Whos Bringing Their Money Back Home?

kenshaz

natman wrote: »

Fair point to highlight that B&B Owner is Abbey, who's parent compny is Spanish. I think I was trying to say that the so called foreign banks - i.e ICESAVE, have really destroyed confidence in that market.

I was very fortunate, I opened an ICESAVE ISA, but the transfer went wrong, and i ended up cancelling the account. Next thing i hear is ICESAVE has closed.................................... I know people who had money in ICESAVE and who need this money. I feel really sorry for them.

Yes ok B&B has a parent company in Spain, but B&B is on the British Highstreet(like ABBEY).
Again an interesting point to make. I suppose, knowing my money is sitting in ICELAND, INDIA(icici) and Nigeria in the turbulent climate makes me feel edgey. I think our government would back up British Based Banks from now . I aint to sure they would do another ICESAVE...............................

They are protected by the FSA for £50000,Icici is no different from any bank under that scheme,ICESAVE was under the passport scheme.

Gwhiz

My KE money is staying put, I also had money with ING which is staying put and I have money in Anglo Irish which is staying put.

oldagetraveller

Once I get my Icesave funds back, ISA, savings & fixed term then it's going to be deposited in some good old building societies where most of my other savings are languishing.
I also have two KE fixed deposits which are staying put until maturity, Dec '08 and Jan '09. It's B Socs for that too when the time comes.
The banks can get lost as far as I'm concerned, particularly those without full U.K. FSCS protection. Once bitten etc.:D

qamwc1

The important thing is the compensation scheme and the country underwriting the scheme. With Icesave, Iceland ran out of money - it's borrowed from the IMF just to tick over.

ICICI UK is a UK bank and it does have a few high street branches. Importantly it is under the FSCS scheme and not under any passport scheme.

As somebody else said - you don't know what a UK bank is doing with your money. After all Northern Rock, B&B etc. were UK banks!

qamwc1

oldagetraveller wrote: »

Once I get my Icesave funds back, ISA, savings & fixed term then it's going to be deposited in some good old building societies where most of my other savings are languishing.
I also have two KE fixed deposits which are staying put until maturity, Dec '08 and Jan '09. It's B Socs for that too when the time comes.
The banks can get lost as far as I'm concerned, particularly those without full U.K. FSCS protection. Once bitten etc.:D

Then your building society will deposit it with a (perceived dodgy) bank! What do you think building societies will do with all this money flooding into them - if they don't lend it our (lending is down) then it will be deposited with one of many banks etc. Building societies are NOT safe as houses.

The important thing for anywhere you deposit your money is the quality of the compensation scheme. That is the only thing that will ultimately safeguard your money.

asd030

No more passport schemes for me, so I've pulled my 30K from KE(ING) and put it in B+B Issue 3 and BM's e-Saver Issue 2. I now have 1K left in the KE account, which I plan on closing next week.

If all goes to plan then all of my savings will go to buying my first house when my ISA bond matures next April and I can get at that money too. After this last month I'm sure it will be a relief to NOT have savings any more! (And no mortgage too!)

trashcan_2

No more passport schemes for me either. I have a £1 left in KE/ING and will close that next week. It seems to me that a passport scheme isn't worth much if that country is in trouble.

natman

trashcan wrote: »

No more passport schemes for me either. I have a £1 left in KE/ING and will close that next week. It seems to me that a passport scheme isn't worth much if that country is in trouble.

I totally agree with you and the above poster who intends on using his savings to buy a house and have no mortgage. Gone are the days where savings felt good to have. I seem to be more stressful these days having savings.

I know I mentioned ICICI previoulsy and this does not have a passport scheme, but a true british compensation scheme, but I still feel edgey having money with them.

oldagetraveller

qamwc1 wrote: »

Then your building society will deposit it with a (perceived dodgy) bank! What do you think building societies will do with all this money flooding into them - if they don't lend it our (lending is down) then it will be deposited with one of many banks etc. Building societies are NOT safe as houses.

The important thing for anywhere you deposit your money is the quality of the compensation scheme. That is the only thing that will ultimately safeguard your money.

I didn't say BSs were "as safe as houses"?
I'll put my money where I consider to be safe in future and not listen to all the self professed experts on this site or anywhere else.:D You will note that I did make reference to the FSCS scheme too.
Do you work for a bank? Sounds like it?

StarRover

oldagetraveller wrote: »

Once I get my Icesave funds back, ISA, savings & fixed term then it's going to be deposited in some good old building societies.

Ditto Old Age Traveller, the repository for my hard earned and, hopefully, soon to be repatriated cash will be a mutual building society with the majority of it's funding raised by it's deposits from individuals. No more foreign adventures for me!