Are your savings safe? article discussion

Rosalind

Thanks for your reply, Optimist. I'd rather keep the money in the UK because the exchange rate is so poor at the moment.

manhattan

I would like to know about IceSave too!

Any opinions?

alared

All banks that come under the FSCA are covered for £35k except Icesave,who come under the "passport system",where only a certain amount can be claimed from the FSCA.
Loads of onfo on these boards about it.
Been discussed `til wer`re blue in the face.

manhattan

thanks but I meant are IceSave looking dodgy?

heygringo

With 15 pages to browse, it must be quicker to ask this question.

We understand that cash ISAs are safe, but (A) are they part of the 35K payout if with the same bank (Abbey) which holds our other investments/savings?

(B) If some of our ISAs are in shares, are we correct in saying "goodbye" to any compensation?

Thank you.

sabretoothtigger

I would guess the limit applies to the group and all of the holdings you have with it. Unless a separate guarantee applies to both separately somehow. Some consumer bonds have guaranteed returns, maybe covered by third party companies?

Perhaps now is a good time for a list of big groups and all their sub companies so you do not duplicate your exposure though in general I do not believe in a major failure here

alared

manhattan wrote: »

thanks but I meant are IceSave looking dodgy?

You could ask the same of any bank/building society in the current climate.

I had an account with Icesave but because the full £35k wasn`t covered "all in one go",I closed the account and opened one with Kaupthing Edge,another Icelandic bank,but they are covered by the FSCS for the full £35k.

So if you would sleep better doing that

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do it.

altocumulus

alared wrote: »

You could ask the same of any bank/building society in the current climate.

I had an account with Icesave but because the full £35k wasn`t covered "all in one go",I closed the account and opened one with Kaupthing Edge,another Icelandic bank,but they are covered by the FSCS for the full £35k.

So if you would sleep better doing that

---

do it.

Of course, we all assume the FSCS has sufficient funds to cope!!! :rolleyes:

alared

altocumulus wrote: »

Of course, we all assume the FSCS has sufficient funds to cope!!! :rolleyes:

Well if they haven`t for one they haven`t for any.
So that means no bank savings are save despite promises from Darling.

cheekykid

Suppose Barclays goes bust. You really think the state has the credit to cover the liability? I doubt....