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

shaz77_2

Baldur wrote: »

No, see this table on the main site.

That's great so if I had 35,000 in each bank my 70,000 would be covered.

altocumulus

shaz77 wrote: »

That's great so if I had 35,000 in each bank my 70,000 would be covered.

yes.........

magneto

home_alone wrote: »

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

thanks Home_alone

pem2

Moggles wrote: »

With Icesave, money moved in from your linked a/c is collected by direct debit, with KE by BACS transfer. In both cases, withdrawals to your linked a/c are made by BACS transfer.

You can actually push money to Icesave from your linked a/c in the same way as KE by BACS transfer. I use both accounts in that way as I don't like the direct debit method and it only takes two days to reach from Nationwide Flex a/c. Hopefully it will be same day when Nationwide get around to Faster Payments out.

Bargainetta

Icesave (Landsbanki) has been taken over yesterday apparently according to the Internet but nothing in the news. The takeover bank began with an S, Saumur I think. Trying to find out more and considered transfering my savings to a British bank but the one I considered didn't look to great either on the share front.

thumshie

you mean this:
http://ftalphaville.ft.com/blog/2008/10/02/16570/landsbanki-sells-off-units-amid-iceland-woes/?source=rss

It's not the banking part...

Reaper

Interesting. Reading the assosiated article it could be either to increase their cash in hand for security or...

The scaling back of Landsbanki's international ambitions has increased speculation that it is preparing to acquire Glitnir

magneto

Reaper wrote: »

Interesting. Reading the assosiated article it could be either to increase their cash in hand for security or...

The reason for the sale, i believe is to increase their cash since their credit rating have fallen and their CDS rate has rocketed in the past 10 days.

magneto

Technical glitches have prevented UK customers from withdrawing funds from Icesave - the Internet arm of Iceland's Landsbanki.
UK newspaper The Times says although Icesave customers have been able to access their online accounts, systems problems have prevented them from transferring funds.
According to the report, a message on the Icesave Web site admitted that the bank had been experiencing "intermittent faults" over the last 12 hours that "randomly" affected different groups of customers. Icesave said its IT team had resolved the issue.
But The Times says it was contacted this morning by readers that had been able to to look at their accounts but had not been allowed to take money out.

http://www.finextra.com/fullstory.asp?id=19089

"No thanks to those that advice me that Icesave was the best savings account":mad:

altocumulus

magneto wrote: »

Technical glitches have prevented UK customers from withdrawing funds from Icesave - the Internet arm of Iceland's Landsbanki.
UK newspaper The Times says although Icesave customers have been able to access their online accounts, systems problems have prevented them from transferring funds.
According to the report, a message on the Icesave Web site admitted that the bank had been experiencing "intermittent faults" over the last 12 hours that "randomly" affected different groups of customers. Icesave said its IT team had resolved the issue.
But The Times says it was contacted this morning by readers that had been able to to look at their accounts but had not been allowed to take money out.

http://www.finextra.com/fullstory.asp?id=19089

"No thanks to those that advice me that Icesave was the best savings account":mad:

Icesave has consistently been amongst the best savings account lists for yonks, even Which.co.uk recommends them as a savings institute. They won awards in 2007 & 2008 ... the latest was Moneyfacts in June ...