Full Version: Kaupthing Edge 7.01% Fixed 12 Months
Got an email from Kaupthing today. Apparently they have raised the interest rate on their 12 month term account from 6.86% to 7.01% gross/AER. They also do 6 months at 6.97% AER. They have reduced the minimum amount of cash required to open a term account from £5000 to £1000. The minimum amount of cash required to get the full rate in their variable account (6.5% AER) has also been lowered from £1000 to £100.
Hmmm that 6-monther sounds tasty. Might have a piece of that - nice find.
I hope this applies to my existing 6monther!
Kaupthing have been the easiest bank I've had to deal with. In the same time it takes me to find the correct number on Barclays website I could have called Kaupthing, spoken to a nice helpfull lass (in the UK), answered all the security questions and carried out a change to my account! With Barclays whome I have my current account with I'd have ended up going to the local branch to do the same.
Kaupthing have been the easiest bank I've had to deal with. In the same time it takes me to find the correct number on Barclays website I could have called Kaupthing, spoken to a nice helpfull lass (in the UK), answered all the security questions and carried out a change to my account! With Barclays whome I have my current account with I'd have ended up going to the local branch to do the same.
And before some people start slagging off Icelandic banks, the CDS of all the banks has fallen from 800 to 135 (in Landsbanki case). The krona has made some good gains in recent days. All the banks 1st quarter results were much better than expected. They suprised the markets. I think this marks the turn around for Iceland esp as the focus will be on the state of UK banks and their massive loss's in sub prime and the possible sub prime here in the UK with the buy to let.
I always keep a close on eye on it as I have my money spread across Icelandic banks, have done for 2 years.
I work hard for my money I want it to work hard for me.
I always keep a close on eye on it as I have my money spread across Icelandic banks, have done for 2 years.
I work hard for my money I want it to work hard for me.
I opened a Kaupthing account (6.5%) several months ago. Thought it might be too good to be true, read a few posts on hpc.co.uk about how "dodgy" KE might be, so withdrew my cash. Are KE really a risk for my savings ? I am tempted to stick a few quid back into my KE account.
QUOTE (Prof @ Jun 4 2008, 09:50 PM) 
I opened a Kaupthing account (6.5%) several months ago. Thought it might be too good to be true, read a few posts on hpc.co.uk about how "dodgy" KE might be, so withdrew my cash. Are KE really a risk for my savings ? I am tempted to stick a few quid back into my KE account.
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When all those headlines suddenly popped up it panicked me having over 100,000k in Icelandic banks. Thats when I decided to look closely at the figures of the banks.
I'm totally at ease on their first quarter results for 2008 they did fine. Landsbanki (icesave) performed the best and have the lowest CDS. You have to look at the true fact which news papers don't report, which is their assets and liquidity. To make a creditable profit after the media assault from around the world is impressive. Also the Nordic banks have pledged their support by loaning 1.5 billion krona should they need it. None of the banks have needed help, I dont see they will.
Your covered up to 35k in any case. I keep a close eye on them, looking at share price, strength of the Krona etc and should anything change would sure to post on here. Will be good to see their second quarter results in July.
QUOTE (UKguy1979 @ Jun 4 2008, 10:14 PM)
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When all those headlines suddenly popped up it panicked me having over 100,000k in Icelandic banks. Thats when I decided to look closely at the figures of the banks.
I'm totally at ease on their first quarter results for 2008 they did fine. Landsbanki (icesave) performed the best and have the lowest CDS. You have to look at the true fact which news papers don't report, which is their assets and liquidity. To make a creditable profit after the media assault from around the world is impressive. Also the Nordic banks have pledged their support by loaning 1.5 billion krona should they need it. None of the banks have needed help, I dont see they will.
Your covered up to 35k in any case. I keep a close eye on them, looking at share price, strength of the Krona etc and should anything change would sure to post on here. Will be good to see their second quarter results in July.
When all those headlines suddenly popped up it panicked me having over 100,000k in Icelandic banks. Thats when I decided to look closely at the figures of the banks.
I'm totally at ease on their first quarter results for 2008 they did fine. Landsbanki (icesave) performed the best and have the lowest CDS. You have to look at the true fact which news papers don't report, which is their assets and liquidity. To make a creditable profit after the media assault from around the world is impressive. Also the Nordic banks have pledged their support by loaning 1.5 billion krona should they need it. None of the banks have needed help, I dont see they will.
Your covered up to 35k in any case. I keep a close eye on them, looking at share price, strength of the Krona etc and should anything change would sure to post on here. Will be good to see their second quarter results in July.
