Reassuring article about ICESAVE 14-02-08

[Deleted User]

I just thought that the following article should be posted to reassure all ICESAVE savers:-

http://www.fool.co.uk/news/your-money/2008/02/14/is-saving-with-icelandic-banks-safe.aspx?source=eooyhoit14050001


I personally believe that they are safer than many UK banks at present. Maybe they ought to change their name to iceSAFE. !!!

masonic

jackdoor wrote: »

'iceSAFE' they may be, but their rates are no longer competitive for Instant Access (and their rest is sure to follow suit).

Whilst the rate on the Icesave account has just fallen, I think it's a bit of a stretch to say the rate is uncompetitive.

Before the NR debacle this sort of warning (a**e-covering) was unheard of - people generally put all their cash savings in one BS.

It was uncommon to read such things in the media. However, it's been a pretty popular topic of discussion for years here on these boards. Perhaps some good has come of those events.

Sapphire

As another deterrent for me personally, Iceland has an unfortunate record for the killing of cetaceans. :cool:

I'll stick with British companies.

[Deleted User]

£35K per institution is just general sensible advice in the current climate, and the author was simply being responsible in pointing this out. The comment you highlighted was not aimed at icesave, but banks/building societies in general.

ICESAVE's fixed rate for 6 months is still 6.76% which is pretty good I'd say. Yes, you might get a few more pennies interest elsewhere, but would you get the same level of service..? I think the icesave site takes some beating for ease of use. :cool:

Landsbanki have been around since 1886 and I'm sure they'll be around for a long while yet! It's also worth pointing out that they have no direct or indirect exposure to the US sub-prime mortgage market or structured credit obligations. :money:

CannyJock

Sapphire wrote: »

As another deterrent for me personally, Iceland has an unfortunate record for the killing of cetaceans. :cool:

I'll stick with British companies.

Last time I was in Iceland I had Dolphin Carpaccio. They also had Reindeer steaks on their Xmas menu which I thought hilarious

Starter for the Xmas menu was Puffin, but they'd sold out

I'll stick with highest interest companies

ManAtHome

Sapphire wrote: »

As another deterrent for me personally, Iceland has an unfortunate record for the killing of cetaceans. :cool:

I'll stick with British companies.

And you don't buy anything Japanese, or accept cheap loans on the Japanese carry trade (or is the "scientific research" for real...?).

Buster_Danog

I'm out of touch, but the last time I checked Icesave were being highly recommended on here, and doesn't Martin's article say that savings are guaranteed in the UK upto 35k - even for Icesave.

tradetime

They are as safe imho as any other bank you'd care to put your money in. I would predict the next big bank to collapse will be in the US, the financial impact of that will be pretty far reaching for many banks, particularly in the UK but elsewhere as well.

[Deleted User]

Franco78 wrote: »

I'm out of touch, but the last time I checked Icesave were being highly recommended on here, and doesn't Martin's article say that savings are guaranteed in the UK upto 35k - even for Icesave.

YES 100% - Here is what the ICESAVE website states.....

<Deposits made with Icesave are protected under the Icelandic Deposit Guarantees and Investor-Compensation Scheme (details of this scheme may be obtained from www.landsbanki.com/legislation). Payments under this scheme are limited to the first €20,887 (or the sterling equivalent) of your total deposits held with us.

You have further protection from the UK Financial Services Compensation Scheme (www.fscs.org.uk). Payments under this scheme are limited to 100% of the first £35,000 of all your deposits with us, less any payments made under the Icelandic scheme. This means that the maximum claim amount as at October 2007 is £35,000.
The total financial protection given to you under both schemes is no less than you would receive if your deposit was only protected by the UK scheme. Further details about both schemes can be obtained from our web site or by post, on request.>


:cool:

Sapphire

ManAtHome wrote: »

And you don't buy anything Japanese, or accept cheap loans on the Japanese carry trade (or is the "scientific research" for real...?).

No, I don't.

ManAtHome

Yeah right - must be almost 1 person in the world using a steam-powered russian zx80 clone connecting to the internet with tin cans and damp string.