Would you save in a non UK-protected account? poll discussion 5 October 2009 at 11:18AM edited 12 October 2009 at 4:18PM in Money Saving Polls 14 replies 2.4K views

Former_MSE_Lawrence

Poll between 05-12 October 2009:

Would you save in a non UK-protected account?

Currently the Bank of Cyprus pays the highest 1yr fixed savings rate. Yet in the unlikely event it went bust, as with a few other EU banks (non-EU banks must have full UK protection), you’d need to claim your lost money back from the home Cypriot govt, not the UK’s. However you get cover for €100,000 (c £90,000), not the £50,000 of the UK scheme.

If you had money to save, would you be happy to put it in a non UK-protected bank?

A. Yes - 23% (1667 votes)
B. Yes - but only from a larger country - 12% (889 votes)
C. No - 64% (4608 votes)

Voting has now closed, but you can still click 'post reply' to discuss below. Thanks

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bumpoowee

I wouldn't, because I don't know much about cyprus and wouldn't know what to do if the bank failed and I wasn't paid out straight away. But I could see why some people might considering the UK government was falling over itself to hand out piles of (partly my) cash to people who lost their money invested in a certain other nameless foreign institution that turned out to be dodgy.

minerva_windsong

Probably not, because I'm not a big risk taker (hence why I'm paying all my student overdraft back rather than being MSE by taking it to the limit and putting it all in savings) and wouldn't want to take the chance in case something did go wrong. Then again I don't have an enormous amount of savings right now so I probably wouldn't need as much cover as you get from the Bank of Cyprus one.

Diesel44

TOO RISKY, too many miles between me and my money.

snaggle

Yes I would bank with such a bank If advised too and IF the rate was faverable.
I Banked with the Iceland bank KorpThing Edge as advised by Martin and never had bother with them.
Think on, This bank had nothing to do with ICESAVE the bank that went under.
But I listened to MSE and tried to moved my money before the government shut down the transfer root. Mr Brown blocked transfers and moved my cash to ING !
I had more fear letting them get there hands on my cash as that Is one bank I DON'T trust.
( About 5 years ago when Interest rates were High, ING decided on there own bat to stop puttng up the Interest rates for depositors because It was to much hassel ? :mad: ) I moved my savings back to ICICI ( An Indan bank ) and have had no worrys.

centaurandrew

No, never again.

I had a lot of money with Icesave. Was glad to get it all back through the government scheme and it taught me that putting my money overseas for the sake of 1% interest just isn't worth it.

misspoppy

No I was also stung with Icesave and we were told we were protected, myself and my BF had our lifes savings with them, the deposit for the house we've now bought. It was more money than we could amount again if we lost it. I can honestly say the government giving us our money back whilst they battled with Iceland is the only thing they have done for us in 12 years of power. It was very very scary. We got asked over and over, why did you have your money with a foreign bank, we didn't it was registered and run from Britain.

PaulChelt

Once bitten, twice shy. Still have nightmares about IceSave.

chaotic_j

Not after the experience with IceSave and the stress it caused.

oldagetraveller

After the Icesave experience - no way Jose!
I have often wondered what the outcome would have been if the govenment (taxpayer) hadn't stepped in and wouldn't want to risk it again just for an extra 0.x or 0.0x higher interest rate..

nornironpete

I find it hard to believe that so many people are against the idea of saving with a bank that isn't in the UK - are UK banks really that much safer than some foreign banks?