Icesave: Can't get money out.

LucyTheDwarf

jp01 wrote: »

Seriously you don't know? Please google Iceland news and read up.

It was a rhetorical question. I too have money in Icelandic banks, and I wouldn't put my money anywhere without thoroughly researching it first, so do not lecture me to catch up on worldwide news.

Incidentally, whilst on the subject of research, how many of the people now panic-withdrawing all their cash have even read the T&Cs to their accounts?

Or perhaps they only ever opened them, because someone said they should.. and now are withdrawing because jp01 says the end is nigh?

Tomji

I got close to 35K in both icesave and Kaupthing.
Not moving it, they'll be fine for at least a year, I will watch the trend but I am not one to panic.

[Deleted User]

The NEW £50,000 deposit protection limit applies to Icesave, and comes into effect on Tuesday 7 October.

http://www.icesave.co.uk/important-information.html

In other words..... "Don't worry"......."be happy"!!:whistle: (Great song!)

Long live ICESAVE - Hip hip......

Goldfinger.

monkeymaster

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aQwIFKhLTL2Q

Worth a read, read in various places that the Icelanic state is in danger of default, never mind the banks.

Don't want to be accused of doom-mongering though so at this juncture I'll confess to having 12k in IceSave. I did move 15k out about 4 months ago into NS&I as a way of spreading risk and the inflation outlook. I'm currently monitoring events with interest :rotfl:

Killahertz

isofa wrote: »

But then you only have to see the sort of mindless people they vox-pop in the street...

Pity this site is now awash with those similarly intellectually challenged.

99% of newbies can't read, or never make it as far as the FAQs or T+Cs, with most asking the same questions over and over again, punctuated by the odd loony with the same highly developed thread of, "we are all doomed". Heart warming stuff. Wish they would return to their copy of the Sun or Mirror and leave us in peace.

Whilst quite staggeringly harsh that may be, it remains darkly humorous and unfortunately accurate. Thank you for posting my very thoughts...

: ) a FAQ-reading newbie

casper_uk

ad44downey wrote: »

Another doomster. This is the sort of person that camps out outside his local N Rock branch overnight in the freezing cold to get his money out!

The point your missing is it's THEIR money, if they want to withdraw it at any time they can. There is no right or wrong answer as it's not your money, if your uncomfortable about having your money in Iceland then move it out. If your not, leave it in and take a risk. You should only base your decision on how YOU feel and facts, not what others are saying.

I was not confident in the UK governments/FSA's ability to deal with and pay out on a non UK bank should there be any problems, so took my money out. The FSA would have to go to the government for the money and it would take months to get my money back. Looking at how well labour look after their own books i just don't trust them! lol

Jonbvn

casper_uk wrote: »

I was not confident in the UK governments/FSA's ability to deal with and pay out on a non UK bank should there be any problems, so took my money out. The FSA would have to go to the government for the money and it would take months to get my money back. Looking at how well labour look after their own books i just don't trust them! lol

Sorry, but what is written above is only good for my roses and nothing else.:rotfl:

Why do people who know nothing suddenly become apostles?

Altarf

There is an alternative way to look at this. If you were choosing now, would you open an account with an Icelandic bank now and why.

Are they safer than a UK bank (not as safe, but safer)? - no.
Do they pay better rates than a UK bank? - There seem to be plenty of UK banks offering similar rates at the moment.
Do they offer something else better than a UK bank? - no.

So would you open a new account with them today? and if you wouldn't open a new account, why keep an existing account open.

isofa

Altarf wrote: »

There is an alternative way to look at this. If you were choosing now, would you open an account with an Icelandic bank now and why.

Are they safer than a UK bank (not as safe, but safer)? - no.
Do they pay better rates than a UK bank? - There seem to be plenty of UK banks offering similar rates at the moment.
Do they offer something else better than a UK bank? - no.

So would you open a new account with them today? and if you wouldn't open a new account, why keep an existing account open.

Are they safer than a UK bank - that's debatable, are they worse than a UK bank - that's debatable too, everyone will have a counter opinion.

Yes I would. KE for example is fully protected under the FSCS protection, 35K now, 50K in a few days.

They can't use their novation clause without 30 days notice - as per the T+Cs, so if it ever did come this serious, one could move money away in such times.

Excellent interest rate on instant access 6.55% and much higher on fixed rate.

The best customer service I've experienced, instant answer to telephone calls, a website that is secure and works.

Just my opinion.

jp01_2

isofa wrote: »

It's akin to the BBCs coverage of the NR saga, hyping it up, filming people in the street queuing. No savings were ever at risk, yet this just added to the nightmare - people considering they might lose their life savings. Now look at the situation - since the appalling nationalisation - NR having to scale down the accounts on offer temporarily because they are receiving too much money - oh the irony, and stupidity of people.

But then you only have to see the sort of mindless people they vox-pop in the street...

Pity this site is now awash with those similarly intellectually challenged.

99% of newbies can't read, or never make it as far as the FAQs or T+Cs, with most asking the same questions over and over again, punctuated by the odd loony with the same highly developed thread of, "we are all doomed". Heart warming stuff. Wish they would return to their copy of the Sun or Mirror and leave us in peace.

Care to read the TELEGRAPH, WALL STREET JOURNAL, TIMES, FINANCIAL NEWS.Bloomberg,Canadian Press
http://online.wsj.com/article/SB122308508391204449.html?mod=googlenews_wsj
http://www.bloomberg.com/apps/news?pid=20601109&sid=aQwIFKhLTL2Q&refer=home
http://canadianpress.google.com/article/ALeqM5gOQoilCF7C4OIhJ25KHlqmVGieEg
http://www.guardian.co.uk/world/2008/oct/04/iceland
http://www.efinancialnews.com/homepage/content/2452053691