Kaupthing Edge VS Icesave – which is the best savings account?

CHR15

Just dipping in a little bit won't matter, just a nice new 42" TV with Home Theatre system!!

Willpower!!!!

shaz77_2

If I had £35,000 invested in each bank and both went bust would I be covered for the full £70,000 or just £35,000, I guess what I am trying to ask is are the two banks linked?

Incidentally to the OP I think Kaupthing have a better interest rate than IceSave.

Baldur

shaz77 wrote: »

I guess what I am trying to ask is are the two banks linked?

No, see this table on the main site.

magneto

the true is that no body actually knows how long it will take to get their money back if a banks goes burst.

it could take up to 1, 2 or 3 years and that is without interest.

why face the hassle and problems when a bank goes burst,

prevention is better that cure.

isofa

magneto wrote: »

why face the hassle and problems when a bank goes burst, prevention is better that cure.

Quite, spend all your money or put it under the floorboards - safer there surely?

home_alone

magneto wrote: »

the true is that no body actually knows how long it will take to get their money back if a banks goes burst.

it could take up to 1, 2 or 3 years and that is without interest.

why face the hassle and problems when a bank goes burst,

prevention is better that cure.

Taken from the icesave home page.

Under EU law compensation for any losses incurred due to the failure of a bank should be paid within three months - regardless of whether it is through a passport scheme or the UK Financial Services Compensation Scheme

gary

magneto

home_alone wrote: »

Taken from the icesave home page.

Under EU law compensation for any losses incurred due to the failure of a bank should be paid within three months - regardless of whether it is through a passport scheme or the UK Financial Services Compensation Scheme

gary

do you have the web link for the comment?

Also it says "should be paid within three months", and this does not mean that it will be paid with 3 months.

"should be paid" or "will be paid"

there is a big difference

genny

magneto wrote: »

do you have the web link for the comment?

Also it says "should be paid within three months", and this does not mean that it will be paid with 3 months.

"should be paid" or "will be paid"

there is a big difference

This must surely win the award for the most ridiculous going round in circles thread? Yet people are still replying.

I imagine magneto as homealone said, from the homepage, on the financial protection tab, why not look first?

magneto

genny wrote: »

This must surely win the award for the most ridiculous going round in circles thread? Yet people are still replying.

genny whats your problem,

home_alone

Here is the full comment and as genny says click on the financial protection link.

financial protection

If we cannot pay any amount we owe you on your savings accounts, you will be able to claim compensation. The maximum compensation is limited to 100% of the first £35,000 of your total deposits held with us (the same as every FSA regulated bank and building society in the UK). In the unlikely event of a claim, any compensation is payable within three months.

The compensation itself is provided by two schemes (sometimes referred to as a passport scheme) – the end result being that the total amount protected is the same as if your savings were only protected by the UK Financial Services Compensation Scheme. The protection works as follows:

• The first level of protection is provided under the Icelandic Depositors’ and Investors’ Guarantee Fund (www.tryggingarsjodur.is). The maximum protection under this scheme is 100% of the first €20,887 (or the sterling equivalent) of your total deposits held with us.
• The second level of protection is provided by the UK Financial Services Compensation Scheme (www.fscs.org.uk). This scheme tops-up your protection so that the protection under both schemes, is equal to 100% of the first £35,000 of your total deposits held with us.
• Under EU law compensation for any losses incurred due to the failure of a bank should be paid within three months - regardless of whether it is through a passport scheme or the UK Financial Services Compensation Scheme.

Further details are available on request.

gary