Anybody using this bank yet? They are covered by the fsa guarantee. I'm thinking of moving some funds over & am wandering if anybody's got any experience of them yet please?

I stuck a few quid in a couple of weeks ago and transferred a bit more two or three days ago.

Everything pretty much clockwork. Nothing much to report.

Thanks for that. I'll give it a go, hey, it's only money

I opened an account with them a few weeks back and it was quick and trouble-free.

Their customer support even answer the phone when you ring (unlike the West Brom BS who have taken FOREVER to open my 'Star' account)! The KE online interface is slick, clear and concise, unlike some others I could mention.

I did have one problem initially making BACS transfers from my NatWest account. Even though NW are the clearing bank for KE, NW's system's don't recognise KE savings account numbers as valid. UNBELIEVABLE! There is a workaround for NW customers however until they get this problem resolved.

I also grabbed a KE term deposit deal today at 6.86% for 12 months. I was tempted by the 3-year 7.16% deal but I think I'll wait to see what other offers come about now that the banks are getting even more desperate for our cash.

Incidentally, KE comply fully with 'The Banking Code' and the FSA depositor compensation rules.

HTH,
Best wishes, Tucksy

There might be such a thing as too good to be safe, in this case.

Edit: Then again, as Muskoka said, it's only money. I think I'm currently down more than the £5K I'm thinking of putting in through the recent stock market fluctuations in any case. At least there's an FSA guarantee with this lot, even if it might take time to get the money back if they went under.

Maybe you guys should look who's top of the league table on this link , and understand why their at the top.........

http://www.moneyweek.com/file/41437/credit...iest-banks.html

I certainly wouldn't be sticking my cash now with a bank that i'd never heard of up until a month ago just to earn a few extra beans

Thanks 'Grey Shark' for posting that VERY useful information!

Based on that table, I've decided to move my money out of KE (fortunately the FRB has only been open a few days) and I've also cancelled the transfer of my ISA to IceSave (Landsbanki) from Natwest.

I'm prepared to invest elsewhere at a slightly lower rate if it offers more security for my money and it is fully covered (up to 35k) under the FSCS, which I now understand neither KE or Landsbanki are (i.e. you would need to recover a substantial part (€20,887) of your capital via the Icelandic Deposit Guarantees and Investor-Compensation Scheme - which could take some time!)

Anyway, I'm off to look for some accounts!
Hopefully savings rates will begin to pick up again as the banks compete for our capital and inflation continues it's upward spiral...

Cheers, Tucksy

Oops. I posted similar in main discussion forum. I was on verge of putting funds in there also. Not going to now for obvious reasons

This is my line of thinking , when Icesave came here to the UK i opened a account with them in Oct. 2006 there rates were the best , and financial markets were much calmer back then , but then the credit crunch came , and when the queues were outside Northern Rock in Sept 2007 i closed it and also emptied 2 x A&L accounts at the same time , you have to balance the slightly higher rates against how risky that bank or building society is .

Just an update on Kaupthing Edge's status in relation to the FSCS.

There's a few other 'commonly queried' banks in this table too.

I had this info confirmed to me verbally by the FSA yesterday in respect of IceSave (Landsbanki), ICICI and KE.



This table was extracted from the following MSE page should you wish to read more.

http://www.moneysavingexpert.com/savings/s...vings#protected

HTH,
Tucksy

More info relating to KE's position following Grey Shark's earlier posting.

Definitely worth a read if you're considering an Icelandic bank for your cash.

Kaupthing, Iceland Bank Default Swaps Soar on Funding (Update2) - Bloomberg 20.3.08

I moved my cash out of KE this afternoon having seen this on the Bloomberg 'ticker' earlier.

Unfortunately, the transaction won't happen until Tuesday now but hopefully they'll make it thru the weekend!

Oh Noes!!!

http://ftalphaville.ft.com/blog/2008/10/03...r-buid/#respond