Icesave - everyone will be paid [Archive] - MoneySavingExpert.com Forums

jack111

08-10-2008, 8:54 AM

Can confirm this just saw it as well on Breakfast. Alastair Darling has said 100% of the money will be given back to icesave savers even above the £50000 limit.
Also the icelandic govt is not in a position to pay the first £16000 thus this will also be paid by the UK compensation scheme.
Good new well done Alastair Darling :T:T:T

mjmal51

08-10-2008, 8:55 AM

http://news.bbc.co.uk/1/hi/business/7658417.stm

Gambler

08-10-2008, 8:55 AM

Phew..... Only got about 11k in there, but a lot all the same.

Now the question is where to put it - under the bed?

I'll be paying off a chunk of my mortgage.

Malski

08-10-2008, 8:57 AM

Might be a daft question but how will this be paid back, would the money you have be paid back the way it was deposited, ie form whatever bank you used to pay into icesave or would it be a way of filling in forms etc?

Bit confused.:confused:

Zedkay

08-10-2008, 8:57 AM

"The Icelandic government, believe it or not, have told me yesterday they have no intention of honouring their obligations here," said Mr Darling.

Happy enough taking the money though, when the flow was the other way. Huge relief though.

deefadog

08-10-2008, 8:57 AM

All i need now is for Moneybookers to go bust and that will make my day!

May pile it in to IW and live off the arbs :) LoL

randomnut

08-10-2008, 8:58 AM

Spot on. This is the first time I can see that bloke has made a good call -- although I can see us paying for it in taxes anyway.

As soon as I see that cash back i'm investing in gold straight away, a lot safer.

cwcw

08-10-2008, 8:59 AM

I'm now worried about my money because most of it is in limbo. I transferred out of Icesave but it hasn't, and isn't going to, reach by linked account. I doubt it will even bounce back into Icesave. I think the Icelandic government have intercepted it. I've got prints to prove the money was there and I made the transfers out. Is this going to be enough? :eek:

Comfortably Numb

08-10-2008, 9:00 AM

If this comes off, it's nearly enough for them to get my vote:j

collingwood21

08-10-2008, 9:01 AM

Does anyone know if we will be getting the interest owed on our deposits as well...or is that just wishful thinking?

JustTakeAllMyMoney

08-10-2008, 9:02 AM

Is this 100% cover just the Icelandic part they were supposed to pay the £16k, or would it cover my whole savings so say if I had £125k would I get it all back ?

Comfortably Numb

08-10-2008, 9:09 AM

Not good news for me..... i'm paying to bail out the "rate chasers":mad:

How much are you going to personally pay out for this. Perhaps we could have a whip round to reimburse you!!

csiman

08-10-2008, 9:13 AM

Not good news for me..... i'm paying to bail out the "rate chasers":mad:
Nice chap! :confused:

IT_nerd

08-10-2008, 9:13 AM

Not good news for me..... i'm paying to bail out the "rate chasers":mad:

Oh shh. You know you would feel 100% different if you were on the recieving end of this.

chesky369

08-10-2008, 9:13 AM

It's wonderful how quickly ones attitudes change - yesterday, I was worried about my £29k in Icesave but today I'm really p--d off about my loss of interest...........

bazster

08-10-2008, 9:14 AM

Not good news for me..... i'm paying to bail out the "rate chasers":mad:

I guess that'll be the rate chasers who deposited in a bank which had a compensation scheme accepted and approved by the British Financial Services Authority?

Hillfly

08-10-2008, 9:20 AM

Not good news for me..... i'm paying to bail out the "rate chasers":mad:

I accidentally thanked you but really I just wanted to say that I appreciate your generous contribution to reimburing me my savings!

Do you really think people who put their savings in an account paying a good rate are "rate chasers"? Would you prefer peeps to keep it under the bed? Or perhaps in a UK bank paying 0.5% on current accounts?

I think you are being a little insensitive to thsoe who lost out. An in return I accept that perhaps we who havelost out are feeling a little 'sensitive'.

bazster

08-10-2008, 9:27 AM

As soon as I see that cash back i'm investing in gold straight away, a lot safer.

Are you gonna keep it under your bed or deposit it in a bank? :rotfl:

iwhitehouse

08-10-2008, 9:31 AM

The "rate chasers" were actually just sensible hard working people who have money to invest not foolhardy 'up their eyeballs in debt' borrowers or stocks and share 'speculators'. They are the ones who took the trouble to find the best deals available rather than accept mediocre high street accounts out of laziness.

