Any financial experts around? WWYD Icesave savings account (Kaupthing)

[ohdearwhatamess]

I'm a little concerned about my savings in an Icesave account in light of the apparent collapse of the Icelandic economy.

Am I right in thinking that the first £15000 is protected by the Icelandic Govt., and the rest (up to £35000) by our Govt? If the bank does go under what are the procedures for recouping money? Is it worth forgoing interest for the security of being able to access the money easily?

Should I transfer all the money now into our normal joint bank account then try to set up another account (in my name only as a non tax payer) asap?

There is going to be chaos if Gb and AD don't announce a 100% savings guarantee ehre soon

I took my money out of Kaupthing last week just in case and told Dh to take his out of Icesave - but did he listen? Did he heck...............

Iceland has a national population of about the same number as Bradford apparently but its banks are responsible for literally billions of £ of other nationals' money.

How does that happen?

they offered high interest rates and instant access which is attractive to savers

Oh I know why people put their money there, noddy, but why were Icelandic banks able to offer such good rates? & now this has happened, where's all that money gone?

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