Icesave: Can't get money out.

LucyTheDwarf

Why is everyone rushing to withdraw their funds? Can't you see that if everyone does this the banks will certainly fall? You're protected up to 35k by FSCS, for Kaupthing, and under the passport scheme for Icesave... Just stop panicking please...

Griffboy

LucyTheDwarf wrote: »

Why is everyone rushing to withdraw their funds? Can't you see that if everyone does this the banks will certainly fall? You're protected up to 35k by FSCS, for Kaupthing, and under the passport scheme for Icesave... Just stop panicking please...

I didn't think I would actually withdraw most of my money, but I bottled it. It was spontaneous and I had a bad feeling about it. I do feel guilty though. I've not closed the account and would like to return. As things are going though that looks extremely unlikely.

DocMartin

I don't see why you should feel guilty? I'm sure plenty of people have done something similar over the past few weeks - I have, and I make no appologies for worrying that money I've saved up for over 30 years might be at risk in the present climate. I've got little faith in the FSCS scheme - at least in the short term - and I think it's perfectly rational to want to try to protect your savings by moving them somewhere you think is safe / safer.

All those who eschew the idea that the governement wont let a bank go down and have faith in the FSCS have more faith in government than I have. They have shown themselves to be completely incompetent with computer systems / personal data etc - why would you trust them with your savings?

LucyTheDwarf

Because it's not just our savings that are at risk here. The economy as a whole would take one hell of a hit if we all lost our savings. The government needs votes, and they do not need the entire economy to fall to the ground when it is more than stumbling already!

sheslookinhot

DocMartin wrote: »

I don't see why you should feel guilty? I'm sure plenty of people have done something similar over the past few weeks - I have, and I make no appologies for worrying that money I've saved up for over 30 years might be at risk in the present climate. I've got little faith in the FSCS scheme - at least in the short term - and I think it's perfectly rational to want to try to protect your savings by moving them somewhere you think is safe / safer.

All those who eschew the idea that the governement wont let a bank go down and have faith in the FSCS have more faith in government than I have. They have shown themselves to be completely incompetent with computer systems / personal data etc - why would you trust them with your savings?

Is that not what people are doing, flooding money into NS&I, B&B and irony of irony's,N orthern Rock.

People withdrawing money from NR was the reason it collapsed, to be saved by er, the Government :rolleyes:

SeanW

I'm still putting all my money in Icesave each month.

Approaching the £35K mark, that's when I will stop, but I am not taking it out.

I was still topping up my B&B account too, I am only stopping now while I see what happens to rates.

I only stopped saving with Northern Rock because I couldn't listen to the Geordie accents:rotfl:

Paul_Herring

SeanW wrote: »

I'm still putting all my money in Icesave each month.

I was.

Then I decided to top up my S&S ISA instead with the new money.... (Not touching the £20-odd K in IceSave. Any concession to moving money out of IceSave, if I do decide to, will be transfering my cash ISA over to my S&S one - nowt to do with the £35k limit.)

shown73

It may sound odd, putting in a plug for ING, after all the rate cuts, but their websaver is paying 6.4% until March next year. You need an ordinary account , INGDirect, in order to move the funds into this account, but that's no big problem. Seems a pretty safe place to park it, for the meantime, although I suppose that there are some who would doubt the safety of almost anything at the moment. It's about the same rate as Icesave, anyway.

Uncle_Ben

Call me chicken, but I've just taken all my money out of kaupthing edge and put it in an English building society.

I ain't putting any money in iceland stuff. One of its banks has already keeled over and their money, the crown, is sinking like it was wearing concrete shoes. Soon the only use for their banknotes will be to shred into confetti to throw at weddings instead of rice.

SeanW

Uncle_Ben wrote: »

One of its banks has already keeled over...

One versus Northern Rock, Bradford and Bingley, HBOS. Plus you're safe up to £35K anyway.

At the end of the day you have to do what you feel safe for yourself. If you can't sleep or are worried, then moving money is the right thing to do. Just don't do it because you are following the crowd.