Tuesday, October 7, 2008

How Iceland’s meltdown affects you

How Iceland's meltdown affects you

Iceland could be on its way to being the first country to fail in the global credit crisis. And that could be very bad news for British savers...

Posted by damien @ 03:27 PM (432 views)
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3 thoughts on “How Iceland’s meltdown affects you

  • From telegraph.co.uk

    “Clare Francis, editor of the personal finance website moneysupermarket.com, said: “The good news for British customers is that even if the Icelandic scheme does not have enough money set aside, the rules mean that the British authorities will step in to cover all the shortfall.”

    Interesting. Never heard this before.

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  • Generally speaking the higher the yield the higher the risk. If you shop around for the best yields, as UK savers in Icelandic banks did, you need to take this on board.

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  • But Icesave was not the highest yielder, and not the first to get into trouble. The shaky banks also had low paying accounts. Not always easy to see who will wobble next. Look at RBS today, for example

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