Icesave-please help/advice!!!!

bizzo1065

Logging on to the icesave website this morning and they are not allowing deposits or withdrawals.

To quote:

We are not currently processing any deposits or any withdrawal requests through our Icesave internet accounts. We apologise for any inconvenience this may cause our customers. We hope to provide you with more information shortly.

pararct

morgana wrote: »

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

Pause draw breath and be thankful you got it out in time...........

bonsoirbonsoir

Andrew64 wrote: »

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

This is no more than we already knew. The £50k guarantee still applies.

pizzagirl

morgana wrote: »

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



Morgana

RBS' shares down 20% yesterday, another 10% today

Andrew64

bonsoirbonsoir wrote: »

This is no more than we already knew. The £50k guarantee still applies.

Not to Icesave. It uses the 'passport scheme.'

bryanb

I withdrew my ready money from Icesave this morning (CHAPS) no problems. Left in my investment cash (fixed rate account) I know I couldn't withdraw this anyway, but I wasn't counting on it till the end of term. Things should be clearer by then.

bryanb

Andrew64 wrote: »

Not to Icesave. It uses the 'passport scheme.'

Then the FSCS tops it up to £50000.

bonsoirbonsoir

bryanb wrote: »

Then the FSCS tops it up to £50000.

Yes. The Daily Mail article was stating that the new 100% guarantee the Icelandic government is providing only applies to its citizens. The situation with British depositors is the same as it was. (something which has been covered countless times in these forums). It's just an alarmist article by the Daily Mail.

outof

No withdrawals. Time to start praying.

BiteOfTheApple

I'm been watching and reading with interest, and now I'm a little concerned.

Over the past 12 months or so this site, newspapers and many other channels have been recommending Iceland savings, Icesave etc, getting good reviews, championed by Martin Lewis etc. (Pity then it's taken until today for Martin to actually make an official post on this forum about the situation.)

So not surprising, I looked into it and decided to open an account early this year, I’m no finance whiz, but don’t subsribe to tabloid reporting either, and nothing was noted as unduly problematic about these accounts.

I've put much more than the 'protected' limit in an Icesave fixed term account, which doesn't mature until next year. Although people spoke about protection limits before, I think the majority (from many articles I've read before), thought that any massive problem was unlikely and it was best to have a large balance and enjoy the good interest rate.

I was recently thinking that at least the amount below the 50,000 limit would be protected, but reading here that appears to be uncertain, due to the issues with Iceland in general.

I understand from the T+Cs, as per most of these type of fixed accounts, that I cannot withdraw early. Fine normally, and I entered into this knowingly, but not fine if the country is on the brink of bankrupty.

I'm not a wealthy person, just because I have over the limit, does not mean I’m wealthy, far from it. These savings have taken a huge part of my life to amass, and this is a very significant part of my total savings for future and retirement. I made these savings with Icesave, as many of the rest of you have done, as savings, not investments.

I'm worried. Not panicked, but worried. I have a small balance in Kauppthing Edge which I'm not concerned about, nor will be withdrawing due to the UK protection. The last thing we need is more people making a run on the bank.

Is there anything people in a similar situation can do collectively regarding larger fixed term saved Icesave accounts, will it be safe until the maturity date? Or are there any clauses to force a payout in such circumstances (I'm not concerned about any interest accrued, just my original saving)? Is there anything the UK government will do to protect savers like myself? Currently it appears not.

I'd like to hear from others in my situation, rather than those saying it'll be fine - with no forward proof at all. I'm been watching and reading with interest, and now I'm a little concerned.