Concerned about my savings

PJD

Hi,

I have around 30k with Icesave, and 30k with ICICI bank. And an full ISA with ingdirect

I have heard that Icesave's safey rating may be lowered soon. And what with all this doom and gloom credit crunch talk... - are my savings really safe?

I appreciate my money is covered by the FSA, but to be honest I dont really trust anybody.

Any advice?

Shall I move my money elsewhere??

Thanks

nilrem_2

Stop worrying your cash is safe!

FWIW I have a lot more with Icesave and I am not worried!

Rafter

PJD,

The government guarantee scheme would pay you back if one of the banks went under with the balances you have.

The issue is that your money might be stuck for a few months while you wait to pay out.

Personally I don't believe that the UK government and tax payer should bail out overseas banks where the FSA cannot really control their lending activities beyond the UK shores.

Personally I'd close my Icesave account and put it with a big UK bank or building society. You might earn a few £'s less in interest, but at least the government will bail out a UK bank faster than the compensation will pay out from Iceland.

I like Iceland and want to go there. I just don't think a bank registered in a country with less than the population of Bristol should be allowed to borrow billions from UK savers to fund activities beyond our shores that nobody at the FSA can control, and still offer state backed protection.

R.

slipthru

Rafter wrote: »

at least the government will bail out a UK bank faster than the compensation will pay out from Iceland.

I'm not so sure the goverment could afford to bail out another northern rock or two. There has been billions stolen by fraud that has not been reported.

To the original poster as long as they are covered by the FSA you have nothing to worry about. But if anything does happen it will interesting to see how long it takes for us to get our money back.

notis7

What is with this wide spread panic? There is no need for you to move your money unless you have found a better rate - and frankly Icesave's 6.05% is not that great any more! Halifax are giving you 6.15% with their web savings extra but they limit the number of withdrawals you can have and Abbey have a high rate internet access savings too....If you are that worried about Icesave change to a more reputable provider with a higher rate - not just for the sake of changing!

pfpf

PJD wrote: »

but to be honest I dont really trust anybody.

PJD wrote: »

Shall I move my money elsewhere??

i'm not expert, but with those 2 quotes from your post, the best place might be under the matress?

other than that, i will leave it to more knowledgeable people.

tradetime

Personally I don't believe that the UK government and tax payer should bail out overseas banks where the FSA cannot really control their lending activities beyond the UK shores.

I don't actually disagree with your sentiments, to be honest, just this line made me smile, especially seeing as they did such a good job controling the activities of Northern Rock

geepster

PJD wrote: »

Hi,

I have around 30k with Icesave, and 30k with ICICI bank. And an full ISA with ingdirect

I have heard that Icesave's safey rating may be lowered soon. And what with all this doom and gloom credit crunch talk... - are my savings really safe?

I appreciate my money is covered by the FSA, but to be honest I dont really trust anybody.

Any advice?

Shall I move my money elsewhere??

Thanks

I understand your concern but don't think you should worry too much. There is soooooo much media hype at the moment, it seems to be unsettling many people, even those who are normally very rational!!

If you had asked me 12 months ago would I put my money in a high interest account with Northen Rock or an Icelandic Bank, I would have chosen NR any day (which I did) and just look what happened. :eek:

tawse57

The bill the Government put forward today with regard to the NR crisis was for powers for general nationalisation of financial institutions and not specifically to NR - so maybe they are expecting another NR or two in the year ahead?

[Deleted User]

PJD wrote: »

Hi,

I have around 30k with Icesave, and 30k with ICICI bank. And an full ISA with ingdirect

I have heard that Icesave's safey rating may be lowered soon. And what with all this doom and gloom credit crunch talk... - are my savings really safe?

I appreciate my money is covered by the FSA, but to be honest I dont really trust anybody.

Any advice?

Shall I move my money elsewhere??

Thanks

ICESAVE have no direct or indirect exposure to the US sub-prime mortgage market or structured credit obligations. Read the peace of mind part of the following link..

http://www.icesave.co.uk/about-icesave.html

If you want 100% security, then northern rock is probably the safest bank in the world at the moment. I know a lot of people will disagree with me, but you could always buy £30k premium bonds until the credit crisis blows over!! your money is safe, and you might just get lucky.... Someone has to win big! One thing's for sure, no bank account can generate £1M interest on £30k.... As the saying goes... Security is an illusion. Life is either a daring adventure or it is nothing at all...;)

tawse57

Deleted_User wrote: »

ICESAVE have no direct or indirect exposure to the US sub-prime mortgage market or structured credit obligations.

Um, Icesave owns Heritable Bank which I suggest you do some googling on with regards to BTL and self-cert mortgages.