are they safe

pammsy

I want to invest in the following but cannot find out if they are wholly bonded by the FSA or whether they use the FSA for top up - like ICESAVE does.
The Heritable Bank
Bank of Ireland
Allied Irish Bank

They are all paying good rates right now, especially Bank of Ireland - 8%!

Francophile

I'd be interested in the answer to this as well.

Pollycat

Might be a good idea to post this on the 'Savings & Investment' board

riad_2

pammsy wrote: »

I want to invest in the following but cannot find out if they
They are all paying good rates right now, especially Bank of Ireland - 8%!

Could you provide a rate for the BOI 8% rate? I can't seem to find it?

pammsy

This is the web address. It's 18 month fixed with 20% access. But .... is it covered fully by FSA

http://www.bankofireland.ie/personal/savings_and_investment/savings/index.html

opinions4u

pammsy wrote: »

This is the web address. It's 18 month fixed with 20% access. But .... is it covered fully by FSA

http://www.bankofireland.ie/personal/savings_and_investment/savings/index.html

Two key issues:

1) It's a Euro investment.
2) 8% is for the full 18 months, so the AER is only 5.26%.

No use to a UK investor who can get higher returns and better access.

No idea where it sits competitively in Ireland though.

It does say:

"Bank of Ireland is regulated by the Financial Regulator. In the UK, Bank of Ireland is authorised by the Financial Regulator in Ireland and by the Financial Services Authority; regulated by the Financial Services Authority for the conduct of UK business."

So you will be covered, subject to the appropriate limits.

LongTermLurker

Full compensation details can be found on each organisation's website. Not being funny, but I'd suggest you try there, that way you'll discover the joys of research.

Could you provide a rate for the BOI 8% rate? I can't seem to find it?

Yes, it's 8%

opinions4u

LongTermLurker wrote: »

Full compensation details can be found on each organisation's website. Not being funny, but I'd suggest you try there, that way you'll discover the joys of research.
Yes, it's 8%

But it isn't 8% - it's less!

(I thanked you in error btw, but enjoy the glory! :beer: )

LongTermLurker

opinions4u wrote: »

Could you provide a rate for the BOI 8% rate? I can't seem to find it?

Yes, it's 8%

But it isn't 8% - it's less!
(I thanked you in error btw, but enjoy the glory! :beer: )

The rate is 8% - no one specified what type of rate they were after; no-one asked what the AER was, for example, so if the rate is 8%, then the/a rate is 8% (I was only being sarcastic)

Thanks for the thanks

pammsy

Oh! but I do know the joys of research. What I wanted to know was: is it fully covered by FSA or like Icesave which is part of The Hertitable Bank and is not fully bonded by FSA. It receives a top up from FSA so in the case of poblems claims have to be made in two places ie. Iceland and FSA. From the FSA web site it appears that Hertitable bank is covered but knowing the Icesave problem I ask the question: is it fully covered by FSA.

You see I have done reseach so your comment was a little unfriendly! but these are difficult times - I forgive you.

LongTermLurker

pammsy wrote: »

Oh! but I do know the joys of research. What I wanted to know was: is it fully covered by FSA or like Icesave which is part of The Hertitable Bank and is not fully bonded by FSA. It receives a top up from FSA so in the case of poblems claims have to be made in two places ie. Iceland and FSA. From the FSA web site it appears that Hertitable bank is covered but knowing the Icesave problem I ask the question: is it fully covered by FSA.

You see I have done reseach so your comment was a little unfriendly! but these are difficult times - I forgive you.

Hi pammsy, I didn't mean to be unfriendly - I was serious, suggesting ways for people to help themselves makes them bigger and better people (you always learn more from what you do for youreself, rather than what you're just told).

Anyway, Icesave isn't part of Heritable, Icesave and Heritable are both owned by Landsbanki, who are Icelandic.

As you say, Icesave is covered under the passport scheme, meaning that you get the first part of any claims from the Icelandic parent's scheme

On http://www.icesave.co.uk/legal.html it says "Icesave is a registered trading name of Landsbanki Islands hf, incorporate in Iceland (id no. 540291-2259), whose registered address is Austurstraeti 11, 155 Reykjavik, Iceland. Registered in the UK under Company Number FC26112 at Beaufort House, 15 St Botolph Street, London EC3A 7QR." and then goes on to describe the link between the Icelandic scheme and the FSCS.

However, on http://www.heritable.co.uk/aboutheritablebank/importantinformation/legal/ it says "
Heritable Bank is Authorised and Regulated by the Financial Services Authority and is on the FSA Register: 139207....
Heritable Bank is registered in Scotland No: 717. Registered Office: 24 Great King Street, Edinburgh, EH3 6QN."
So Heritable is covered by the FSCS but Icesave isn't. I'll admit it doesn't say so specifically, but that's what the different registrations mean. I don't have either account but hopefully this research is of help.