Shawbrook bank

Millyonare

Google "Icesave 2008"...

Daliah

Millyonare said:

Google "Icesave 2008"...

We have since got the £85k FSCS protection. Totally changed environment.

Millyonare

Daliah said:

Millyonare said:

Google "Icesave 2008"...

We have since got the £85k FSCS protection. Totally changed environment.

Yes, it's always "different this time".

Daliah

I just put £20k into their 1 year ISA. It's currently the table topper, and Shawbrook uniquely allow additional deposits on fixed term accounts.

soulsaver

Daliah said:

I just put £20k into their 1 year ISA. It's currently the table topper, and Shawbrook uniquely allow additional deposits on fixed term accounts.

...while they're still on sale.

ranciduk

soulsaver said:

Daliah said:

I just put £20k into their 1 year ISA. It's currently the table topper, and Shawbrook uniquely allow additional deposits on fixed term accounts.

...while they're still on sale.

And up to 7 days after they have been withdrawn 

Daliah

I have previously been able to make deposits into fixed ISAs that had long been withdrawn from sale, like over a year

tiptoe_mouse

Millyonare said:

Google "Icesave 2008"...

Oh yes, I remember it well . I seem to recall that the British government paid up, but it took over a month for me to receive my funds back from my instant access ISA. And I don't think they included interest either. Luckily I didn't need access to the funds during this time. So not only do I think it is never wise to put over £85,000 in one institution, but I would also always split my funds between more than one institution regardless of the total.

george4064

On a side note and apologies if you do have good reason for it, but it does appear you're holding too much cash at the moment (£85k + £250k + another £85k = £420k).

Have you considered if holding this much of your total assets in cash is appropriate?

Troytempest

My recollection of IceSave is that it was handled by the Financial Services Compensation Scheme and that savers were given 2 options - an immediate refund or hold on for the full duration of the original investment and that interest was paid.