Re: UK Current Account time limit
 

Only recently received my final payment from the Isle of Man guarantee after collapse of Kaupthing Isle of Man. People with deposits over the GBP50k guarantee will wait 5 years for the liquidation process to recover whatever else they can get.

People using banks that collapsed in Guernsey lost everything.

Exercise extreme care in offshore jurisdictions.

Re: UK Current Account time limit
 

There was a poster on here who lost every penny from his UK house sale in this collapse and ended up homeless and penniless on the streets in Australia, (they flew out before the bank collapsed) His UK bank refused to allow him to maintain an account with them once he had moved abroad and that is why he moved the money. Tragic. You really have to be careful.

Re: UK Current Account time limit
 

Just to add to this thread about banks, check the terms and conditions of your stocks and shares boker if moving abroad but keeping the account open or not closing it immediately as we have found out Interactive Invester will only allow sales or withdrawls from abroad and no purchases.

Also you have to ring them in UK stock market hours before any online trade.

They really just want you to run the account down. Or pay £15 per stock to move to another broker.:frown:

Like the banks, something that is not clear when you open the account.:sneaky:

Re: UK Current Account time limit
 

As mine is an online account they will have no idea that I am now living abroad (so long as I don't use the cards) as the account it registered at my mother in laws address and I never get any correspondence from them as its all online.

So I think I will leave it as long as I can.:thumbsup:

Re: UK Current Account time limit
 

IOM/CI accounts - I was thinking of Natwest or Barclays. I know the guarantees don't exist offshore but a bank such as Barclays must be lower risk than any Icelandic one.

Re: UK Current Account time limit
 

You would think so but speaking from experience exercise extreme care. The piddly extra interest or ability to receive interest gross is not worth the risk to your savings.

Alastair Darling won't help either, in fact he triggered the collapse of Kaupthing IoM but that is another story.

Personally if I did it again I would use HSBC and onshore not in a island.

Re: UK Current Account time limit
 

I think he also was with Kaupting IoM. If so eventually he will get up to 90% of his money but over the next 5 years.

Re: UK Current Account time limit
 

I hope he does. It ruined his life. 5 years is too long to wait. :thumbdown:

I was looking for his thread but I can't find it...