IceSave Question

MILLWALLFC

I know this has been done to death today, but i have a couple of questions.

This morning on Sky News it was said it the iceland government could not pay the first £16,170 that it would still be covered by the UK. However this has now changed to.

If an Icelandic bank fails UK customers are protected up to £50,000
The first £16,170 of their money is protected by Iceland
The remaining £33,830 is protected by the UK government
If Iceland goes bankrupt, the UK will not cover the first £16,170
Joint accounts will be protected up to £100,000

If the Government cannot pay the first £16,170 would we be covered by this scheme. ?

http://www.fscs.org.uk/
The Financial Services Compensation Scheme (FSCS) is the UK's statutory fund of last resort for customers of authorised financial services firms. This means that FSCS can pay compensation if a firm is unable, or likely to be unable, to pay claims against it. FSCS is an independent body, set up under the Financial Services and Markets Act 2000 (FSMA). Our service is free to consumers.


I have about 20k in ice save

7k in ISA
6 month saver account 11500
and 1500 in a nomral account.

I just really hope the country does not go bankrupt or the UK Government steps in.

Reaper

Yes - it has been done to death.
No - the FSCS has no obligation to pay Iceland's share if they don't. But we can always hope.