Are your savings safe? article discussion

ian-d · 2 October 2008 at 8:39AM

Can I ask a daft question, are Kaupthing a UK bank in the same way as HSBC are a UK bank?

What I mean is that the government have said they would cover consumer spending of any UK bank (although not an official law like Ireland will pass today), but would this cover both HSBC and Kaupthing, or would they have to rely on their own government (i.e. Iceland etc) to bail them out?

Just interested to know what constitutes a UK bank?

Stavros_3 · 2 October 2008 at 8:45AM

Hi, in the green tool bar above there is a search facility. This and other questions have been covered many times, type in kaupthing edge and everything about them should appear, here, I have started you off
http://forums.moneysavingexpert.com/showthread.html?t=1187811&highlight=kaupthing+edge

ian-d · 2 October 2008 at 11:47AM

Thanks but I don't want to trawl through thousands of threads wondering whether money is safe, I just wanted to know whether the government would bail out these two banks in the same way, or would they treat Kaupthing as a problem for Iceland's government, not ours!!!

Stavros_3 · 2 October 2008 at 12:04PM

ian-d wrote: »

Thanks but I don't want to trawl through thousands of threads wondering whether money is safe,

You won't be trawling through thousands of threads, it will bring up a dozen or so threads on KE that will no doubt cover the question that you have asked, what is happening here is people are posing the same questions over and over and over again without first doing a bit of research themselves.

altocumulus · 2 October 2008 at 12:09PM

ian-d wrote: »

Thanks but I don't want to trawl through thousands of threads wondering whether money is safe, I just wanted to know whether the government would bail out these two banks in the same way, or would they treat Kaupthing as a problem for Iceland's government, not ours!!!

KE Iceland is protected under the UK scheme for 35k....(soon to be 50k if you believe Gordon B.)

Nayazindagi · 2 October 2008 at 3:23PM

Brilliant article, it made an extremely confusing and complex matter clear and concise. Just one question, why does ICICI have an asterix against it ICICI* in the list entitled 'non UK banks: How do there compensation schemes work'. Usually an asterix means an important footnote, but I couldn't find one.
Thanks:-)

Dan29 · 2 October 2008 at 7:11PM

Nayazindagi wrote: »

Brilliant article, it made an extremely confusing and complex matter clear and concise. Just one question, why does ICICI have an asterix against it ICICI* in the list entitled 'non UK banks: How do there compensation schemes work'. Usually an asterix means an important footnote, but I couldn't find one.
Thanks:-)

Explanation (of * links)

How this site is funded. Two types of contacts are listed. The first, which all have a * within the main body of the articles, help MoneySavingExpert.com stay ad-free and free to use, as they're ‘affiliated links' which invisibly take you usually via affiliate linkage or commercial money sites, which then pay this site. The second type doesn't help and therefore doesn't have a *.

You shouldn't notice any difference, the links don't impact the product at all and the editorial line (the things I write) is NEVER impacted by the revenue. If it isn't possible to get an affiliate link for the best product, it is still recommended and still included in exactly the same way. For more details read how this site is financed.

Lumiere · 3 October 2008 at 12:42AM

Hi,

Newbie to this, i would like some help understanding the protection I have for savings.

If I had, say, £135,000 in a savings account offsetting a mortgage of £150,000 and the bank went bust would

a) only £35,000 of my savings be covered and I would lose £100,000 of my savings and still owe the full mortgage amount

or

b) my savings would be used to pay the mortgage in the first instance and then I would owe the remaining £15,000.

Thanks in advance for your help.

The figures used are only for example

LongTermLurker · 3 October 2008 at 9:33AM

Dan29 wrote: »

Originally Posted by Nayazindagi
Usually an asterix means an important footnote, but I couldn't find one.

Explanation (of * links)
How this site is funded. Two types of contacts are listed. The first, which all have a * within the main body of the articles, help MoneySavingExpert.com stay ad-free and free to use, as they're ‘affiliated links' which invisibly take you usually via affiliate linkage or commercial money sites, which then pay this site. The second type doesn't help and therefore doesn't have a *.

Oh yes - that will be the important footnote, I guess? :rolleyes:

LongTermLurker · 3 October 2008 at 9:41AM

ian-d wrote: »

Thanks but I don't want to trawl through thousands of threads wondering whether money is safe,

Every one of the threads you'd find in a search will have that question in it - you'd only need to read one thread, two at most - it's a very common and much repeated question and is guaranteed to wind people up. It even tells you on the KE website.

I just wanted to know whether the government would bail out these two banks in the same way, or would they treat Kaupthing as a problem for Iceland's government, not ours!!!

Ok, sorry - Yes.

Next question? - "Yes"

Any more? - "Yes"

Are your savings safe? article discussion

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