Kaupthing Edge Savings Account

Stinky · 30 Jul 2008 at 12:58

Anyone used these guys before??

offering a 6.50% savings rate for there savings account.

recommended on MSE so i would guess its all good

andyp · 30 Jul 2008 at 13:03

I have an account with these fellas.

Not had it long but so far no complaints with the service - and their website is pretty.

Zogger · 30 Jul 2008 at 13:07

I think some people would recommend not saving in iceland because of their economic situation at the minute, but then there probably isn't that much risk because you should be covered up to £35k even if things do go wrong.

Stinky · 30 Jul 2008 at 13:10

Lloyds ( Current SAvings account)
Tiered interest up to 5.00% AER/Gross* on balances of £100,000 or more, including an introductory bonus

These Guys
High interest rate – up to 6.55% AER* (6.36% gross‡)

obviously seem to pay a lot better. all monthly interest to!

Vanilla · 30 Jul 2008 at 13:40

I had some cash which I was going to put into these guys. In the end I stuck it in my HSBC online saver. It was a 5% vs 6.5% situation but in the end I looked at the interest over a year, after tax and it wasn't a lot of difference. I couldn't be bothered with the hassle of opening another account!

Stinky · 30 Jul 2008 at 13:43

Vanilla said:
I had some cash which I was going to put into these guys. In the end I stuck it in my HSBC online saver. It was a 5% vs 6.5% situation but in the end I looked at the interest over a year, after tax and it wasn't a lot of difference. I couldn't be bothered with the hassle of opening another account!

i dont get how to work out how much im going to earn interest wise on £500

A2Z · 30 Jul 2008 at 14:28

I signed up with them online couple months ago, was gonna finalise it, then read just about everyone advising not to because of the economic situation in Iceland, so decided not to bother

Vanilla · 30 Jul 2008 at 14:55

Stinky said:
i dont get how to work out how much im going to earn interest wise on £500

There is a calculator here:

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest#saving

So in my case I worked out that a 6.5% account at a high tax band would get me £195 interest on 5k over a year.

On the HSBC for 5% it would have netted me £150 interest on 5k over a year. Hardly worth going to the effort of setting up a new account tbh.

lozza23_uk · 30 Jul 2008 at 15:10

think of the compund interest though
http://www.online-calculators.co.uk/interest/compoundinterest.php

oh sorry, the above link from Vanilla also does the same, only better

(tax included)

molinari · 30 Jul 2008 at 15:39

I've got an account with them, but only £50 in it

.
I'm not worried about the situation in Iceland, as said previously, up to £35k is safe should there be a problem.

lozza23_uk · 30 Jul 2008 at 15:57

out of interest...the 35k protected amount is sorted the UK government...on UK only accounts? if the account is with a bank in another country how is that affected?

I know that also in this country it is protected by bank + person. you cant have 2 accounts with the same bank and get both protected.

Rebelius · 30 Jul 2008 at 16:05

it's because Kaupthing Edge is registered as the british part of the Icelandic bank and is fully registered with the financial services compensation scheme. I think.

Abraham · 30 Jul 2008 at 16:19

Rebelius said:
it's because Kaupthing Edge is registered as the british part of the Icelandic bank and is fully registered with the financial services compensation scheme. I think.

that is correct, kaupthing edge is specifically the UK part of the bank, and you are fully protected upto 35k

I have applied for one but haven't got round to sending them my documents yet