Icelandic Banks - The thread for OFFSHORE savers

occamsrazor

qwe3333 wrote: »

Then some customers wanting to make inquiries or move funds found that they couldn't get through when they phoned the Isle of Man branch in St George's Street, Douglas.

Thanks for the article qwe3333. I have to say although I had a few delays today, I've been able to get through by telephone quite a few times over the last two days, and the obviously overworked staff there have been as helpful and efficient as always. The service at Kaupthing IOM is superb, I feel bad they've been dragged into all this mess and hope it all sorts itself out soon.

I do think the IOM Govt should try to rush through the increase in depositor's protection ASAP. Now is not the time for uncertainty and a speedy response would calm fears and likely prevent any problems happening in the first place.

Jake'sGran

DonnySaver wrote: »

I couldn't even login to my Kaupthing account a few minutes ago. Keeps saying my login details are incorrect but I know they aren't. System must either be swamped or blocked !

I have looked at it a few times today and it has been updated with comments from the CEO. A withdrawal was no problem and an error on the screen was put right very quickly when I used their secure messaging.

miaviv

Whilst not an expert, I would imagine that deposits in the IOM would be covered by that country's guarantee and not the "nationality" of the bank's Head Office. So any depositor compensation scheme in the UK, Ireland etc would not logically apply if your account is held in the IOM.

Does anyone think differently ?

occamsrazor

miaviv - please see my reply to your other post here:

http://forums.moneysavingexpert.com/showthread.html?p=14787901

From what I can tell.... If the Irish Govt do decide to include subsidiaries of Irish banks based in the Isle of Man (e.g. Anglo-Irish Bank Isle of Man branch) then your savings would effectively be covered by both guarantees, including the full 100% of the Irish Govt guarantee. Of course it's not yet known if those subsidiaries will be included in the Irish scheme or not.

miaviv

occamsrazor wrote: »

miaviv - please see my reply to your other post here:

http://forums.moneysavingexpert.com/showthread.html?p=14787901

From what I can tell.... If the Irish Govt do decide to include subsidiaries of Irish banks based in the Isle of Man (e.g. Anglo-Irish Bank Isle of Man branch) then your savings would effectively be covered by both guarantees, including the full 100% of the Irish Govt guarantee. Of course it's not yet known if those subsidiaries will be included in the Irish scheme or not.

Thanks for both your posts in reply to my queries. I'm interested in the Anglo Irish bank now if their guarantees are so good, I'll wait to see what the bailout brings tomorrow if indeed that is what we are going to get. I'll no doubt be on here again tomorrow night to see some of your reactions. I've spent too long worrying about this on my own, it is nice to exchange with others who may be in the same situation.

occamsrazor

Seeing as there seems to be a few expat savers here now also looking for safe/safeish havens for their money, here's a list of some options for non-UK-residents I've collected over the last few months that don't rely on the Isle of Man compensation scheme:

Northern Rock Guernsey - under semi-temporary public ownership by the UK Govt

Anglo-Irish Bank Isle of Man - MAY be covered by the Irish Govt's 100% guarantee, we have to wait to find out if this is the case

Barclays Wealth International - available to non-residents and accounts can be offshore (usual offshore compensation or lack of) OR based in London thus qualifying for FSCS £50k guarantee - see here

Halifax Non-UK - this page would seem to imply the listed accounts can be opened by non-residents.

Anyone got any others?

Compensation schemes aside, it could be argued that simply choosing the right offshore bank will make more difference to your deposit's safety - e.g. I think it's arguable that HSBC Offshore is pretty safe because HSBC is considered pretty safe at the moment (though their interest rates aren't good).

qwe3333

occamsrazor wrote: »

Thanks for the article qwe3333. I have to say although I had a few delays today, I've been able to get through by telephone quite a few times over the last two days, and the obviously overworked staff there have been as helpful and efficient as always. The service at Kaupthing IOM is superb, I feel bad they've been dragged into all this mess and hope it all sorts itself out soon.

I do think the IOM Govt should try to rush through the increase in depositor's protection ASAP. Now is not the time for uncertainty and a speedy response would calm fears and likely prevent any problems happening in the first place.

i agree their service has been very good.

IOM need to realise that if they want deposits most people will want similar protection to other countries.

qwe3333

occamsrazor wrote: »

Seeing as there seems to be a few expat savers here now also looking for safe/safeish havens for their money, here's a list of some options for non-UK-residents I've collected over the last few months that don't rely on the Isle of Man compensation scheme:

Northern Rock Guernsey - under semi-temporary public ownership by the UK Govt

Anglo-Irish Bank Isle of Man - MAY be covered by the Irish Govt's 100% guarantee, we have to wait to find out if this is the case

Barclays Wealth International - available to non-residents and accounts can be offshore (usual offshore compensation or lack of) OR based in London thus qualifying for FSCS £50k guarantee - see here

Halifax Non-UK - this page would seem to imply the listed accounts can be opened by non-residents.

Anyone got any others?

Compensation schemes aside, it could be argued that simply choosing the right offshore bank will make more difference to your deposit's safety - e.g. I think it's arguable that HSBC Offshore is pretty safe because HSBC is considered pretty safe at the moment (though their interest rates aren't good).

A&L and B&B international still have good rates relative to Abbey. Might want to get in before they synchronize with abbey.

geurnesy offers no protection whatsoever, which is a bit off putting.

expatfrance

Regarding Non-UK customers opening UK accounts. I have tried HBOS and despite what their web site says they were next to useless. Kept refering me to Bank Of Scotland (IOM) which is not what I wanted.

When I eventually got through to someone they said I had to write a letter and then they would send me the application forms and I was not able to request the application forms over the phone.

I think it may be possible to open an account with HSBC UK.

Does anyone have any ideas how to break a fixed term deposit account with Kaupthing IOM apart from dying?

Having looked at the IOM Compensation scheme and their proposed increase to 50,000 as far as I can make out it is not worth the paper it is written on unless they increase the levey that the would impose on any remaining banks if it was called into action.

Currently the levy is 250,000 per year. I believe there are about 50 banks registered in IOM so that would be 13,250,000 in total per year. That would cover about 880 depositers claiming the maximum 15,000. Not very reassuring

Knife_Edge

I've a reasonably large amount deposited in notice accounts with Kaupthing (IOM) and also in an instant access account with Kaupthing Edge.

I spent all day yesterday trying to speak to someone at Kaupthing (IOM) and finally got through this morning. Clearly they're very busy! I was told that any early withdrawal from a notice account required an explanation of why the withdrawal was necessary or urgent and management approval of the withdrawal, i.e. they won't automatically permit the withdrawal subject to the deduction of the penalty that their Ts&Cs permit.

Meanwhile, I can't speak to anyone on the Edge support team to deal with some admin queries relating to my account there. All very frustrating.