IceSave - Safe place for my money???

535dman

With the news of Northern Rock and now A&L i'm beginning to wonder if my money is safe with IceSave. I have a very large sum with them (much more than the £32k advised)...is it time to scatter my money to other banks??

Or is this all driven by the mortgage martket which IceSave have nothing to do with..

Cheers :eek:

rathernot

Icesave are flush with money as they have around £500b in deposits (I asked a similar question yesterday).

It's the old catch-22 IMO, more than the "magic" £35k and yes you're better of hedging your bets from a "what if" point , but it's a mighty big and unlikely "what if".

napoleon

rathernot wrote: »

Icesave are flush with money as they have around £500b in deposits (I asked a similar question yesterday).

That's great. Maybe they can lend northern Rock and Alliance & Leicester a few quid.

darty99

rathernot wrote: »

Icesave are flush with money as they have around £500b in deposits (I asked a similar question yesterday).

It's the old catch-22 IMO, more than the "magic" £35k and yes you're better of hedging your bets from a "what if" point , but it's a mighty big and unlikely "what if".

Please could you or anyone else tell me what ICESAVE are doing with the money they have received from investors? Are their investment strategies safe?

Secret_Wookie_2

My undestanding is that the deposits are used to broaden Landsbanki's funding base to the UK away from the massive interest rates in Iceland. I

Icesave are also run by the same people who run Heritable Bank who do a lot of mortgage lending so there is a possability it is used as part of that. It may also be the plan to do an ING and launch an Ice mortgage in the future.