Reply to: Icesave

[crack_ho]

The Icelandic banks are protected by 2 schemes.
If the FSA didnt pay out for the first collapse of any bank, then all banks would be stuffed and your money in Lloyds, or whoever you perceive to be safer, could be frozen as a run on all banks starts.

[rootsnall]

And another thing. This £35K the FSA will pay out of a bank goes tits up.

No one knows if they will pay up, whether it will take 10 yrs to see to each compensation claim or what.

Stick to BTL.

My thinking is if the government don't honour the very well publicised 35K thing then we really are uber doomed and it's time to turn the lights off.

BUT saying that BTL should be OK come what may.

[DimPrawn]

And another thing. This £35K the FSA will pay out of a bank goes tits up.

No one knows if they will pay up, whether it will take 10 yrs to see to each compensation claim or what.

Stick to BTL.

[Andy2]

http://www.kaupthingedge.co.uk/ is the new icesave.
6.5% on savings. Don't think they do an ISA yet.

Isn't it an icelandic bank? They are all in trouble.

[crack_ho]

http://www.kaupthingedge.co.uk/ is the new icesave.
6.5% on savings. Don't think they do an ISA yet.

[DimPrawn]

I would have thought putting it all in Northern Rock is safest place.

After all New Labour know how to look after the economy and they are running that bank too.

[rootsnall]

http://www.telegraph.co.uk/money/mai...-mostviewedbox

Note the mention of the owners of Icesave !

I've finally got off my behind and transferred a wad out to get me down to the 35K protection level. If you have a look around A&L amongst others are now paying more.

Doooooooomed !

[Sysman]

Yup, for anyone now reading this the protected amount is 100% of the first £35k in savings too.

http://www.moneysavingexpert.com/sav...vings#collapse

If you do look to spread your risk then also look here:
http://www.moneysavingexpert.com/sav...-savings#every

The chart shows that some of the brands out there are all under one company and the protected amount relates to the whole group and not individual accounts so be careful

Thanks ferret, you've just answered the question I was about to ask with the group thingy.

If you have savings spread around, keep an eye on bank mergers.

[ferret]

Yup, for anyone now reading this the protected amount is 100% of the first £35k in savings too.

http://www.moneysavingexpert.com/sav...vings#collapse

If you do look to spread your risk then also look here:
http://www.moneysavingexpert.com/sav...-savings#every

The chart shows that some of the brands out there are all under one company and the protected amount relates to the whole group and not individual accounts so be careful

[Clippy]

In the news: http://www.telegraph.co.uk/money/mai...27/cmliz27.xml

[RightLaugh]

From 1st Oct IceSave are offering 6.3%

[Clippy]

I've only spoke to them once by phone and it was someone in the UK. The call centre number is routed to a Leeds number, via the usual 0870 scam. I'm not sure if they use other call centres though.

Cheers fella.

[Bagpuss]

I've only spoke to them once by phone and it was someone in the UK. The call centre number is routed to a Leeds number, via the usual 0870 scam. I'm not sure if they use other call centres though.

[Clippy]

Sainsburys bank are paying 6.3% , no complaints from me so far.

Bagpuss - do you know if Sainsbury's bank have a UK or overseas call centre. Cheers.

[Clippy]

Stick to 30K and you don't realy need to worry about it, you are looking at a very unlikely 3K loss at most. Spread it around if you've got more than 30K, there are quite a few with good interest rates. I've got multiple accounts on the go in the wife's name, a bit of a pain keeping on top of them all but better than having a 100K in one if banks start going down.

Good advice - came to this conclusion as well after my last post.

Was trying to avoid this as, as you say, it's a pain managing multiple accounts particularly as I have a fair few as it is.

I'll take a look at the Sainsbury's account mentioned to by other posters.

Bit miffed by the 60 day withdrawal clause and I wouldn't be surprised if Sainsbury's has adjusted it's terms to include this but as long as they are part of the deposit protection scheme and you have less than 30k with them, then this should be no biggie.