The Top Easy Access Savings Discussion Area

Losov

Many thanks rb10, complaint form on its way.

Cheersd

innovate

Steve_xx wrote: »

Simply put it into Google or look here:

http://www.gov.im/fsc/investor/dep_comp.xml

It is worth remembering that people who had deposits in Isle Of Man banks during the last banking collapse were left to their own devices. They got zero assistance from the UK Government, and there wasn't any EU law they could refer to either. If you are happy with this sort of risk, savings accounts on the Isle Of Man are made for you.

Kaupthing Singer & Friedlander (Isle of Man)

In July 2009, the Isle of Man parliament approved a £193m package to hasten compensation payments to savers of Kaupthing Singer & Friedlander (Isle of Man) under its Depositors' Compensation Scheme.
Oversight of Kaupthing Singer & Friedlander (Isle of Man) is the responsibility of the Isle of Man’s regulator, the Financial Supervision Commission. Arrangements for depositors in Kaupthing Singer & Friedlander (Isle of Man) are therefore a matter for the Government of the Isle of Man.
For further information, customers should refer to the Financial Services Authority (FSA) or the Isle of Man’s Financial Supervision Commission (FSC).

Source: http://www.hm-treasury.gov.uk/8659.htm

Steve_xx

innovate wrote: »

It is worth remembering that people who had deposits in Isle Of Man banks during the last banking collapse were left to their own devices. They got zero assistance from the UK Government, and there wasn't any EU law they could refer to either. If you are happy with this sort of risk, savings accounts on the Isle Of Man are made for you.

Yes you're right in that in the banking crisis people who had deposits there were largely left to their own devices. However, their compensation scheme became active in 2010. How good it is, is yet to be tested.

The Isle of Man is not a member of the EU, and so highly unlikely that any assistance would be had from the EU.

innovate

Steve_xx wrote: »

However, their compensation scheme became active in 2010.

That is only the latest iteration of it, with higher limits (which they had to implement since everybody else around them raised their protection limits). Their original scheme goes back to the last century.

Her is the first hand account of someone who had their money on the IoM: http://iombankfailure.info/about/

Anyway, I have said what I wanted to say about putting your money outside FSCS protection.

2010

innovate wrote: »

If you are happy with this sort of risk, savings accounts on the Isle Of Man are made for you.

I remember when Ken Dodd banked on the IoM and he was taken to court for it. :rotfl:

iilg

innovate wrote: »

That is only the latest iteration of it, with higher limits (which they had to implement since everybody else around them raised their protection limits). Their original scheme goes back to the last century.

Her is the first hand account of someone who had their money on the IoM: http://iombankfailure.info/about/

Anyway, I have said what I wanted to say about putting your money outside FSCS protection.

P, Counsell says:

Unfortunately expats have little choice about where to invest safely thanks to the UK banks refusal to accept depositors from overseas. That’s why we bank in the IOM and the Channel Islands with their poorer compensation schemes. As you rightly say it is not lower interest rates which make a bank safer, but he quality of the bank itself. What is a “core bank”? Are RBS and Lloyds, both part nationalised, core banks?

romeshw

Looks like Principality's e-saver issue 7 (2.65%) has been replaced by e-saver issue 8 (2.3%) but hasn't been updated on the best-buy tables.

Typical, all the rates seem to be dropping right as I'm coming out of a bonus period on my existing savings account...:(

chris1

romeshw wrote: »

Typical, all the rates seem to be dropping right as I'm coming out of a bonus period on my existing savings account...:(

Santander esaver now 1.5% as well.

ihr

I opened an online NatWest saver account online a week ago and like others on this forum, got the paper work through stating a rate or 1% not the 2.85% bonus I applied for. My application was stalled by request for my id papers. Should I send the id and complain about the rate? Will they count my account opening date as the date I applied online or the date they receive the ID? Would it be better to take my money elsewhere?

archess200

Have had Coventry BS Poppy 2 e-saver, which allows 4 free withdrawals in one year, has a 2% + 1.15% bonus in the first year. My first year is just about up, Coventry have written, as promised, to remind me I am about to lose the bonus interest. They now have Poppy 11 e-saver, with 3.25% interest, including bonus, until end Dec. 2014.
I can open one up and transfer all my funds. Why do they create what must amount to significant extra costs, when all they have to do is re-write the interest and bonus rates so that you do not have to go to all that trouble? What brain thought that one uP?
Any they donate a percentage to the poppy appeal, so all good. Rates are relatively good compared to the market, and I don't see any higher around at present.
Very efficient paying-in, quick credit facility, no complaints other than beaurocracy.