Fears over safety net (Icesave)

Griffboy

Maybe Icesave is guilty for Global Warming/Climate Change. I for one won't be panic-withdrawing, I'll leave that for the evenings.

borisbathtime

There has been a lot of talk recently about the £35000 safety net for
savings but how would this be worked out if you have multiple
types of account from one institution ?
I am particularly concerned following the article on Icebank. I
have savings accounts, fixed interest bonds and cash ISA's with
them which individually dont total more than £35000 but together
exceed that amount.
I do however think it was ill advised of the Times to single out Icebank just because it has the most money from UK savers - surely these high amounts of cash deposits makes it safer if anything.

tradetime

The compensation applies per institution so £100K with the same bank, in different types of accounts or not only gets £35,000 cover.

See this article

masonic

tradetime wrote: »

The compensation applies per institution so £100K with the same bank, in different types of accounts or not only gets £35,000 cover.

Well, it depends on how different the different types of account are. There is separate cover available for cash deposits, investments, pensions etc.

tradetime

masonic wrote: »

Well, it depends on how different the different types of account are. There is separate cover available for cash deposits, investments, pensions etc.

I would have to take your word for that, as I simply don't know, haven't needed to look as my trading accounts are not suitable for savings. I think the poster of that question appears to be referring to savings. But if it is correct it is good info.

funkey_monkey

This is worrying me I was just about to place £35,000 in an IceSave 6 month savings account.

Dammit!!!

ManAtHome

So bung them £30k instead...

I have a reasonable chunk of cash with Icesave and not in a hurry to cash in - less worried about the Iceland guarantee than the UK one (check out balance of payments, current account deficit, government debt etc), and they do seem more honest on rates than most UK banks.

nilrem_2

funkey_monkey wrote: »

This is worrying me I was just about to place £35,000 in an IceSave 6 month savings account.

Why are you worried? It's just a lot of scaremongering! The very people who are making people panic if they have cash with Icesave are the same types who just a few short months ago were telling savers not to keep cash with places who pay lower rates and transfer it to Icesave instead!

I have a lot more than the guaranteed amount in Icesave and it's staying there, IMHO it's as save there as with any UK bank.

bristolleedsfan

Griffboy wrote: »

I for one won't be panic-withdrawing, I'll leave that for the evenings.

.......:T ......

Jonbvn

Griffboy wrote: »

I for one won't be panic-withdrawing, I'll leave that for the evenings.

I didn't know Vatican roulette was still being played;)