From Icesave to where?

rathernot

Hoping for a little advice please.

I currently have £35k in Icesave.

I don't consider myself the panicky "doom and gloom" type, but I'm aware that a) that's the limit covered by any compensation schemes should something happen, and b) Icesave are apparently one of the "passport scheme" banks which means it's not as clear cut as it may seem should things go wrong.

Anyway, as I have more money I want to put away, and Icesave have lowered their rates, I'm thinking it would be a good idea to open another savings account anyway, and it may be prudent to transfer the bulk of my money into that and then leave the leftovers in Icesave?

The questions are does that sound sensible, and who should I choose?

Ideally I want instant access in so much as it's a bank/chaps transfer away should I need it.

Kaupthing almost look too good to be true, and I'm not a "silver saver" so I don't qualify for any of those accounts.

Thanks in advance.

planemad

In your position I would choose Kaupthing as it slightly better than ICESAVE and operates the non passport FSA compensation scheme.

MRLX69

Sorry for being dumb... what's a silver saver?

loveabargin

rathernot wrote: »

I currently have £35k in Icesave.

b) Icesave are apparently one of the "passport scheme" banks which means it's not as clear cut as it may seem should things go wrong.


Thanks in advance.

What do you mean by the above? I have savings with icesave and thought that as long as you have under £35k your money is safe?

Sillychuckie

loveabargin wrote: »

What do you mean by the above? I have savings with icesave and thought that as long as you have under £35k your money is safe?

Read martings article.
http://www.moneysavingexpert.com/savings/safe-savings
You'd have to get compensation from Iceland I think.

loveabargin

I have just read a post by ianmr65 on passport schemes and now know what it means.

Sillychuckie thanks I will check out your link too.

ukmike

Sorry for being dumb... what's a silver saver?

An old bu**er like me who's over 50 years old!

nilrem_2

loveabargin wrote: »

What do you mean by the above? I have savings with icesave and thought that as long as you have under £35k your money is safe?

As far as I am concerned ones savings are safe even if one has over £35K in Icesave, people are getting paranoid about this issue IMHO based mainly on hearsay and rumour!
I have more than £35k with Icesave and I do not intend moving my cash from them unless a better offer comes along that makes it worth moving.

rathernot

nilrem wrote: »

As far as I am concerned ones savings are safe even if one has over £35K in Icesave, people are getting paranoid about this issue IMHO based mainly on hearsay and rumour!
I have more than £35k with Icesave and I do not intend moving my cash from them unless a better offer comes along that makes it worth moving.

Possibly, but there do seem to be better rates than Icesave are offering even if you ignore the £35k and passport issues which are/aren't mindless paranoia depending where you sit.

Seems Kaupthing and Bradford and Bingley look like the 2 best options at the moment along with (dare I say it) Northern Rock?

I shall do some digging on Kaupthing, I know they're in the FSA scheme and everything it's just that psychological "Who the hell are they?" factor if I'm honest.