The Top Easy Access Savings Discussion Area

Vectra

gemson wrote: »

Would anyone care to offer an opinion on the advisability of opening new savings accounts with Ice or Kaupthing given the disturbing news reported here:-

No chance - they're all funded for over a year. So they can all survive for over 1yr with no funding whatsoever, they even been extending that, people like Kaupthing are out to 440 days now. It's just nonsense.

Whats really happened is that Icelandic banks were included in a lot of CDS stuff, because Moody's upgraded them all to Aaa to match their soverign debt rating when they changed their bank methodology to take into account the 'too big to fail' thing. So they were very very cheap Aaa credits for a while and got put into a lot of structures. So now there's lots of people perceiving them to be the weakest credits within structures so effectively overhedging them in the now ultra illiquid CDS (credit default swap) market. CDS spreads are thus very high and people who can't be arsed to do any research are simply making up a story to match that.

The ISK 'tumbled 6.2% to 127.96' that day intraday but then ended the day up. Odd they don't mention that bit.


PS I have copied this off another forum hope no one minds

bristolleedsfan

gemson wrote: »

Would anyone care to offer an opinion on the advisability of opening new savings accounts with Ice or Kaupthing given the disturbing news reported here:-

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/03/27/cniceland127.xml

If the reports worry u then dont put money in an Iceland Bank.

ManAtHome

murphydavid wrote: »

By the way B & Bs method of paying low interest while appearing to pay high is to change the name of there best account once every three months or so

Three months?? thought it was every couple of weeks... (I gave up when they introduced the "esaver-savings#42.9.3.2" a couple of weeks after the "ewhotsit-thingy#7")

oscardog

I have opened a Kaupthing a/c and have had no problems so far. Password changed, log in no problems with new one and I will do my first deposit in a few days.

Has anyone actually paid into the K Edge savings account yet? It seems there are a lot of people with accounts but no deposits or am I wrong?

Banking is all about confidence so as long as you pay in and keep +ve karma it will all be groovy.

SHOW ME THE MONEY

gemson

Thanks Vectra .....I know it is simplistic to compare CDS figures without taking into account lots of other factors but out of interest do you know what are the current CDS figures for Landbanski (Ice) and Kaupthing Edge. Are comparative CDS figures published daily/regularly in a table somewhere ?

chris_o

oscardog wrote: »

I have opened a Kaupthing a/c and have had no problems so far. Password changed, log in no problems with new one and I will do my first deposit in a few days.

Has anyone actually paid into the K Edge savings account yet? It seems there are a lot of people with accounts but no deposits or am I wrong?

I opened an account with no problems but haven't been able to transfer funds in yet because the account number they gave me only has seven digits and BACS transfers need eight. I messaged about this a couple of days ago but haven't heard back yet.

Moggles_2

oscardog wrote: »

I have opened a Kaupthing a/c and have had no problems so far. Password changed, log in no problems with new one and I will do my first deposit in a few days.

Has anyone actually paid into the K Edge savings account yet? It seems there are a lot of people with accounts but no deposits or am I wrong?

Following successful test transfers in and out with small sums of money, I've paid funds in to my KE account for three consecutive weeks. Everything has proceeded like clockwork so far.

johnolder

Are Icesave bank, and Kaupthing bank one of the same Financial Institution ie Landsbank?.
I am trying to determine if my savings would be safe under the FSCS garantee if the maximum savings of £35000 were held in both banks.

10_66

Both Kaupthing and Icesave are independant of each other.

Vectra

Landsbanki has no exposure to sub-prime debt unlike many banks in the UK, and it isn't heavily reliant on wholesale money markets, which means it may be more resistant to the repercussions of the credit crunch than some.

Kaupthing Edge deposits are currently held by UK company Kaupthing Singer and Friedlander Ltd and as such are protected entirely by the FSCS, which means they qualify for the same maximum protection of £35,000.