Kaupthing Edge - is it really so good? Worries about transfer process.

cc004-2

I opened mine by transferring £1 from HSBC via BACS. I made sure that £1 came back from them too. There's now £5k in there. Less than 2.5 weeks from applying, sending £1 each way and then depositing £5k. So far, absolutely no hassle and a happy customer.

I did initially have a small problem with transferring with BACS to Kaputhin. The account number that they sent me was missing the leading '0', and was obviously 1 digit short. A quick call to a very helpful and friendly person at Kaupthing sorted this out (using their 0115? 'phone number).

Having had to deal with HSBC call centre recently, HSBC really need to take some time to learn from Kaupthing about answering the phone in under 3 rings, and the general level of service/politeness when dealing with their customers. HSBC call service is pants, waiting 15mins+ for someone to answer, and then being generally hopeless.

Hope that helps....


Cheers,
Chris.

bgscotty

cc004-2 wrote: »

I opened mine by transferring £1 from HSBC via BACS. I made sure that £1 came back from them too. There's now £5k in there. Less than 2.5 weeks from applying, sending £1 each way and then depositing £5k. So far, absolutely no hassle and a happy customer.

I'm thinking of opening this account too.

I'm a bit lost with regards the £1 transferring back and forward!

Could someone explain to me how exactly this account works?

I do get the bit about having to set up another savings account with Kaupthing Edge but after that I'm confused

Thank you.

BG

jzi19

The sending of the pound to the savings account and back to the linked account is just a test - testing the transaction of funds does like it says on the tin - money to the savings & money back from the savings. Its just a re-assurance to see the things works thats all (although I reckon someone has invented pound ping pong myself... =D) Much like testing a grape before buying a hefty bag full.

The account is much the same as managing any other e-account, except instead of instant transactions, theres a 3-4 days delay before money appears in the account.

DocProc

marshall2k and spalding:

13.1.1 Initial Deposit

You must make the opening payment to the Savings Account by withdrawing at least £1 by BACS from the Linked Account once you have been advised that the Savings Account has been set up.


Grrr! Rufickorwot?

What this means is that you open the account. Then they tell you, "Yes, your new account really is open."

Then you enter your new Kaupthing account and, using their kaupthingy tool, 'pull in' at least £1 from your linked current account.

marshall2k

Kaupthing don't offer a "pull". You can only "push" money from your linked account by doing a BACS transfer using the sort code and account number they give you. Now who's thick?

marshall2k

I was expecting the good Doc to pop in for some humble pie at breakfast.

philadam

marshall2k wrote: »

I was expecting the good Doc to pop in for some humble pie at breakfast.

LOL, perhaps Doc's got indigestion this morning:D

Phil

DocProc

Yes. I am hiding under the crust and humbly doing a bit of musing too. :embarasse

I do apologise most sincerely to marshall2k and spalding and will eat a slice of humble pie with my lunch.

marshall2k

Just have a crumb then you can share some of my rhubarb pie if you want

And now a poor attempt to go back on topic...

I hear they make good pies in Iceland!

pandora205

I'm so glad I read this thread as I'm about to open a Kaupthing Edge account and would have tried to transfer the full amount rather than test the transfer with £1 first. It just shows how naive I am!
Thanks everyone who has described the process.
P