Kaupthing Edge - UK savers safe?

Arion

I'm not usually one to panic.

In fact only last week, to reduce my exposure to the then £35k limit, I opened an account with Kaupthing Edge.

I then transferred a lump sum across from my nationwide account. Safe in the knowledge that my nest egg was covered by the FSCS guarantee.

But tonights Channel 4 news stated that although this guarantee was there, it may not apply to UK savers! This is all making me angry, especially if such comments are speculation or journalistic opinion. But I'm afraid I have assumed it's true and tonight I have transferred my money back to the nationwide.

I will now seek to invest elsewhere...

notahopeinhell

Isn't this site still suggesting them as a Best Buy account?

KingL

The icelandic govt has today announced 100% protection on any balance to all domestic icelandic savers. It is this that doesn't apply to UK savers.

The FSCS protection is still there for UK savers. Infact, it goes up to 50k tomorrow.

Channel 4 were unclear, and a little misleading on that point, weren't they?

.

benjdr

Arion wrote: »

I'm not usually one to panic.

In fact only last week, to reduce my exposure to the then £35k limit, I opened an account with Kaupthing Edge.

I then transferred a lump sum across from my nationwide account. Safe in the knowledge that my nest egg was covered by the FSCS guarantee.

But tonights Channel 4 news stated that although this guarantee was there, it may not apply to UK savers! This is all making me angry, especially if such comments are speculation or journalistic opinion. But I'm afraid I have assumed it's true and tonight I have transferred my money back to the nationwide.

I will now seek to invest elsewhere...

Err you might want to try that again.

Arion

Channel 4 were unclear, and a little misleading on that point, weren't they?

Yes, it was vague - hence my anger. But being unable to confirm the exact wording (could not find an up to date news report) I assumed the worst.

Maybe I jumped too quicly, but if Kaupthing is safe I might transfer back. After all I like the their website, and the online ability to quickly (3 days) transfer funds around.

Mikeyorks

Arion wrote: »

....... After all I like the their website ......

I think that's all that matters in these panicky times!

elbe

Arion wrote: »

Channel 4 were unclear, and a little misleading on that point, weren't they?

Yes, it was vague - hence my anger. But being unable to confirm the exact wording (could not find an up to date news report) I assumed the worst.

Maybe I jumped too quicly, but if Kaupthing is safe I might transfer back. After all I like the their website, and the online ability to quickly (3 days) transfer funds around.

I've just read Martin's post re the safety of Icelandic banks. He seems to have posted it a few minutes ago. I was staying with KE anyway but he's eased any concerns I have over safety ie getting money back if KE go under. Hopefully everyone today whose posted in threads re KE today will have a clearer understanding of things once they've read it.

Crabman

Martin's thread is here:

Kaupthing & Icesave: MoneySavingExpert.com Official Note

emmadragon

This is my first post, I'm a young saver and just want to make sure that my savings in Kaupthing are covered by british law? Are mine covered?

LucyTheDwarf

Arion wrote: »

After all I like the their website

I actually really like the website design, the colours, the splash type illustration. Pretty, and a market leading rate, what's not to like, eh?




Emma Dragon, I assume you mean is it covered by the FSCS compensations: the answer is yes, the Kaupthing we save in is a UK bank.

miller

Arion wrote: »

Channel 4 were unclear, and a little misleading on that point, weren't they?

I generally think Channel 4 news does a very good job, but this piece was very poor.

They had some bloke on there who reading behind the lines had withdrawn all his cash from his Kaupthing Edge account, but had a fixed rate bond with Icesave which he "couldn't withdraw until February". Yes... thats because its a bond... not because they refused to let him have his money - which was implied.