Are my Savings safe? Discussion Area

don1982

I can see no coloured sections in the table - could it be coded somehow differently -I am also colour-blind....

GoodOlAl

I have my savings offshore because I'm non-resident.
I intend to retire back in the UK next year, at which time I'll become UK-resident again.
MEANWHILE, my offshore savings get whatever protection is available to them from Isle of Man or Channel Island financial authorities.
I suspect that protection is not as good as the new £35,000 protection to UK savers.
Anyone else in this position be warned; offshore savings are not protected by the authority protecting UK savings. The seductively familiar offshore banks do not operate as UK banks.

Former_MSE_Dan

Hi guys,

We've popped some numbers in the table now too, any matching ones means the banks have the same FSA registration. Hope this helps anyone who is colour-blind.

Dan

harryhound

Better known as the brand Icesave.

Are these people guaranteed up to 35K? Or do we have another BCCI situation?

(I've looked at the FSA site, but surprise surprise I don't understand the alphabet soup of TLA's)

Harry.

gt94sss2

harryhound wrote: »

Better known as the brand Icesave.

Are these people guaranteed up to 35K?

Yes, they are.

The table in the article above also lists them.

Regards
Sunil

nodonovan

For once, Martin, you have made a fundamental miscalculation in today's email, by suggesting that you should put £35000 in separate accounts following the Chancellor's new rules, if the savings provider goes bust. Sure, you're original investment would be perfectly safe but any interest you had made would not. What you should do, for 'perfect safety', is put in less than £35000 and check your account every so often, withdrawing interest as it reaches the £35000 threshold. The further you are from the £35000 original input, the less frequently you will have to check; it depends how organised (or sad) you want to be.

wayne42

GoodOlAl wrote: »

I have my savings offshore because I'm non-resident.
I intend to retire back in the UK next year, at which time I'll become UK-resident again.
MEANWHILE, my offshore savings get whatever protection is available to them from Isle of Man or Channel Island financial authorities.
I suspect that protection is not as good as the new £35,000 protection to UK savers.
Anyone else in this position be warned; offshore savings are not protected by the authority protecting UK savings. The seductively familiar offshore banks do not operate as UK banks.

Anglo Irish IOM say that they guarantee our deposits 100% via their parent company..

12 months 6.70 %
(AER 6.70 %

• 100% capital security
• Available over 12, 18 or 24 months
• Interest is calculated daily and paid annually on the anniversary of investment, and, where applicable at final maturity
• Access to 20% of your capital per annum without penalty
• All interest is paid gross*
• Available in GBP£, US$ & Euro €
• Minimum opening balance requirement 5,000 in £, US$ & Euro €
• Interest rate fixed for the term of your account
• All savings are fully guaranteed by our parent company

http://www.angloirishbank.co.im/personal-savings/privilege-fixed-interest-account.asp
:T

Former_MSE_Dan

For once, Martin, you have made a fundamental miscalculation in today's email, by suggesting that you should put £35000 in separate accounts following the Chancellor's new rules, if the savings provider goes bust. Sure, you're original investment would be perfectly safe but any interest you had made would not. What you should do, for 'perfect safety', is put in less than £35000 and check your account every so often, withdrawing interest as it reaches the £35000 threshold. The further you are from the £35000 original input, the less frequently you will have to check; it depends how organised (or sad) you want to be.

Technically this is right - if you don't nominate the interest to go to a current account at a differently FSA registered institution, it is not safe if it would make your balance exceed £35,000.

However, it is still possible to save £315,000 at top artes in nine seperate accounts, and don't forget that if you had £315,000 in one bank and it went bust, you would lose a lot more than just the interest.

We're working on a short line to add into the article to cover this.

omis

Just been reading Martin's recommendations on top savings accounts. I already have accounts with B&B and Icesave and was working my way down some of the others...

- AA Internet Saver is a wrapper for Birmingham Midshires, part of HBoS
- Sainsbury's Bank savings account is administered by Bank of Scotland, also part of HBoS
- ICICI does not subscribe to the UK Banking Code (don't know status of it's FSA registration).

Would therefore urge caution, given compensation limits apply to each financial group and not each of its constituent parts. It's also about time 'white label' operators were forced to publicise up front who manages their financial offerings.

omis

gt94sss2

Sainsbury's Bank is registered separately with the FSA, instead of with the rest of the HBoS group.

ICICI is also registered with the FSA - any bank accepting deposits in the UK needs to be. The Banking Code is voluntary and I think ICICI were applying for it (but its toothless imo anyway)

Regards
Sunil