Kaupthing Edge

Simongooner1

Hello!
I know there's a huge KE thread below which is very interesting. I just wanted to check a people's thought on the product itself. It seems very good.

We've remortgaged for house improvements and now have 50k to spend/save. We'll need instant access to pay builders etc over the next 12 months or so.

Basically, do people feel the KE 6.50% account the best option? We don't want to lose a month's interest when we withdraw any funds.

Thanks - any advice greatly appreciated.
Simon

Moggles_2

I've been with Kaupthingy almost since launch on 2 Feb 2008. Whole application process was completed online in 7 days from beginning to end. ID is checked electronically, provided that you're on the electoral roll. There's a valuable interest rate guarantee and no penalty for withdrawals.

It's still early days of course, but customer service has been good so far and transfers to and from the account have proceeded like clockwork. Personally, I wouldn't save more than £35,000 with any one provider though.

whu

so far i have had the same experience as Moggles

exel1966

Moggles wrote: »

I've been with Kaupthingy almost since launch on 2 Feb 2008. Whole application process was completed online in 7 days from beginning to end. ID is checked electronically, provided that you're on the electoral roll. There's a valuable interest rate guarantee and no penalty for withdrawals.

It's still early days of course, but customer service has been good so far and transfers to and from the account have proceeded like clockwork. Personally, I wouldn't save more than £35,000 with any one provider though.

Ditto, ref opening the account, all done quickly and painlessly, though I might add that my ID was not electronically verified and I've been on the electoral role at my current address for 15+years. I had to send proof of ID and address, but that was very simple.
As for the max I'd only put about £30-33K to allow for accrued interest.

Others to consider are B+B, Birmingham Midshires, ICICI to name a few. It is very likely that there will an increase in the base rate next month to combat rising inflation which some companies may pass on to their customers so things may change as to who is the market leader.

uk_steve

all good my side as well... deffo keep under the 35k i do pots of 25k in each diffrent savings account so there is room for growth

LucyTheDwarf

Account was opened within 2 days, and had the password in the post within 3! Fantastically quick. Something I particularly love about the website too is that you can see interest accruing daily... I love to check daily too. Also, if you've not used your ISA allowance yet, you may as well, even though you intend to spend the money.

Definitely agree with uk_steve that you should separate into pots of 25-30k, to allow for interest.

Simongooner1

Thank you all for your help.

As you can see, I'm not used to having large amounts of cash to save!!

I like the look of both Kraupthing and B&B so will probably split it between the two, and also utilise my ISA allowance.

Thanks again

marshall2k

Something I particularly love about the website too is that you can see interest accruing daily

Where is this feature Lucy? I can't see it

LucyTheDwarf

Marshall: Go to Accounts, next to where it says your account number is a little cross - click it. This will bring up a little table showing last activity, gross interest rate, accrued interest and available balance.

Very handy!

Tate65

I opened an account there a month or so ago and it went extremely smoothly. I've transferred money in and out with no problems and so would certainly recommend them. They've got a decent rate guarantee too, so you're less likely to need to keep a close eye on the rate, compared to other banks that lure you in with good rates only to later drop them quietly.

As others have said, I'd keep it below the 35k limit so you're covered if they ever did go under. Unlikely, but better safe than sorry.

free4440273

well, the rate for bonds is fixed anyhow (so that's not a prob): my experience is thus: letter with password received; email confirming details of username etc still not received - 13 days and counting