Icelandic Banks

northern_munky

Toastie wrote: »

I think they got a loan or something for the coming year to insure stability. Someone older and wiser will come soon.

Toastie do you have anymore info on this please?

johng_uk

This product is currently closed to new business see here
http://www.co-operativebank.co.uk/se...Standard&loc=l

It doesn't just rain - It pours!!!

Thanks for the info.

johng_uk

This product is currently closed to new business see here
http://www.co-operativebank.co.uk/se...Standard&loc=l

It closed yesterday - My money allocated for this account got transfered to my other account today. Just called to request a form on the sly to no avail:(

No other account really comes close, bar the Icelandic ones. I'm VERY put off by the stories and may have to lose an absolute fortune in interest payments as I can't afford to lose my house deposit - Scaremongering stories or not!

Toastie

northern_munky wrote: »

Toastie do you have anymore info on this please?

I'm sure i read it, however because i can't find the article i read again i will take back my comments.

Although i was sure i read it i have no evidence to back it. Sorry.

Toastie

johng_uk wrote: »

It closed yesterday - My money allocated for this account got transfered to my other account today. Just called to request a form on the sly to no avail:(

No other account really comes close, bar the Icelandic ones. I'm VERY put off by the stories and may have to lose an absolute fortune in interest payments as I can't afford to lose my house deposit - Scaremongering stories or not!

It's fair enough. However Iceland does have a financial pot put away unlike the FCSC and you wouldn't loose your money because it would be paid back (kaupthing Edge are in the passport scheme so you could have to go to the FCSC to get your money back), however it is the length of time it takes that maybe a problem.

That said it's on the chance that the bank does actually go bust.

johng_uk

If you look back through the investments forums theres a few links on Icelandic banks. I looked yesterday and went no further back than 10 pages. Within each link are more links.

Put me off Iceland tbh. Whether it's scaremongering or not, for the sake of 0.36% I'll stick to UK for now.

ManAtHome

loveabargin wrote: »

This product is currently closed to new business see here

Ooo blimey, posted it off a couple of days ago - not been cashed yet...

Anyway, what the hell if it doesn't go through, they can f*ck off for the rest of my life (will always be somebody else after the dosh - for the rest of this year anyway).

[ps] I have a 2 year fixed rate with Icesave and recently withdrew cash from their saver account to move into the co-op - may be going back in...

johng_uk

Ooo blimey, posted it off a couple of days ago - not been cashed yet...

I spoke to them on the phone and it is just new money they won't accept. Any forms that have been completed and returned to them before cop 2nd April will be honoured.

imcat

Lesson here is to read your small print.

If you open an account with Kaupthing Edge your deposit will initially be taken by Kaupthing Singer & Friedlander Limited. KSF is fully covered under the FSCS compensation scheme and is authorised by the FSA to take deposits.

However, your contract states that you consent to your account and contract being novated across to Kaupthing Bank. This dramatically changes the protection you are afforded.

Kaupthing Bank is not fully covered by the FSCS. It is registered with the FSA but not permissioned to take deposits.

All claims would have to be pursued through the Icelandic authorities first and FSCS will only cover any outstanding amounts after that process is complete. I have spoken with the FSA and FCSC and they confirm this is correct.

By this mechanism Kaupthing Edge is attempting to bypass the protections of of the FSA and FSCS. It is not illegal ( they are a bit misleading in their advertising though) but you have to ask yourself why they have to do this before put putting your hard earn cash with them.

imcat

Lesson here is to read your small print.

If you open an account with Kaupthing Edge your deposit will initially be taken by Kaupthing Singer & Friedlander Limited. KSF is fully covered under the FSCS compensation scheme and is authorised by the FSA to take deposits.

However, your contract states that you consent to your account and contract being novated across to Kaupthing Bank. This dramatically changes the protection you are afforded.


Kaupthing Bank is not fully covered by the FSCS. It is registered with the FSA but not permissioned to take deposits.


All claims would have to be pursued through the Icelandic authorities first and FSCS will only cover any outstanding amounts after that process is complete. I have spoken with the FSA and FCSC and they confirm this is correct.


By this mechanism Kaupthing Edge & Kaupthing Bank are attempting to bypass the protections of of the FSA and FSCS. It is not illegal ( they are a bit misleading in their advertising though) but you need to ask yourself why they are doing this rather than getting themselves properly authorised before putting your hard earn cash with them.