Kaupthing Edge thread with a twist - who's not bothered?

agsnu

VfM4meplse wrote: »

Good saver BUT I thought leaving more than £30k in any account is risky as this is the amount that the govt will protect. Although I'm not saying KE is at risk, post Northern Rock anything is possible as we are witnessing from this side of the pond.

No, the amount is currently £35k (and has been since NR), and will rise to £50k from the 7th October.

fizzypop

At last a dose of sanity with this thread. I have considerably more than the new compensation limit with KE and intend no change. I welcome KE's approach to customer service and having nothing but praise for the way they have managed the mounting hysterical media maelstrom. I would never invest with Barclays or Alliance & Leicester again.

isofa

Ditto and count me in.

It's a pity people behave in such an appalling way on here, I'm done with replying on the other threads.

Ironic really as this is MoneySavingExpert and users (recommended by Martin) are only too keen, when it's perceived "safe", to chase the highest rates - but as soon as something isn't right, they cause panic and run around like headless chickens and soothsayers of doom.

No one, up to now, has lost a penny in savings during the current "financial crisis", and it's extremely unlikely ever to occur - and yet look what happened to: NR, B+B and HBOS - and who lost savings? No one. The utter irony is people now desperate to shove cash into NR accounts, that they've had to withdraw some accounts! Had their not been a run on the bank in the first place (essentially caused by media hype), they would have probably got through the crisis without nationalisation.

luvpump

ive pulled 40k out of KE and put it into a u.k exclusive account at about the same rate, I dont think anything will happen to KE or Icesave, but no one knows for sure, not even the more "Respected" members on these boards in the unlikely event things did go pair shaped , how long would it take to get your money back ??? A day ? A Month ? A year ? .. again, nobody really knows for sure ..

derbyjon

I've got a fair bit of cash with IceSave & Kaupthing (below the FSCS limit).

I was thinking of abandoning my fixed rate accounts, accepting the loss of interest penalty and moving my funds to, erm, well .... That's when I realised nowhere is safe. Not Icelandic banks, not Irish banks, not British banks, not the Northern Rock or National Savings.

If there was only a partial collapse, this would probably still involve some British banks, so if the Icelandic banks were to go under first, at least I'll be ahead in the queue for compensation compared with customers of HBOS / Lloyd's / whoever went next.

If the whole thing collapses, every bank will be taken down, if nothing else by a domino effect of calls from the FSCS for compensation, which will amplify as the next weakest bank falls, and the next, and the next. At this point our government will have to print money to bail out everything which would render the currency system invalid and supposedly 100% protected funds in Northern Rock / National Savings would no longer be worth the paper they're printed on.

Richard_Cocks

Irish banks are probably the *least* safe in terms of compensation because if a bank went down there, the government wouldn't be able to afford to bail them out, at least the UK scheme is in theory financable!

tomandkath

I reckon I did a fair bit of research before I bought 2x £10,000 fixed term bonds with Kaupthing and although I do feel a bit twitchy, I'm going to leave the money where it is. It is no less protected than any other account and I'm certainly too ill-informed to think it a good idea to get it back, thereby losing 1% interest and adding to the general panic.

Jake'sGran

fizzypop wrote: »

At last a dose of sanity with this thread. I have considerably more than the new compensation limit with KE and intend no change. I welcome KE's approach to customer service and having nothing but praise for the way they have managed the mounting hysterical media maelstrom. I would never invest with Barclays or Alliance & Leicester again.

I have never invested with the two banks you mention either but today I am a bit concerned as, when I want to withdraw money from Kaupthing, I always do it on a Sunday (same with other banks too) so that it is activated on Monday mornings. Just tried to make a withdrawal with Kaupthing and they now say "Sunday is not a working day". In the past this message was not there.

KTF

Nothing wrong with them stating the obvious. Maybe they had a lot of complaints from people who did transactions at the weekend and wondered why they didnt happen till the Monday.

Is every little thing they change on the website going to make people panic now as well?

home_alone

I have savings with icesave and have just started to open an account with KE.

Do you think that if all of us with savings in the icelandic banks stop posting on all of these "doomed iceland threads" then the scaremangers might just go away and start annoying someone else.

gary