Dont forget these were SAVINGS ACCOUNTS. The idea of that is there should be no risk. We were given a guarantee about the security of our deposits. It seems that the Icelandic institutions involved were acting in what must only be considered an illegal fashion when they had no capability to honour those guarantees.

The chancellor sounds understandbly miffed that the Icelandic government has walked away from the problem and after sorting out the immediate needs of the SAVERS who have been deceived will most likely take legal action to recover his costs. At the risk of sounding a bit 'Daily Mail' I think that seizure of Icelandic assets in the UK would not be unreasonable in the circumstances.

Ximian

08-10-2008, 9:39 AM

Rate chasers.... and you're bailing them out? How are you bailing the "rate chasers" out? Through your tax contributions? Do you pay Tax .. just you alone? It's normal to think that way if you're not a "rate chaser" but keep in mind that the other £50Bn is to also save local banks, nevermind Icesave

fitnessqueen

08-10-2008, 9:40 AM

Quote from earlier in the year from This is Money "Financial Website of the Year" :

"Icesave is regulated by the UK Financial Services Authority (http://www.thisismoney.co.uk/jargon/F/financial-services-authority) so you have the same financial protection that you would have if you opened an account with a UK bank"

I am very cautious with money- I had some given to me by my dad to put away for my kids uni fees (I am a divorced mum with a big mortgage). I resent being referred degoratively to as a "rate chaser" - most of us invested in good faith and I wanted to try and build up a good lump sum for my boys.

I felt that the Guarantee from Iceland was as good as one from the UK, it just might be a bit more hassle claiming. I didn't think there was a possibility that the whole country would go effectively bankrupt.

Lets face it- what worth are any of these guarantees if the first time one of them is tested people lose their money. What about all these countries that have guaranteed 100% of savings- do they have enough in the coffers to pay up? If people are going to lose money where a compensation scheme is in place then I think the Goverment has no choice. It is not doing it out of the goodness of its heart- it is doing it to prevent further falls in confidence and savers starting to panic which would lead to further runs on Banks.

Sorry about the rant- have had a sleepless night along with many others.

home_alone

08-10-2008, 9:46 AM

If this comes off, it's nearly enough for them to get my vote:j

Mine as well, they really have shown compassion and I am a tory well done boys they look good at their press conference taking place now.

gary

DigitalJedi

08-10-2008, 9:46 AM

Not good news for me..... i'm paying to bail out the "rate chasers":mad:

*cough* muppet *cough*

I suppose if you ever lost your job or got ill you wouldn't expect benefits and would pay fully for your own treatment. This is what a decent society do.

I resent paying for numpties who defraud the system, don't work or have borrowed irresponsibly. But we're talking about people here who have saved hard, put their faith in a bank seemingly as protected as any UK bank. The only "irresponsible" thing we did was wanting to maximise our interest. But even then it wasn't at such a high rate that the old adage "if it looks too good to be true....." applied.

Go find yourself someone else to annoy.

DigitalJedi

08-10-2008, 9:48 AM

It's wonderful how quickly ones attitudes change - yesterday, I was worried about my £29k in Icesave but today I'm really p--d off about my loss of interest...........
For now I'd just be thankful the dynamic duo in No10 have stepped in and saved our bacon. Interest and whether or not we can recover our ISA wrapper is not going to cause me any sleepless nights!

IT_nerd

08-10-2008, 10:03 AM

It's wonderful how quickly ones attitudes change - yesterday, I was worried about my £29k in Icesave but today I'm really p--d off about my loss of interest...........

To be fair, that's what? £2K?
I'd say that's enough to be !!!!ed off about.
Still, be happy your money is safe! *crossed fingers*

LGG

08-10-2008, 10:08 AM

how do ppl know they will lose their intrest. the comp scheme from many reports covers the intrest and at this stage icesave is still up and running. until it gets anounced we arent even in a position of claiming yet. think positivecause im due intrest on/around friday and seeing as icesave still excists and all accounts are still on their site i hoping that i will get mine.am i being daft?

IT_nerd

08-10-2008, 10:14 AM

Stompa

08-10-2008, 10:14 AM

Does anyone know if we will be getting the interest owed on our deposits as well...or is that just wishful thinking?

