Icesave-please help/advice!!!!

CompletelyLost

Jesus christ, £30 per transfer?! My ISAs are separate so I'm going to have to pay out £60 for the pleasure of receiving my money quickly :mad:

I wonder what the likelihood of Icesave failing in the next 4 days is? Hah, I ask because that's how long the BACS takes. Once my money's in transit, is it safe? Hmmm

~Chameleon~

These latest posts are starting to rattle me somewhat and despite trying to remain calm and rational I can't help but feel anxious

I was quite happy to leave my money where it is earl;ier today but now seeing lots of people making urgent withdrawals worries me as this sot of behaviour is more likely to leave the bank in trouble.

What do I do? Sit tight or be a sheep and grab my money too? Trouble is I have fixed term and ISA accounts so can't easily get at any of it

macatak

I've just moved my money from Icesave back to my Halifax account, which seems a bit crazy. I'm going to put it into my Kaupthing I think though, as the rate is better, and Kaupthing is UK guaranteed. Maybe should have gone CHAPs though...

nicholbb

Fella wrote: »

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.

I linked Wikipedia because it's a neutral, simple but comprehensive explanation of what an investment is, it has the benefit of links to different areas relating to the subject and it backs up what I was saying. Try reading links before ignoring them.

Although not helped because you couldn't care less about definition of what things actually mean, your lack of understanding/education (as an average person) about what constitutes an investment is not my problem - I'm stating facts. A savings account is a (low risk) investment and there will always be a risk when trying to make money from money.

Please state how much money you have currently lost at time of writing. I suspect it's currently £0.

tradetime

nicholbb wrote: »

I linked Wikipedia because it's a neutral, simple but comprehensive explanation of what an investment is, it has the benefit of links to different areas relating to the subject and it backs up what I was saying. Try reading links before ignoring them.

Although not helped because you couldn't care less about definition of what things actually mean, your lack of understanding/education (as an average person) about what constitutes an investment is not my problem - I'm stating facts. A savings account is a (low risk) investment and there will always be a risk when trying to make money from money.

Please state how much money you have currently lost at time of writing. I suspect it's currently £0.

Shame you're too smug to read the links you post, or maybe I am unkind and you're just not so good with the grammar?

Within personal finance, money used to purchase shares, put in a collective investment scheme or used to buy any asset where there is an element of capital risk is deemed an investment. Saving within personal finance refers to money put aside, normally on a regular basis. This distinction is important, as investment risk can cause a capital loss when an investment is realized, unlike saving(s) where the more limited risk is cash devaluing due to inflation.
In many instances the terms saving and investment are used interchangeably, which confuses this distinction. For example many deposit accounts are labeled as investment accounts by banks for marketing purposes. Whether an asset is a saving(s) or an investment depends on where the money is invested: if it is cash then it is savings, if its value can fluctuate then it is investment.

nicholbb

tradetime wrote: »

Shame you're too smug to read the links you post, or maybe I am unkind and you're just not so good with the grammar?

The first line (after the redirect paragraph) is:

Investment or investing[1] is a term with several closely-related meanings in business management, finance and economics, related to saving or deferring consumption.

This is followed by:

Investment is the choice by the individual to risk his savings with the hope of gain

I'm sorry for thinking Wikipedia was simple to understand, and I'm sorry if you didn't understand that even banks were a risk. If you really want to know more about the subject then I suggest you enrol on an economics course (or a history course will teach you about the depression in the 1920s).

Also check your terms and conditions you're probably refered to as an invester there as well (I can only say this for KE as I invested my money there and so only read these):

3.1.4 to improve efficiency and/or reduce costs;
...
d) to give extra benefit to investors (including making the terms of Account easier to understand);

9.7 Information which is published on the Website in no way includes advice to buy or sell particular financial instruments, and you are solely responsible for making investment decisions which are based on information published on the Website.

hilali65

Hi All,
I wonder if anyone could advise please.
I have two fixed saving accounts with Icesave and would like to withdraw the money asap. I wasn't able to do this online as I didn't have the option!
Does that mean I have to wait to maturity date which it's in Feb 09 or can I just write and ask them to break it now and recover the capital and incurr any penalties?
Many thanks for any thoughts ..cheers

Andrew64

Confirmed - the 100% guarantee does not cover Icesave:

Now Iceland freezes out British investors as internet bank admits 'We can't safeguard your cash'

http://www.dailymail.co.uk/money/article-1069715/Now-Iceland-freezes-British-investors-internet-bank-admits-We-safeguard-cash.html

Baldur

hilali65 wrote: »

I have two fixed saving accounts with Icesave and would like to withdraw the money asap. I wasn't able to do this online as I didn't have the option!
Does that mean I have to wait to maturity date which it's in Feb 09 or can I just write and ask them to break it now and recover the capital and incurr any penalties?

The answer to your question is clearly shown on the product description on their website:

No withdrawals or additional deposits can be made during the term

and in their Key Product Information

Withdrawal arrangements No withdrawal can be made during the fixed term

morgana

I am self employed and put my tax money into Icesave til it is payable. I took the lot out yesterday and put it back in my Nat West current account. Yes I know the Icelandic government said they will guaranteesit but as someone else said, how if the whole lot goes bankrupt ?
My other reason was that the first 22K Euros can be be claimed from Icesave if it did go under. In a worst case scenario that wouldn't be an easy process I wouldn't think.
I was also thinking of transferring my ISAs from them to Nat West last week cos of the better (one year) bonus rate. I am off to the NW in a minute to do it now but I hear on the news that the Icelandic government has frozen all banking transactions there. I wonder how that will affect the transfer of my ISAs?

Call me a lemming or anything else you want- if *I* don't look out for me, nobody else will.

Just wondering now where to save my tax money to make sure it is safe and not just stagnating.

Morgana