The Top Easy Access Savings Discussion Area

Mrs_and_Mum

I have £50k in Kaupthingedge but I know the protection provided by the UK Gov for this amount does not kick in until Tues. With the current situation of Iceland's banks I am increasingly nervous. I have some questions I'd like help with...

If something were to happen before Tues would only £35k be protected?
If something were to happen after Tues how long would it take to gain access to my money?
Should I move my money or is it safe where it is?

Any guidance would be greatly appreciated.

Baldur

Mrs_and_Mum wrote: »

how long would it take to gain access to my money?
Should I move my money or is it safe where it is?

It's covered in exactly the same way as any other UK financial institution - up to £35,000 until Tuesday, then up to £50,000.

As far as compensation from the FSCS is concerned, their website says:

After a declaration of default, FSCS aims to process all claims within six months. However, the time this takes depends very much on the type of claim.

LGG_2

i have almost £30,000 in icesave nearly 21K of that is in an isa. today i transfered it over to abbey and have just moved out almost all of the rest (standard easy access acount) into my bank account have 2 wait 2-3 weeks inregards to the ISA transfer so nothing much i can do there. now looking to open up another easy access account. bradford and bingly give the best rate. obviously with whats gone on with them i dont know whether i should invest. presuming that now abbey have taken part of it over it should be ok? frankly i feel like taking all my money out and just buying a plane ticket somewhere lol

Crabman

LGG wrote: »

i have almost £30,000 in icesave nearly 21K of that is in an isa. today i transfered it over to abbey and have just moved out almost all of the rest (standard easy access acount) into my bank account have 2 wait 2-3 weeks inregards to the ISA transfer so nothing much i can do there. now looking to open up another easy access account. bradford and bingly give the best rate. obviously with whats gone on with them i dont know whether i should invest. presuming that now abbey have taken part of it over it should be ok? frankly i feel like taking all my money out and just buying a plane ticket somewhere lol

Hi LGG,

You're protected for up to £50,000 so with your level of savings, there's no need to withdraw from one bank to another, unless of course you're moving to a more competive interest rate.

Martin's article on savings safety explains in detail:

http://www.moneysavingexpert.com/savings/safe-savings

trojjer

There was a post here, but I've moved it to the "safe savings" article...

clue_2

I have some savings with Kaupthing and since Monday I have been trying to withdraw some money but as of yet it is not allowing me to withdraw anything. When you go through the precedure it allows you to go right through until the completion of the transaction on screen, but still nothing. I have been calling them on the only number they supply but it has been engaged since Monday? I have also emailed them.

Can anyone tell me if they have experienced the same problem? Or have managed to get through to someone? I am starting to panic now!

Vectra

on this thread

http://forums.moneysavingexpert.com/showthread.html?t=1205063

deefadog

So which account now? when i get my money back from Icesave, i would like to get an account set up ready for the cash, to minimize any further lack of interest.

What are other peoples decisions on this yet? What the best rates with cover? National savings? I have heard some irish banks are very safe as well? or i read nationwide is a good one?

Any advice and discussion most welcome.

Best regards

Mr._H_2

Looks like there aren't any accounts anymore that have good long-term rates. That being the case I've resigned myself to chasing decent rates on a yearly basis and have opened a Tesco internet saver at 6.5% (presumably this will go down now in line with the 0.5% base rate drop), which includes a 1.5% bonus for 12 months.

There are other accounts paying similar rates which supposedly do not have the 12 or 6 month bonus "gotcha", but they have other "gotchas" instead - with places like B&B or Birmingham Midshires you can bet that in about 3 months there will be a "new issue" of the savings account at which point your issue's interest rate will start to drop-off.

If you always want to have the best rate and instant access, it seems better to go with an account with a bonus, then switch when the bonus expires.

JimmyTheWig

deefadog wrote: »

So which account now? when i get my money back from Icesave, i would like to get an account set up ready for the cash, to minimize any further lack of interest.

On another thread I have suggested people open an Egg savings account.
http://forums.moneysavingexpert.com/showthread.html?t=1097723

The interest rate is 6.3% (so not chart-topping) but it is a fixed rate for a year. While it's a fixed rate interest it's not a fixed account - i.e. you can put money in and take it out through the year. I'd say get in on this rate before the 0.5% base rate cut has an effect.

Edit: Remember it is only this rate for a year and then it drops significantly. When they pay the interest after the first year transfer your money elsewhere.