As far as I know we'll get interest earned up until the point at which the company goes into liquidation. FWIW things still seem to be ticking over, I logged in to my account earlier this morning and found that my monthly interest had been credited to my account as normal.

LesU

08-10-2008, 10:33 AM

At last some good news!
Remember one person's 'rate chaser' is another person's 'just keeping ahead of inflation'.
I suppose now, after the shoddy way that the Icelandic government has acted, the West Ham terraces will be a bit depleted, and fish fingers from Iceland( the shop) are off the menu!

DigitalJedi

08-10-2008, 10:38 AM

.... and fish fingers from Iceland( the shop) are off the menu!
Just to be clear, the shop itself is 100% British. So if like me you are planning to boycott Icelandic products, the shop itself is ok. Although some of the fish may have been caught there but that could be the same case in Tesco's, Asda etc. etc.

http://www.iceland.co.uk/page/view/about_iceland_story

ebyard

08-10-2008, 10:40 AM

what about money in limbo that is showing having left Icesave on 6/10 but not reached linked account?
I thought BACS transfers would arrive today?

Your money hasn't just "disappeared" - don't worry. It hasn't left Icesave if it hasn't appeared in your new bank, so whilst your internet banking may not show it, it will still be there.

Just be sure you can prove that you didn't receive the money, and you will be fine :)

icesave-casualty

08-10-2008, 10:46 AM

Don't how true this is...If Mr Darling managed to get our money back, my whole family will vote for them

cheap_charlie

08-10-2008, 10:54 AM

Not good news for me..... i'm paying to bail out the "rate chasers":mad:

How uncharitable!

I don't have a penny in Icesave but I have every compassion for those who have had to endure a horrific 24 hours wondering what on earth has happened to their money.

I cannot begin to imagine their relief at this announcement and don't begrudge them their money in the least.

mariecc

08-10-2008, 11:04 AM

what is this passport with Icesave. I still have to tell my daughter i told her to transfer her isa a few weeks ago. Did my hubbies too! How getted am I!!

My cheque got bounced back to halifax due to an errror. I was going to go in last friday to sort it, My halifax is still showing my moneys with them, but I'm going to find out.

Transalper

08-10-2008, 11:15 AM

Does anybody know how we might eventually get paid and how the comp scheme works. There are questions such as will we lose all gained intrest, can we transfer the isa part to another isa without losing our tax free status or have to start from scratch again with £3.6k ?( I had 30k in it and was going to be part of my pension pot) Our government should honour this after all I pay 20% on the rest of my savings.
I will be going travelling in Nov for 5 months (Giving job up and doing while I can rather than luck!)(was relying on intrest to fund my trip too) so if I am not here when this compensation takes place(will there be time limits) can I get a friend or accountant to sort out my affairs?
At the end of it all I don't want another hair pull out day like yesterday and gratefull (and hopefull) we should get our deposits back.

tradetime

08-10-2008, 11:17 AM

News update
http://news.bbc.co.uk/go/rss/-/1/hi/business/7658725.stm

Takes some of the pressure off Iceland

VITO

08-10-2008, 11:22 AM

I posted on here some 12 months ago when the Coop Bank were doing a 6.62% fixed for 2 years with monthly interest and was treated with derision by some of the ' financial wizards ' for not going with Icesaves 7%.

All That Glistens etc !!!!

Glad your going to get your money back though.

Ratatosk

08-10-2008, 11:22 AM

I found this link this morning which suggests that the compensation process for fixed rate bond holders will be different to that for easy access account holders. Can anybody with more financial knowledge confirm whether or not this is correct.

http://www.fool.co.uk/news/your-mone...ings-away.aspx (http://www.fool.co.uk/news/your-money/savings/2008/10/03/is-it-safe-to-lock-your-savings-away.aspx)

Quote:
"In relation to fixed rate bonds, if the bank in question goes bust, the FSCS will effectively take over your bond for the remaining term. If no access to your money is permitted at any time before maturity, you will need to wait to the end of the term before you can make a claim under the FSCS for compensation. You will then be entitled to claim for the capital deposited in your bond plus the interest you would have earned over the term up to the new maximum of £50,000."

I was only searching in the first place because someone scared the sh!t out of me by saying that bonds may be considered as investments rather than savings and may not be covered at all. Thankfully they appear to have been misinformed.