The Top Easy Access Savings Discussion Area

Baldur

LGG wrote: »

any opinions on abbey Instant Access Saver
(Special Issue 2

seems a great rate in these times from an over the counter account. im a former icesave member so abit cautious now but this seems a good deal with no cons such as withdrawl notices

The sting in the tail may be at the bottom of the web page:

Please note that Abbey’s variable rates will reduce on 1st December 2008. Further details will be found on www.abbey.com on 1st December.

LGG_2

thanks for that. ill wait till then and see what the rates are

bennyvdb

I have £100000 in ING how much is secured by the govenment as it is owned by a dutch bank?

Mr._H_2

bennyvdb wrote: »

I have £100000 in ING how much is secured by the govenment as it is owned by a dutch bank?

When you say "the government" do you mean the UK government? In any case that's a moot question because deposits in the UK aren't secured by our government anyway. UK banks who are members of the FSCS have deposit protection up to £50,000 per person (not per account), this means if the bank fails you will eventually get your money back via the FSCS.

In the case of ING, it is not a member of the FSCS. It is a member of the Dutch equivalent, and this protection scheme offers protection up to €100,000, so the amount of £ protection varies with the £:€ exchange rate.

Further information on the Dutch protection scheme can be found here (I found this by... visiting ING's website! Who'da thunk it?)

PanicButton

Two simple questions from a simple man -- (1) First Direct, HSBC and Lloyds TSB all belong to the same financial institution; if one of these collapses, do all three go down?

(2) Because I applied online last week to Saga I can have their 6 month fixed rate of 6.9% provided my cheque is with them by Friday -- is this too good to be true; what is the catch? What is the danger?


Thank you

Mr._H_2

PanicButton wrote: »

First Direct, HSBC and Lloyds TSB all belong to the same financial institution

No they don't.

First Direct is owned by HSBC. Neither have anything to do with Lloyds TSB. Perhaps you are confusing this with Lloyds TSB's imminent take-over of HBOS?

In terms of trying to figure out what will happen WRT getting your money back if a bank goes bust, Martin's guide is good, including a table outlining out who owns who and who has their own FSA licencse.

PanicButton

Mr._H wrote: »

No they don't.

First Direct is owned by HSBC. Neither have anything to do with Lloyds TSB. Perhaps you are confusing this with Lloyds TSB's imminent take-over of HBOS?

In terms of trying to figure out what will happen WRT getting your money back if a bank goes bust, Martin's guide is good, including a table outlining out who owns who and who has their own FSA licencse.

Of course you're correct! I had been looking at Martin's table and mistakenly thought Llyod's was coloured the same as the other two -

Because I was caught up in the Icesave and Kaupthing debacle, I'm more wary than usual about where I'd put my cash. I want to put away about £55k and was considering £30k with Saga and £25k with the AA but they both belong to the same institution and I could not face another 5/6 weeks of trauma like I've just had!

Mr._H_2

PanicButton wrote: »

I want to put away about £55k and was considering £30k with Saga and £25k with the AA but they both belong to the same institution and I could not face another 5/6 weeks of trauma like I've just had!

Not only that, but you'd be £5k over the "guaranteed/safe" limit.

That Saga deal sounds great (don't know anything about it so can't alert you to any "gotchas" - just make sure you read the small-print carefully).

I know a lot of people are dismissing Tescos due to the protracted set-up process, but I've got one and once everything's in place it works well - it both receives and sends Faster Payments, and you can set up payments to any payee rather than to just a linked account. Of course, after a year, the rate will be pants but that seems to be the case for all accounts now that Kaupthing and ICEsave are gone

JimmyTheWig

PanicButton wrote: »

Of course you're correct! I had been looking at Martin's table and mistakenly thought Llyod's was coloured the same as the other two -

Yes, they are very similar colours aren't they.
But did you see the numbers in brackets after the names? They're for those of us who struggle with colour perception...

LGG_2

as an ex icesaver the trouble im having is working out which rates have already dropped and which havnt. for eg abbey is 6% but it drops on monday. so im waiting till then and see what they are offering b4 signing up. yet some other accounts are offering good rates but you dont know if these rates have already dropped or will drop in the coming weeks to the point where u might aswell have just picked an account that was offering a lower rate to start with. take for eg the AA has/is their rate going to drop.its not like they make the info widely available on their site