Icesave-please help/advice!!!!

Fella

Does anyone NOT think there will be a UK run on Icesave tomorrow? It looks like a 100% certainty to me, panic is spreading like wildfire.

Tonight's announcements could be summarised to "Iceland may be about to go bankrupt & UK savers with Icesave aren't covered" because that's how they'll be interpreted by most people.

If the Govt doesn't get it's !!! in gear & give a 100% guarantee to UK savers with Icesave first thing tomorrow (which I doubt it will do) I think we'll see massive run on Icesave. And if we do the first thing that will happen is their website will bust.

FWIW please don't dismiss this as scaremongering etc etc. It's not scaremongering, it's what I genuinely believe.

I would be withdrawing via CHAPs right now if I had money in Icesave

These are horrible times.

CompletelyLost

ebyard wrote: »

Take the ISA and shift it to NatWest - better rate for your £16k than Icesave, and there is no way in hell the Govt would let NatWest/RBS fail, and it's "onshore" not in Iceland!

Probably the best deal out there, currently!

I have around £7K in Icesave ISAs... I was going to just withdraw it all tomorrow via CHAPS. But if I do the ISA transfer at Natwest tomorrow, does that mean my money will be safe from when I hand the form in (and during the transfer)... or will it only be safe once the transfer is complete?

I really don't know what to do... I keep thinking it's better to be safe than sorry!

wmonkey

It's disgusting that savings are not fully secured whereever you keep them, it's not like we're taking high risks.

Earlier today I was quite happy to leave my money in icesave, now I'm not so sure.

The economic advisor to the icelandic PM claimed on Saturday that they would honor compensation payments if the worst were to happen, as they are " part of the European directive on deposit insurance and we are bound by international law."

However, after todays statement it sounds like they're more likely to shout "bankrupt" and run for the hills leaving any external investors completely screwed.

I've never been entirely convinced by the compensation schemes anyway, if major high street banks start failing where is the money going to come from?

I don't want to lose 5 years ISA allowance but I certainly don't want to lose £17k. I think I might pop in to natwest and start an ISA transfer, but keep a close eye on the news and if it looks any worse withdraw everything and lose my tax free savings.

If it goes horribly wrong and we lose money, I think there's about as many UK savers with money in Iceland as there is Icelandic nationals, I say we take the country

nicholbb

CompletelyLost wrote: »

I have around £7K in Icesave ISAs... I was going to just withdraw it all tomorrow via CHAPS. But if I do the ISA transfer at Natwest tomorrow, does that mean my money will be safe from when I hand the form in (and during the transfer)... or will it only be safe once the transfer is complete?

I really don't know what to do... I keep thinking it's better to be safe than sorry!

I'd phone Natwest tomorrow ask them (if they sound even slightly unsure ask them to pop it in an email for you)

nicholbb

wmonkey wrote: »

It's disgusting that savings are not fully secured whereever you keep them, it's not like we're taking high risks.

If it goes horribly wrong and we lose money, I think there's about as many UK savers with money in Iceland as there is Icelandic nationals, I say we take the country

BTW:
I keep repeating this so I may put it in a sig. :rolleyes:
A savings account is an investment. You went there because it had high interest.
higher return = higher risk

Every risk that turns out bad seems like high risk after the event.
http://en.wikipedia.org/wiki/Investment

ALSO: YOU'VE LOST NO MONEY AT THIS MOMENT IN TIME - IF YOU ARE THAT WORRIED MOVE YOUR MONEY!
On your second point about taking the country, I did a feasibility study in university about Birmingham City fans (approx 50K at a match - according to a Blues fan) taking over Tibet (this was before I learned about the Chinese army 'keeping the peace') I'm sure the plans could be adapted

CompletelyLost

wmonkey wrote: »

If it goes horribly wrong and we lose money, I think there's about as many UK savers with money in Iceland as there is Icelandic nationals, I say we take the country

Sounds like a plan! :rotfl:

How do you do CHAPS withdrawals on Icesave? I can't even find the option on their website. I won't sleep easy unless I do it tonight.

Fella

nicholbb wrote: »

BTW:
I keep repeating this so I may put it in a sig. :rolleyes:
A savings account is an investment. You went there because it had high interest.
higher return = higher risk

Every risk that turns out bad seems like high risk after the event.
http://en.wikipedia.org/wiki/Investment

nicholbb, no-one could care less how wikipedia defines an investment. For the average person savings are savings & do not involve any risk. An investment is shares or something similar. What you're saying is nonsense. Stop trying to be clever.

jm0221

CompletelyLost wrote: »

Sounds like a plan! :rotfl:

How do you do CHAPS withdrawals on Icesave? I can't even find the option on their website. I won't sleep easy unless I do it tonight.

Go through as if you're doing a normal withdrawal and its a check box on the 2nd screen I think from memory.

Fella

CompletelyLost wrote: »

Sounds like a plan! :rotfl:

How do you do CHAPS withdrawals on Icesave? I can't even find the option on their website. I won't sleep easy unless I do it tonight.

I think it's an option as you go through the withdrawal steps. It costs £30 so presumably you need to leave at least that much in the account to cover it (I don't know whether Icesave would deduct it from your withdrawal or simply cancel the transaction if you didn't do that).

Paul_Herring

Fella wrote: »

Does anyone NOT think there will be a UK run on Icesave tomorrow? It looks like a 100% certainty to me, panic is spreading like wildfire.

Given that it's been very dificult to withdraw money today, I don't think there will be a run *chuckle*. (Took me a while to withdraw £500 to put into stocks this evening, despite claims that they'd fixed their website.)

wmonkey wrote: »

It's disgusting that savings are not fully secured whereever you keep them, it's not like we're taking high risks.

Unless you are one of the 2% of the population keeping more than £50K in an account, I fail to see why you think it's disgusting.

If you are one of the other 98%, then your savings are fully covered.

CompletelyLost wrote: »

How do you do CHAPS withdrawals on Icesave? I can't even find the option on their website.

It's a checkbox on (IIRC) the second stage of the withdrawal process.