Welcome Landsbanki!

ReportInvestor

Tart = someone who's happy to regularly hop from one bank's bed to the next in search of the top rates.

It's a compliment on MSE because it shows you are prepared to put in the work to beat the system.

si1503

ReportInvestor wrote:

Tart = someone who's happy to regularly hop from one bank's bed to the next in search of the top rates.

It's a compliment on MSE because it shows you are prepared to put in the work to beat the system.

Oh okay, thanks then, i guess!

barak

ashcarrot wrote:

..... has any bank collapsed in the last 30 years?

Apart from the disaster of BCCI, several small banks have 'failed'. I had an account with one of them - Edington plc - which went into administration in 1991, but I eventually got all my money back even including some interest. What is mind boggling is that the administrators are still writing to me every year.

I found the following from a lecture given in 2002 by the (then) Chairman of the FSA Howard Davies.

"It is interesting to note that over the last 20 years the net cost of bank failures to the Deposit Protection Board, after recoveries, was £25 million. There were, of course, some other losses to depositors not compensated by the Deposit Protection Board but, with the single exception of BCCI, these have been very small over the last two decades."

See http://www.fsa.gov.uk/Pages/Library/Communication/Speeches/2002/sp87.shtml

Hazzanet

I have to say that bank collapses are possible, but unusual nowadays with the tight regulation. It's interesting to see that with Icesave, you're protected both by the Icelandic deposit guarantee scheme, and it looks as though where that falls short of the UK scheme, the UK scheme will pick up the difference between the two schemes.

On the service side of things, it looks good - I applied last Thursday, and by Saturday morning, I was logged in and setting up my initial pull transaction via DD. So far it seems a very good operation.

Hazza

Chrismaths

Landsbanki is A rated by the credit rating agencies. That puts it on a par with Lloyds and Alliance & Leicester. It's not like they are Ruffler...

lisyloo

Methinks your mixing BCCI with Barings. Nick Leeson had nothing to do with the BCCI collapse

I though barings and BCCI were related (owned).
Sorry if I am wrong about the relationship but the fact remains that there are definitely banks in the UK that have collapsed.

Chrismaths

http://en.wikipedia.org/wiki/Barings
http://en.wikipedia.org/wiki/Bank_of_Credit_and_Commerce_International

No relation. And Barings weren't a retail deposit taking institution in the UK, they were a merchant bank, so for the man in the street, there wasn't much fallout from it.

Stompa

I'm very impressed by the speed at which the account got set up.

I'm not so impressed that the login address on the welcome letter is incorrect.

I also rather foolishly only linked it to one account during application, thinking that I could easily add a couple more online once the account was open. It seems though that this can only be done by printing off a pdf form, filling it in by hand and sending it by snail mail.

lisyloo

so for the man in the street, there wasn't much fallout from it

I agree.
The fact remains that cash deposits are not 100% safe (but it would be a very high %).

pennineman

Have been trying to open a BM account for the last FOUR weeks!! They still haven't managed it . . .

Icesave had my account open within two working days. Wow!

Hope they remain as good as they seem to be initially.