t=596724&page=7

Aegis

Although at the moment the difference between the rates is probably enough to make up for it. 6.5% is a lot better than Icesave's reduced rate from before.

munk

bristolleedsfan wrote: »

Was wondering whether anybody else has encountered similar problems to Poster on thread No 137 here. :think:


http://forums.moneysavingexpert.com/showthread.html?t=596724&page=7

I've not no, but I am worried having read that now. I changed a password (from the original temp password) a few days ago now and I'm sure I tested it after I changed it. Perhaps it's a problem that's just come up in the last few days.

Still of concern though because I've just opened another account with them for a family member and hope they don't have same problem as in that other thread.

Sorry to be lazy and not look it up - but does Icesave require a linked account or not? I'm slightly regretting opening the KE savings a/c for the reason of having to use a linked account... Just moved away from Sainsburys for the better rates, but at least they allowed transfers to any account, not just a linked a/c.

10_66

munk wrote: »

Sorry to be lazy and not look it up - but does Icesave require a linked account or not? I'm slightly regretting opening the KE savings a/c for the reason of having to use a linked account... Just moved away from Sainsburys for the better rates, but at least they allowed transfers to any account, not just a linked a/c.

Yes, Icesave will only transfer money in and out of their account via DD with a linked account.

dougz_2

munk wrote: »

does Icesave require a linked account or not?

Yes, and the DD is the only option to deposit to it.

Personally I lack your enthusiasm for DDs, because I do not qualify for a high interest current account, and also you never know exactly when the debit will hit so it makes budgeting the balance much more unclear. I think it is better when you can set up multiple BACS to transfer direct between different savings accounts, especially considering the 1 day transfers coming.

noh

dougz wrote: »

Yes, and the DD is the only option to deposit to it.

Personally I lack your enthusiasm for DDs, because I do not qualify for a high interest current account, and also you never know exactly when the debit will hit so it makes budgeting the balance much more unclear. I think it is better when you can set up multiple BACS to transfer direct between different savings accounts, especially considering the 1 day transfers coming.

In the case of icesave you specify the date the DD will take place. So no problem with budgeting.

Nigel

dougz_2

noh wrote: »

In the case of icesave you specify the date the DD will take place. So no problem with budgeting.

Nigel

That helps a bit but not completely. You still have the problem that you often have to initiate a withdrawal from elsewhere into the current account well in advance of that date to be certain it arrives in time for the DD, and still have the worry that it might not. Plus the possible confusion when looking at your deceptively healthy looking bank balance during that period and accidentally spending a little too much. I am hopefully when they speed up BACS we will get withdrawals quicker which will alleviate this.

beckstrous

bristolleedsfan wrote: »

Was wondering whether anybody else has encountered similar problems to Poster on thread No 137 here. :think:


http://forums.moneysavingexpert.com/showthread.html?t=596724&page=7

Yes, the exact same thing has happened to me and I am worried. Not sure why you think it's some sort of hoax?

Mr._H_2

dougz wrote: »

Yes, and the DD is the only option to deposit to it.

No it isn't. I pay into my ICEsave account by BACS. You have to email customer services to get the sort code, account number and reference number, but it is possible. This means that whilst you can only withdraw from ICEsave into a linked account, you can fund it from anywhere.