Would you save in a non UK-protected account? poll discussion

edited 12 October 2009 at 4:18PM in Money Saving Polls
14 replies 2.4K views
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  • zzzLazyDaisyzzzLazyDaisy Forumite
    12.5K Posts
    Part of the Furniture Combo Breaker
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    Maybe not, but if a bank goes belly up, I think the UK govt is going to be more concerned about its votes and therefore will make more effort to protect/reimburse UK savers, whereas an overseas govt may be less concerned about UK savers. Yes we might get our money back eventually - or maybe not if the foreign govt decided it couldn't afford to honour the g'tee - what then? Possibly the UK taxpayer might step in as in the icesave fiasco, but I'm not putting my money on that, I'd rather stay within the UK financial protection scheme.
    I'm a retired employment solicitor. Hopefully some of my comments might be useful, but they are only my opinion and not intended as legal advice.
  • Erm, short memory folks?

    £35,000 lost in cyberspace for two weeks at Kaupthing Edge was a very sobering experience.

    Never did get £20 transfer fee back either!
  • oldagetravelleroldagetraveller Forumite
    3.7K Posts
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    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?

    Presumably you had no funds in Icesave or KE then when the mucky stuff hit the fan? You might have a different opinion if that were the case?
    Sorry if the above sounds a bit "harsh" it's not meant to be.:D

  • Gordon_the_MoronGordon_the_Moron Forumite
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    Part of the Furniture 1,000 Posts Combo Breaker
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    Hmmmm... I would have to say it would depend on firstly the country of the bank and secondly the guarantee they were offering.
    If you don't like what I say slap me around with a large trout and PM me to tell me why.

    If you do like it please hit the thanks button.
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