Icesave

trashcan_2

I have a Kaupthing Edge account and are also thinking about an icesave account.
Do you recommend Icesave and If you do, is it wise to have two account from Iceland.

Thank you.

sloughflint

I have both.
I had Icesave account first. Very happy with it.
Unlike KE,Icesave use the Passport scheme. That may bother you.
I like to spread savings between as many good paying accounts as possible.

trashcan_2

Do they do joint accounts.

sloughflint

trashcan wrote: »

Do they do joint accounts.

http://www.icesave.co.uk/easy-access-savings-questions.html

• To open an Icesave Easy Access Savings Account you must:
  • Be aged 18 or over and a UK resident (excluding Channel Islands and Isle of Man)
  • Have regular access to a PC with internet connection and a personal email address
  • Have a personal bank or building society current account with Direct Debit facilities
  • Have £250 to open an account with
  You can open an Icesave Easy Access Savings Account in sole or joint names.

isofa

IMO it's an excellent account, never had any problems with it, as it's a separate company to KE, there is no issue with having another Icelandic account if that bothers you wanting to stay within the compensation limits.

trashcan_2

Thanks for your replies, they do look a good bank and keep there interest rates high.

spike87

I opened my account with them just over a month ago and can honestly say they are nothing short of excellent. Definitely open an Icesave account!

LongTermLurker

trashcan wrote: »

I have a Kaupthing Edge account and are also thinking about an icesave account.
Do you recommend Icesave and If you do, is it wise to have two account from Iceland.

Thank you.

I wouldn't hesitate to recommend (eh-em - in the non-advisory sense, of course) KE and have only heard good things about Icesave, outside of the press anyway. Saying that, I wouldn't want to put all my money in any single foreign economy, even with compensation; therefore, I haven't gone with Icesave purely to avoid potentially having to chase up all my money at the same time.

mgh

Unlike KE,Icesave use the Passport scheme. That may bother you.

What does the passport scheme mean?
Thanks

Primrose

We have had a joint Icesave account for about 18 months and are very happy with it. Have also got some joint fixed rate bonds with them as well.

sloughflint

mgh wrote: »

Unlike KE,Icesave use the Passport scheme. That may bother you.

What does the passport scheme mean?
Thanks

I didn't want to alarm people with that statement.Just worth pointing out.
http://www.moneysavingexpert.com/savings/safe-savings

The passport scheme
There is one exception called the 'passport scheme' which allows some European banks to have some of the compensation covered by their home country and the rest by the FSCS. Banks from outside the European Economic Area cannot take part in this and have to have the full FSCS compensation.

• Home country compensation. The first amount would need to be claimed from that bank's home country's own compensation scheme.
• UK Top up. Any amount not covered is topped up to £35,000 by the UK scheme. E.g. if the overseas scheme covered £20,000 the UK scheme would cover the remaining £15,000.
  This does mean in the unlikely event if a European bank covered by the passport system went bust, you would have to try and claim some compensation from a foreign country. One of the most high profile banks in this position is Icesave; read Martin's full blog about Icesave safety.