Best reserve account rate - Kaupthing Singer & Friedlander?

[contractor58]

Moneyfacts have the Premier Base Rate 60 Account at Kaupthing Singer & Friedlander as the business reserve account with the best rate - 5.8% for 60 days notice (min 25k) It seems you can also get 6.0% for 90 days notice.

Has anyone got any experience of using this bank? (I've never heard of them before - seems they are from Iceland!)

Moneyfacts also mention there are charges for running this account but I can't see any in their T&C apart from the usual CHAPS charges - is there anyone with one of these accounts that can help explain?

By the way, are there any rates around better than 6.0%?

[BA to the Stars]

Depends what is important to you, can you manage with 60 days notice? You can get no notice internet based accounts paying at least 5% gross without any minimum balance (beware though ING do not do business accounts, although ICE Bank do I believe).

On £25,000, the difference of 0.8% is £200 per annum in interest, however if you need funds quickly or if the account has charges you need to take that into account.

It is swings and roundabouts as to what fits with your own circumstances

[contractor58]

Thanks for your response.

I was more hoping to hear from someone who has actually had some experience of whether these guys are any good.

Where did you hear about Icesave doing business accounts by the way? - it would be great if they did but I've got a feeling they don't!

[castoff101]

Thanks for your response.

Where did you hear about Icesave doing business accounts by the way? - it would be great if they did but I've got a feeling they don't!

From Icesave website:
http://www.icesave.co.uk/help.html

Do I meet the criteria to apply?

Our accounts are available to individuals aged 18 years or over and who are resident in the United Kingdom.

We also accept applications for accounts to be operated under Enduring Power of Attorney or Receivership Order, provided that the attorney or receiver is authorised to manage the donor's financial affairs fully and completely without restrictions or conditions.

We do not accept applications from businesses, trustees, clubs or corporations.