Considering Opening A Savings Account With Kaupthing Edge

GRAEENGASHBOY

Hi

I am considering opening an account with Kaupthing Edge, but as this is an online savings account and I have never heard of this company before I am a little concerned if they went bust.

Would I get my cash back I am thinking about putting in all my savings which is around 6k, which is alot of cash for me to lose should anything happen.

Can someone please advise.

Thanks

beardiedog

The first £35,000 of your money is guaranteed if the bank went bust so your £6K is safe.

Milarky

I've had a look at this account and the main issue is the need to leave at least £1000 at all times to get the good rate (Actually you can reduce your balance to £1 at any time but no interest is earned whenever the balance is below £1000) Other than that, it looks very good indeed.

Rafter

If you are a tax payer, you should also think about opening an ISA with £3,600 of your money first. Even at a lower rate, with the tax saves you should earn more than Kaupthing.

Personally I'd rather keep my savings in a Bank I've heard of backed by a country with a population larger than Bristol.

However, as Martin Lewis and beardiedog have pointed out, your savings are guaranteed by the Icelandic government, Norway, Sweden and the UK savings guarantee schemes as well, so the probability of not getting your money back are very remote.

R.

Meltdown_2

Rafter wrote: »

Personally I'd rather keep my savings in a Bank I've heard of backed by a country with a population larger than Bristol.

However, as Martin Lewis and beardiedog have pointed out, your savings are guaranteed by the Icelandic government, Norway, Sweden and the UK savings guarantee schemes as well, so the probability of not getting your money back are very remote.

Rafter, I would have thought you would have 'heard of' Kaupthing by now ...
How big a population is necessary before you would consider banking there ...?
I guess you are also ruling out Jersey, Isle of Man, the Bahamas, ...

In any event, any money deposited with Kaupthing Edge stays in the UK, and has EXACTLY the same compensation arrangements as money saved with a UK bank (that is what Kaupthing, Singer & Friedlander is, after all ...).