If Icesave collapsed...(Financial Services Compensation Scheme question)

mmdmmd

Will the FSA's 35k guarantee include interests or just the initial amount you deposited into the account?

From their legal page. http://www.icesave.co.uk/legal.html
"Payments under this scheme are limited to the first €20,887 (or the sterling equivalent) of your total deposits held with us. You have further protection from the UK Financial Services Compensation Scheme (www.fscs.org.uk). Payments under this scheme are limited to 100% of the first £35,000 of all your deposits with us, less any payments made under the Icelandic scheme."
Does this mean I have to claim the first €20,887 from the Iceland scheme? Because making international calls might not be a good idea if the bank collapsed.

Anyone know when was the last time the FSA's 35k guarantee was used in UK? Which bank?

isofa

This has been covered many, many times here, do a search on this forum and you'll find hundreds of relevant discussions

Lavendyr

mmdmmd wrote: »

Will the FSA's 35k guarantee include interests or just the initial amount you deposited into the account?

Should cover all interest earned up until the point at which the bank goes bust. Whether it covers interest *accrued* as well as interest *paid*, I'm not sure.

mmdmmd wrote: »

Does this mean I have to claim the first €20,887 from the Iceland scheme? Because making international calls might not be a good idea if the bank collapsed.

Yes it does, but you can also write and phone. Icesave has a UK office and I'm sure you would work through them.

mmdmmd wrote: »

Anyone know when was the last time the FSA's 35k guarantee was used in UK? Which bank?

Never.