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Full Version: An Insecure Home For Your Money
Thanks MT. I have money with Icesave (6-month fixed) and am reassured by the Fool articles you've posted. I can't help thinking that the recent anti-Iceland articles are nothing but a cheap attempt to undermine confidence in very competitive foreign banks to help prop up the un-competitive UK ones (like B&B). I read the anti articles carefully and couldn't find any real substance to their rumour-mongering.
I don't have any Icelandic accounts but am considering opening one in the next week. This is after 2 - 3 weeks of angsting over whether I should open a B&B one or not and, finally today, I have decided that I will not feel safe with any money in the B&B even with the Government FSA gaurantee. In fact, I would rather have more than 35K with Nationwide than to put money into the B&B.
The only thing stopping me opening an Icelandic bank one now today is the issue of whaling. Having said that, the cold reality is that virtually all British banks are involved in far worse things involving Human Beings so the moral line on banking might not be appropriate. It is a difficult one.
The only thing stopping me opening an Icelandic bank one now today is the issue of whaling. Having said that, the cold reality is that virtually all British banks are involved in far worse things involving Human Beings so the moral line on banking might not be appropriate. It is a difficult one.
QUOTE (The Masked Tulip @ Feb 15 2008, 03:43 PM) 
I don't have any Icelandic accounts but am considering opening one in the next week.
So, now that you're on the cusp, which bank would you go with?
Purely on rates, Kaupthing seems better than Icesave, but Icesave is better-known (in the UK at least)...
Decisions, decisions!
Icesave I think - according to that Motley Fool article in the other thread I posted they have virtually no subprime exposure.
I have the STR fund from the house I sold when I inherited my Mum's house and, well, it is now a worry angsting over where and how I can best keep it safe for a year or two. I would rather not have to put money into banks outside of the UK - is Icesave a 'British' bank or not (question will not be fully answered until the FSA guarantee is needed) - but bizarrely find myself reluctant to put money into B&B.
I know B&B is British. I know that anythign less than 35K in there should be safe BUT.... Everytime I think about opening an account with B&B I just feel nervous about doing so? Am I worrying too much? Should I just put a lump sum in there and think that at the very worst the FSA will step in and compensate me if and when B&B go bust? Every time I think of B&B I think of, what is it, 40, 50 or even 60 percent of it's mortgage book being BTL... a HPC Bear should, in theory, be staying well clear!
I have the STR fund from the house I sold when I inherited my Mum's house and, well, it is now a worry angsting over where and how I can best keep it safe for a year or two. I would rather not have to put money into banks outside of the UK - is Icesave a 'British' bank or not (question will not be fully answered until the FSA guarantee is needed) - but bizarrely find myself reluctant to put money into B&B.
I know B&B is British. I know that anythign less than 35K in there should be safe BUT.... Everytime I think about opening an account with B&B I just feel nervous about doing so? Am I worrying too much? Should I just put a lump sum in there and think that at the very worst the FSA will step in and compensate me if and when B&B go bust? Every time I think of B&B I think of, what is it, 40, 50 or even 60 percent of it's mortgage book being BTL... a HPC Bear should, in theory, be staying well clear!
If you have got your money with Icesave you should check that you have it linked to your bank account. After the recent publicity on the state of the Icelandic economy I thought I would reduce my savings in Icebank. I was unable to draw any money out for a week as I had not linked it to my bank account. Make sure you have.
"Everytime I think about opening an account with B&B I just feel nervous"
Take advantage of their desperate high interest if it gets very sticky pull the plug on it, you will have lots of negitive news they wont go bust over night but dont have more than 35k in there !!!
Take advantage of their desperate high interest if it gets very sticky pull the plug on it, you will have lots of negitive news they wont go bust over night but dont have more than 35k in there !!!
QUOTE (The Masked Tulip @ Feb 15 2008, 04:33 PM)
Everytime I think about opening an account with B&B I just feel nervous about doing so? Am I worrying too much? Every time I think of B&B I think of, mortgage book being BTL... a HPC Bear should, in theory, be staying well clear!
Give me strength
, are you having panic attacks , trouble sleeping , nightmares etc. , are you obsessed with B & B ? Have you seen your doctor lately ?B & B is a big pile of sh1t , IIRC they are the biggest BTL mortgage provider in the UK , what are they offering thats so tempting to you an extra .2 or .3 gross of 1% , is it worth the worry ....................NO imo.
QUOTE (The Masked Tulip @ Feb 15 2008, 04:33 PM)
Icesave I think - according to that Motley Fool article in the other thread I posted they have virtually no subprime exposure.
Don't freak out over this Tulip
, but Icesave part of Landsbanki owns Heritable bank here in the UK ..........http://www.heritable.co.uk/
Great choice of mortgages too , self cert , loads of differant highly leveraged BTL ..............
http://www.heritable-intermediaries.co.uk/products/
QUOTE (The Masked Tulip @ Feb 15 2008, 03:43 PM)
I don't have any Icelandic accounts but am considering opening one in the next week. This is after 2 - 3 weeks of angsting over whether I should open a B&B one or not and, finally today, I have decided that I will not feel safe with any money in the B&B even with the Government FSA gaurantee. In fact, I would rather have more than 35K with Nationwide than to put money into the B&B.
The only thing stopping me opening an Icelandic bank one now today is the issue of whaling. Having said that, the cold reality is that virtually all British banks are involved in far worse things involving Human Beings so the moral line on banking might not be appropriate. It is a difficult one.
The only thing stopping me opening an Icelandic bank one now today is the issue of whaling. Having said that, the cold reality is that virtually all British banks are involved in far worse things involving Human Beings so the moral line on banking might not be appropriate. It is a difficult one.
Stick with your moral conscience I say, its the only thing you really have control over.
Thanks ofr the heads up on heritable - sodding nightmare these days trying to figure out which banks are exposed to this subprime. I bet most of them don't really know themselves how much they are exposed.
QUOTE (The Masked Tulip @ Feb 18 2008, 02:55 PM)
Thanks ofr the heads up on heritable - sodding nightmare these days trying to figure out which banks are exposed to this subprime. I bet most of them don't really know themselves how much they are exposed.
Absolutely , they either don't know or there not telling
FWIW , my biggest holding is NSI index linked certs you only need to hold for 12 months to get the growth , over the last 12 months they have averaged over 5% TAX FREE i've bought bundles of them in trust as well { but there still yours }.
QUOTE (grey shark @ Feb 18 2008, 05:53 PM)
FWIW , my biggest holding is NSI index linked certs you only need to hold for 12 months to get the growth , over the last 12 months they have averaged over 5% TAX FREE i've bought bundles of them in trust as well { but there still yours }.
It'd be nice if they'd bring out a new issue of the three-year one...
Can't have NSI competing with the other nationalised bank!
QUOTE (The Masked Tulip @ Feb 18 2008, 02:55 PM)
Thanks ofr the heads up on heritable - sodding nightmare these days trying to figure out which banks are exposed to this subprime. I bet most of them don't really know themselves how much they are exposed.
Do you know when Nationwides figures are out. After dispatches tonight I feel a bit nervous. Have a fair bit more than 35k there.
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