Icesave

Pagan98

mgh wrote: »

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

What does the passport scheme mean?
Thanks

It means that if they go belly up then your first port of call is against the Icelandic deposit guarantee scheme. The UK scheme will only make up any shortfall between the Icelandic scheme and the 35k UK limit. It means that in the unlikely event of a total collapse you may have more hassle/have to wait longer to get your money refunded.

dwileflunker

Does the ICICI bank also come under the passport scheme?

dwileflunker

dwileflunker wrote: »

Does the ICICI bank also come under the passport scheme?

I'm answering my own question here as I've just read Martin's article again and ICICI doesn't come under the passport scheme.

LongTermLurker

dwileflunker wrote: »

Does the ICICI bank also come under the passport scheme?

I think the passport scheme is only open to countries in the EU, plus specific other European countries such as Iceland and Switzerland.

ICICI is Indian, registered in the UK, so wouldn't be eligable on that basis.

luckylizard

i love the way there's this assumption Iceland will be slower to compensate than the UK. if Icesave's v. efficient service is anything to go by, i bet they'll be a lot quicker.

redcar_2

Yep I've got nothing bad to save about icesave except they were a bit slow transferring an ISA but not sure which banks aren't at that. Its a pain you can only have one linked account to transfer money in and out of but again seems to be the norm.

LongTermLurker

luckylizard wrote: »

i love the way there's this assumption Iceland will be slower to compensate than the UK. if Icesave's v. efficient service is anything to go by, i bet they'll be a lot quicker.

The slowness is simply that you have to make 2 claims, and the second one can't be lodged until the first one has paid out.

You also have the added issue of having to deal with a foreign country, although your dealings would be in English and all/vast majority of Icelanders speak perfect English.

home_alone

LongTermLurker wrote: »

You also have the added issue of having to deal with a foreign country, although your dealings would be in English and all/vast majority of Icelanders speak perfect English.

I imagine as their HQ is in Newcastle it will be the Geordies that you will be talking to, probably better with the Icelanders, just joking I am a toon.

gary

darude

Personally I would recommend it, I much prefer Icesave's service to Kaupthing Edge's. I've had so much hassle trying to change my linked account with KE that I've closed my account with KE.

sloughflint

redcar wrote: »

Its a pain you can only have one linked account to transfer money in and out of but again seems to be the norm.

Why not have 2 accounts to get around that problem?