Are your savings safe? article discussion

captainkevos

BREAKING NEWS ON SKY . Gordon Brown says FSA looking at proposals to increase the £50,000 guarantee ....

I-LOV-MONEY

captainkevos wrote: »

BREAKING NEWS ON SKY . Gordon Brown says FSA looking at proposals to increase the £50,000 guarantee ....

Wish they would hurry and sort out IceSave before going onto another "project".

captainkevos

I-LOV-MONEY wrote: »

Wish they would hurry and sort out IceSave before going onto another "project".

Point taken, we're all in the same boat, I know how you feel! . I thought it was relevant though, in the context of when we get our cash back, we'd be considering very carefully where we put it next and what guarantees we'll have . I was prudent in only depositing the £35K limit, but I'm sure that many felt sheer panic before Mr Darling's reassurance last week and they'll be more diligent in the future in these uncertain times.

Chipolina

I've been on holiday and come back to an e-mail telling me that my Kaupthing Edge savings account is now with ING Direct. Does this mean I still get the same interest rate that I signed up to with Kaupthing Edge?

Hillwalker

Chipolina wrote: »

I've been on holiday and come back to an e-mail telling me that my Kaupthing Edge savings account is now with ING Direct. Does this mean I still get the same interest rate that I signed up to with Kaupthing Edge?

WOW,,, I'm really interested where you went on holiday .. that you have only become aware of all that's happened after checking you email when you got back...

Wherever it was it probably saved you from a near heart attack..
:-)

johnedwards3005

I haven't yet seen anything which explains the situation for holders of Icesave fixed term deposits:
a) will the FSCS pay compensation as soon as they have their act together, or will they wait until the contractual maturity dates (in my case, through 2009)?
b) if the latter, surely it would not be reasonable to deny the interest accruing since the default.

bluefin2105

Given the advice in the "safe savings" article to spread money around and also to be aware that even if protected by the FSCS it might not be accessible - could we have a chart similar to the FSA registrations chart that just shows which banks are part of the same organisation?

For example, I carefully split my savings between A&L and Abbey because they are individually protected. But I haven't realised that they're both part of Santander. So Santander goes down and suddenly I can't get to any of my money for 6 months. I'd have been better served by splitting between Abbey and say HBOS.

[All example banks picked at random!]

Not sure if I've explained that very well, but hopefully you see the point. Is there a simple chart around that I've missed?

JimmyTheWig

bluefin2105 wrote: »

Not sure if I've explained that very well, but hopefully you see the point.

Yes, I see your point.
You are saying if you had £50k in Abbey and £50k in A&L and Santander went bust (unlikely, we all know) then you would get your £100k back through FSCS, but would all take some time.

So we need the existing chart to show how to divide your savings in terms of FSCS protection and another chart to show how to divide your savings in terms of instant access.

Good thinking.

bellaonline79

Hello again
I had most of my savings in a fixed-term deposit account with Kaupthing, and a small amount in a normal instant access account. On the day before the crash (and before they announced the ING takeover) i tried to move my money out. My instant access money I transferred to my current account - that has vanished into the ether along with everyone else's but I'm hoping it'll reappear soon.

My question relates to my fixed term deposit money. I spoke to KE on the phone and they said it would take 48 hrs to break the FTD account open and transfer the money back to an instant access saver, from which I would then be able to transfer the money to my current account (after losing 1% of interest for exiting early). Over a weeek later and my money is still sitting tightly locked in the FTD account. Does anyone know what might be happening with this?

Thanks

Baldur

Presumably, from their various updates, they are prioritising the processing of payments which were caught up in the failure of KE.

Apart from conjecture, the only people who are likely to know are those working on the backlog at KE.