Icesave Deposit Protection

dwileflunker

I have recently opened an Icesave deposit account and as you do I was wading through the small print. Can anyone confirm my interpretation that I am guaranteed the first 20887 euros (approx £14000) of my investment by the Icelandic Deposit Guarantees and Investor Compensation-Scheme. If so then this is better than the UK's Financial Services Compensation Scheme which only guarantees the the first £2000 and then 90% of the next £33,000. If this is correct then it has got to be the best account in the market with good interest and top class protection. My question is does the Iclandic guarantee apply to UK investors?

Any experts out there who can advise?

tom188

You have both.

Basically you still get the protection on the 33k like any other bank, it is just paid by two different compensation funds. The amount you get under the FSCS is the remainder of what you dont get on the IDGICS, totalling a max of 33k.

Hence its really the same as any other. Lets hope no one needs to worry about this.