Concerned about my savings

[Deleted User]

tawse57 wrote: »

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

I'd rather have my money with icesave (and I have) than some of the UK banks at the moment!:D

planemad

Rafter wrote: »

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.

Well to be honest the FSA ignored the NR crash until it was to late and they are in our country as well.
They knew the risks before NR went under and they did nothing.

If the worst did happen to ICESAVE the Icelandic financial ministers can't do a poorer job then the UK government have.

tradetime

Just to give a little more perspective since this appears to be another thread that is leaning towards a "them and us" of the banking world, let's look at a news from a couple of good old safe UK banks.
http://www.bloomberg.com/apps/news?pid=20601087&sid=agWl4kRhTNuY&refer=home

As I said, I don't actually disagree with the sentiments expressed in Rafter's post, but since a lot of people passing through here don't do a lot of research on their own, it is worth noting that whether or not you would wait longer to get your money back from a foreign bank if it collapsed, there are a few at home here who might be more likely to need the fscs much sooner.

The bottom line, imho, nowhere will be particularly safe for the next 12 - 18 months untill the credit risk feeds fully through the system. The bulk of my money is in UK banks, but I also use Icesave and ICICI. It's a little sad that people should be left feeling that selecting a bank to put their hard earned savings is a little like speculating on the stock market risk wise, but without the benefits of a big payout if you get it right.

gax23

Your cash is safe up to the first £30,000 with each bank. If you have any more than £30,000 in a bank account and there is some sort of economical meltdown or the bank goes tits up, your money is only insured up to £30,000. Split extra savings over different accounts with different banks to be sure.

Fella

The FSCS guarantee is £35K, not £30K.

alared

And £70k in the case of a joint account?