Transferring money into Kaupthing Edge Internet Saver

pandora205

Hi
I've read the terms and conditions for opening the Kaupthing Edge Savings Account and it mentions tranfers in by BACS. Is this what I normally use when I tranfer money from my current account (Lloyds TSB) to my saving account (also Lloyds TSB)?
I'm used to the convenience of moving money around very easily from one account to the other, so I wondered if this will be as easy. I know that transfers will take longer as its a different bank.
Can I set up the account with just my current or saver bank details?
My Lloyds TSB Exclusive Saver is a (very) low interest account which I only use as a holding store for my money. However I have a lump sum that I want to save at the moment so I'm looking for a higher interest account.
Thanks for any help.
P

Baldur

I use my Nationwide current account's 'transfers/payments' facility to send funds to my KE account.

My LTSB current account has a similar facility, which is what I would use if I had linked the LTSB, rather than the Nationwide account.

pandora205

Thanks. I thought I'd be able to do that but wasn't sure.

Baldur

pandora205 wrote: »

Thanks. I thought I'd be able to do that but wasn't sure.

KE give you two sort codes to be used in conjunction with your KE account number, one for BACS transfers (which is the one that I use for payments from my Nationwide a/c) & one for CHAPS (chargeable same-day) transfers.

whu

as has been mentioned in other posts you might want to send £1 by BACS once the account is opened just to check all is ok and then send the bigger amount you want to save although I just sent the amount I wanted and did not have any trouble - dont know how much you are saving but lloyds only allow a max of £10k for transfers to third parties

pandora205

Thanks - is that £10k at a time or ever? Presumably I could 'stage' my transfers (not that I have millions!)?

whu

10k at a time - also note that interest is paid at the end of the month and transfers in my experience take 4 working days including the day of transfer

jdavtz

Surely the date of interest being paid has no relevance at all (unless you're earning huge amounts of interest and that's what you're transferring)