Kaupthing Edge - should I move my money?

marcrp

After the recent news about Icelandic banks I'm not sure wether to move my money to another bank? I know it's protected by the FSCS thing but I would hate to go through that process if I can avoid it.Any advice much appreciated.

roxorx

Might be worth having a read of the many other threads on this topic that answer all your questions.

isofa

I can't believe someone else has opened a brand new thread about this topic, covered on the multitude of long threads running.

At the very least start here: http://forums.moneysavingexpert.com/showthread.html?t=1187811

Can this thread be closed and merged please?

emc

marcrp wrote: »

After the recent news about Icelandic banks I'm not sure wether to move my money to another bank? I know it's protected by the FSCS thing but I would hate to go through that process if I can avoid it.Any advice much appreciated.

If your money can be moved without penalty, and you're moving it to somewhere safe, like Northern Rock or one of the five or six named Irish banks, obviously YES.

stevetodd

marcrp wrote: »

After the recent news about Icelandic banks I'm not sure wether to move my money to another bank? I know it's protected by the FSCS thing but I would hate to go through that process if I can avoid it.Any advice much appreciated.

I'm leaving my 33k in there, it would cost approx £100 to move it in lost interest

blizeH

And I love how the C4 news are going after someone who's considering moving their money out of KE too. !!!!!!!

The answer to the original post, is of course: no.

Stompa

stevetodd wrote: »

I'm leaving my 33k in there, it would cost approx £100 to move it in lost interest

Presumably you're talking about the 1% loss due to breaking a FTD? It wouldn't be so much otherwise.

ebyard

I moved my savings, ~£40k from Kaupthing to NatWest's new online saver (I bank with NW anyway), which pays 6.5% to KE's 6.55%, so I lose 1/20th of 1% but gain the security of having my savings all under one roof.

I am moving my ISA from Icesave to NatWest as NW have got a fantastic rate, better than Icesaves!

stevetodd

Stompa wrote: »

Presumably you're talking about the 1% loss due to breaking a FTD? It wouldn't be so much otherwise.

Yes, plus the loss of interest of the money in transit and the marginal difference in interest paid in a safer place for the remainder of the year

derbyjon

ebyard wrote: »

I moved my savings, ~£40k from Kaupthing to NatWest's new online saver (I bank with NW anyway), which pays 6.5% to KE's 6.55%, so I lose 1/20th of 1% but gain the security of having my savings all under one roof.

I am moving my ISA from Icesave to NatWest as NW have got a fantastic rate, better than Icesaves!

RBS shares lost 22% today (worst performing bank). You should withdraw all of your money in £50 notes and superglue them to your body. That way you know where it all is, you'll be nice and cosy, and if the gas prices keep going up you can tear notes off to make a fire for cooking.

GeorgeHowell

marcrp wrote: »

After the recent news about Icelandic banks I'm not sure wether to move my money to another bank? I know it's protected by the FSCS thing but I would hate to go through that process if I can avoid it.Any advice much appreciated.

This is the key thing -- even if you will get the money back are you ready for the aggro and the possible delays ?

A while back I stated on this forum that I had withdrawn all funds from overseas banks for this reason (*). A number of people vehemently disagreed at the time and thought it worth it for the extra interest payments. Now I am extra glad that I did it.

(*) under another user name which was subsequently abused and hacked on a different, unrelated forum, and use of which has been discontinued