While I`m not talking about putting as much as you into KE, I`d still like a few K to be earning a decent rate. I know I`d be "protected" if KE ran into trouble, but it`s the time and hassle (+ loss of interest in the meantime) of getting my £££ back. I suspect that the real risk of KE going under is probably quite low, so I might just make use of that account again.
Thanks for the info.
I've just put 35K with them. After all, you've got to speculate to accumulate & it is covered by the FSA - (er, hopefully)
I'm not too worried about either bank and while they offer great rates, easy to use websites and good customer service I'm happy with them. Beats NatWest!
I've opened a Kaupthing account recently, and been really impressed with the service.
Will certainly be putting some cash into their 6 month bond as well - thats a cracking rate!
Will certainly be putting some cash into their 6 month bond as well - thats a cracking rate!
I really want to put about 10K in with this bank but I'm a little sceptical, although it seems like a few of you have had good experiences with them. Is 35k really covered or is it a percentage of 35k? If they went bust and I put 10k in there, how much exactly would I get back? Would I get the interest earned up until that point to?
QUOTE (Speak&Spell @ Jun 17 2008, 10:09 AM)
I really want to put about 10K in with this bank but I'm a little sceptical, although it seems like a few of you have had good experiences with them. Is 35k really covered or is it a percentage of 35k? If they went bust and I put 10k in there, how much exactly would I get back? Would I get the interest earned up until that point to?
The FSCS uses some pretty evasive language. The maximum payout is supposed to be 100% of the first £35,000. As for the actual amount you would get back if it ever happened - who knows?
I am astonished by how relaxed people are over the Icelandic banks.
Article from today's Times.
http://business.timesonline.co.uk/tol/busi...?Submitted=true
Article from today's Times.
http://business.timesonline.co.uk/tol/busi...?Submitted=true
QUOTE
Well, up to a point. In the unlikely event of Landsbanki failing, Icesave depositors would have to claim the first €20,887 (£16,500) of their losses not from the UK’s Financial Services Compensation Scheme (FSCS) but from a deposit protection fund run out of Reykjavik.
After several days of prodding and digging, I have, finally, ascertained the vital statistics of this fund, the Depositors’ and Investors’ Guarantee Fund. It describes itself, not very accurately, as “prefunded” but actually has £88 million in the kitty. That’s to cover deposits totalling £13.6 billion, 154 times as much.
In theory, the fund can have a whip-round from other member banks in the event of a default. In theory, it can borrow, though who from is not made clear. In theory, the Icelandic Government would, I am told, be obliged under a European Union directive to step in to fund any shortfall, although I cannot find any explicit written guarantee of this. Iceland is not a member of the EU.
In practice, in the unlikely event of Landsbanki failing, it’s quite possible that other Icelandic banks would be in similar difficulties and in no position to chip in. In practice, the Icelandic Government might struggle to find the money in the event of a big failure. The total deposits covered are twice the country’s entire GDP.
Iceland is a tiny economy with a population smaller than Coventry’s. It is difficult to imagine Icelandic taxpayers, at present facing a nasty recession, rampant inflation and a currency on the skids, willingly shouldering massive tax hikes to bail out British savers.
After several days of prodding and digging, I have, finally, ascertained the vital statistics of this fund, the Depositors’ and Investors’ Guarantee Fund. It describes itself, not very accurately, as “prefunded” but actually has £88 million in the kitty. That’s to cover deposits totalling £13.6 billion, 154 times as much.
In theory, the fund can have a whip-round from other member banks in the event of a default. In theory, it can borrow, though who from is not made clear. In theory, the Icelandic Government would, I am told, be obliged under a European Union directive to step in to fund any shortfall, although I cannot find any explicit written guarantee of this. Iceland is not a member of the EU.
In practice, in the unlikely event of Landsbanki failing, it’s quite possible that other Icelandic banks would be in similar difficulties and in no position to chip in. In practice, the Icelandic Government might struggle to find the money in the event of a big failure. The total deposits covered are twice the country’s entire GDP.
Iceland is a tiny economy with a population smaller than Coventry’s. It is difficult to imagine Icelandic taxpayers, at present facing a nasty recession, rampant inflation and a currency on the skids, willingly shouldering massive tax hikes to bail out British savers.
QUOTE (Red Kharma @ Jul 5 2008, 11:54 AM)
I am astonished by how relaxed people are over the Icelandic banks.
Article from today's Times.
http://business.timesonline.co.uk/tol/busi...?Submitted=true
Article from today's Times.
http://business.timesonline.co.uk/tol/busi...?Submitted=true
http://www.landsbanki.is/english/investorr...file/factsheet/
Look at Landsbanki 1st quarter results, all the newspaper articles never features the true facts. If they had poor results I would be advising people to move their money. Good results considering all the bad press they are receiving.
Again though, people need to spread their money over a few banks.
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