Icesave worries

[Fred Bloggs]

I noticed recently an account offered in the UK press by an outfit called "First save" (or something like that). When you read the small print, they're a Nigerian Bank! Has the world gone mad?

[sasguru]

I noticed recently an account offered in the UK press by an outfit called "First save" (or something like that). When you read the small print, they're a Nigerian Bank! Has the world gone mad?

Last I heard there were no problems with Nigerian banks, unlike the homegrown ones.

[Fred Bloggs]

Last I heard there were no problems with Nigerian banks, unlike the homegrown ones.

That must be why they buy everything on EBay then

[Clippy]

LOL - nice one baggy - those sods are in Iceland too! Even though passport protected I am not risking it. Will happily do .25 or so less to keep it in the UK I guess. Git

Ferret or anyone else with money in Icesave

Out of interest, what did you end up doing about moving your money out of Icesave.

Did consider Kaupthing Edge but as already mentioned, they are also from Iceland.

The choices seem to be limited - I already have an account with Sainsburys bank so someone else ideally paying a similar rate to Icesave would be ideal. Slightly less would not be a problem either.

Or is the safest place now under the mattress?

How safe are your savings?

Edit: Found the table mentioned in my earlier post about who owns which institution: From The Times

[Bagpuss]

LTSB have an ISA at 6.5% for 1 year subject to minimum transfer in of 9k.

I have a 6.5% k-edge account also up to the FSA protected limit

If you want better you might want to consider Zopa

[Clippy]

LTSB have an ISA at 6.5% for 1 year subject to minimum transfer in of 9k.

I have a 6.5% k-edge account also up to the FSA protected limit

If you want better you might want to consider Zopa

Bagpuss - do you have a link to the k-edge a/c? Ta.

[cykophysh39]

Abbey Seems a safe bet

Just looking in Abbey at the moment.
Seem to offer a really good deal, which I am pondering at the moment,

Offer a Super Monthly Saver 2, account that pays 10% fixed gross p.a./AER
Dependent on opening a Guaranteed Growth Plan, with a minimum of £1500.

seems like a pretty good deal, was wondering if anyone else has looked into it? and what thier thoughts were?

[Clippy]

Just looking in Abbey at the moment.
Seem to offer a really good deal, which I am pondering at the moment,

Offer a Super Monthly Saver 2, account that pays 10% fixed gross p.a./AER
Dependent on opening a Guaranteed Growth Plan, with a minimum of £1500.

seems like a pretty good deal, was wondering if anyone else has looked into it? and what thier thoughts were?

I am not familiar with the product but Abbey were my main bank for about 20 years until recently.

There is only so much sloppy and in-competent service one can take.

I now avoid them like the plague.

[cykophysh39]

There is only so much sloppy and in-competent service one can take.

.

This is the standard British banking industry service level, so nothing new :-)
I have yet to come across a bank who offers anything different.

[ferret]

Still got the full amount in ICESAVE. Still looking to move whenever I hear anything negative about Iceland but not found a deal to suit yet. Kaupthing Edge are Icelandic too as you say so if nervous of Icesave then surely the same applies to this firm?

http://www.moneysavingexpert.com/sav...st#topaccounts

If you do not mind money about you could look at the A&L @ 6.5% although 0.62% of this is an intro that runs out in May 2009. Although if you are worried about Iceland then have a read of some of these:
http://www.google.co.uk/search?q=all...+credit+crunch

Actually, looking here:
http://www.moneysavingexpert.com/sav...avings#foreign

The difference with Kaupthing Edge and also Firstsave (6.26%) is that they are backed 100% by the FSCS rather than being part of a "passport" scheme where not all of the money would be recoverable from the FSCS, some would need to be claimed back from the Icelandic gov.

Actually Martin Lewis has a blog entry about it here:
http://blog.moneysavingexpert.com/20...cts-and-myths/

Link to a few viewpoints on their forum at the bottom.

A tough call!