Icici Or Kaupthing ?

Newly_retired

Am looking for an additional savings account. Any opinions about customer service, ease of online access etc for these two? Thanks.
Already got ICESAVE and Coventry BS.

MARTINS_DOLL

Hi newly retired,

I've got an ICICI account, I've had mine since about February time.
I've not really encountered any problems with using the site.
You can easily transfer funds from your other accounts, it does take about 3 days for the money to get into your ICICI account. So if you open an account, don't think your money has vanished!!!

The interest is paid monthly, so it's good to see your money grow!

I've never used customer services, so I can't help with that one.

Hope this helps...

Baldur

I've used ICICI & Icesave virtually since they started their UK retail operations and Kaupthing Edge for a few months - never had any problems with any of them.

ICICI works, like Icesave, via Direct Debits but Kaupthing uses BACs for money transfers.

gromitandwallace0101

I would definitely NOT recommend Kaupthing Egde!

Admittedly it was me that made a mistake when setting up the online account. But ever since then I have spent weeks and weeks trying to rectify it. They won't rectify the error, they won't close the account, they won't let me have a new account while the other one is open. They appear completely incompetent.

Having persevered with numerous phonecalls & letters, including sending original bank account statements to prove my address twice, here we are well over 2mths later no further forward. I have now given up, having lost literally thousands of pounds in interest due to the delay.

So no thanks Money Saving Expert, Kaupthing Edge are hopeless!

Mickey_Monk

gromitandwallace0101 wrote: »

having lost literally thousands of pounds in interest due to the delay.

No you haven't!

If you held the maximum recommended deposit of £35000 you would receive £1820 interest (nett) in 12 months.

You state your problems have only been ongoing for a matter of weeks. So unless you intended depositing a massive sum, which wouldn't be covered by the FSCS and so would be a rather foolish thing to do, you haven't lost "literally thousands of pounds".:p

Stompa

Kaupthing are in an entirely different league to ICICI IMO, and I wouldn't hesitate to recommend them.

genny

Stompa wrote: »

Kaupthing are in an entirely different league to ICICI IMO, and I wouldn't hesitate to recommend them.

That's great news, I'm just about to open an account with Kaupthing too, I've considered ICICI, but the reviews are so mixed, that I'd rather go with Kaupthing.

genny

Okay, now I'm confused. Just went to open a Kaupthing account on-line, the interest rate is listed as 6.50% AER but the in brackets 6.31% gross - right on the front page http://www.kaupthingedge.co.uk/

Surely if you hold it with yearly interest the interest will be compounded, so the gross and AER figures should be the same? Am I missing something here. Or are they actually saying the 6.31% is the monthly rate, the 6.5% yearly? With Icesave the rate gross and AER is the same.

genny

Update!! Just checked, it is 6.31% gross monthly which equates to an AER of 6.50%.

So I just opened an account, took a couple of minutes, very easy, confirmation e-mail, now just waiting for a day or to for the account number and details.

VERY impressed with Kaupthing Edge.

Ximian

genny wrote: »

Surely if you hold it with yearly interest the interest will be compounded, so the gross and AER figures should be the same? Am I missing something here. Or are they actually saying the 6.31% is the monthly rate, the 6.5% yearly? With Icesave the rate gross and AER is the same.

On the right hand side they list the rate for 12 months fixed at 7.01% gross and 7.01% AER which is what I think you mean in your post, that if the money is left in for a year you get the full 7.01%
The 6.31% rate is for savings (not fixed) which has an AER of 6.5% (compounded over a year)

Icesave list the AER at 6.05% but gross is 5.89%: http://www.icesave.co.uk/easy-access-savings.html

HTH

genny

Ximian wrote: »

On the right hand side they list the rate for 12 months fixed at 7.01% gross and 7.01% AER which is what I think you mean in your post, that if the money is left in for a year you get the full 7.01%
The 6.31% rate is for savings (not fixed) which has an AER of 6.5% (compounded over a year)

Icesave list the AER at 6.05% but gross is 5.89%: http://www.icesave.co.uk/easy-access-savings.html

HTH

Thanks Ximian, I was just refering to the instant access account on the left, (not the fixed at 7.01%) which shows 6.50 AER and 6.31 Gross, yet with not mention monthly that the 6.31 was actually monthly.

However reading the rates section, it's made clear that the 6.31% is monthly, compunding to an AER of 6.5%. Hence I've just opened an account!