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How are we saving in SE1?

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Thursday 17 April 2008 11.33am
With the Credit Crunch and everything fiscal in a state of meltdown, anyone tempted to move their savings to an Icelandic, Indian, Nigerian, etc bank???
Thursday 17 April 2008 12.17pm

...if you press it, they will come.
Thursday 17 April 2008 1.31pm
A friend of mine is talking quite seriously about moving all his investment cash into gold.
Friday 18 April 2008 12.35pm
he should ask our politicians..we may have a bit left after the sale!
Friday 18 April 2008 4.18pm
He's about three years too late, ADT. You think house prices are over-valued? Gold is worse.

I suggest buying futures in apples.
Friday 18 April 2008 5.21pm
The reason I asked the question is that I had some savings in the Halifax that had been there forever.

However, with the recent Northern Rock probs I took a fresh look at the account and others on offer.

I managed to secure an extra 2% with a few mouse clicks and am really happy with my new FSCS backed rock-solid Icelandic and Nigerian accounts.

A good starting point for your extra "interest" is here.
Monday 21 April 2008 2.58pm
One tiny word of caution. Before you enter into any of these, check if they are indeed FSCS backed by checking that the bank is FSA authorised (Check the FSA register on

Maximum cover is in any case limited to 35,000 for deposits of private persons.
Monday 21 April 2008 4.52pm
IIRC, the icelandic banks are covered by their own guarantee scheme, which is similar to the FSA one. Same goes for Irish banks. Although some of them are set up so that they offer accounts to UK people under a UK-registered offshoot, which is covered by the FSA 35k rule.

edited to add: I think it's the FSCS, not the FSA. See

...if you press it, they will come.
Monday 21 April 2008 5.12pm
Yep - made sure the banks I chose are covered by the FSCS scheme and its 35K guarantee. In fact, one of the criteria for a bank to be mentioned here is that your saving must be covered by the Financial Services Compensation Scheme.
Monday 21 April 2008 8.24pm
I am investing all my money in handbags. And holidays. And maybe other things starting with 'H'.

A wise man once said to me that, after all, there's no pockets in a shroud!

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