Icesave-please help/advice!!!!

Optimist

REYKJAVIK, Oct 7 (Reuters) - Iceland's crown currency surged after news on Tuesday that Russia would give the country 4 billion euros in loans to help it through a financial crisis that threatened to overwhelm the national economy.

http://www.reuters.com/article/marketsNews/idUSL74967320081007

tradetime

Some further info, for those that are particularly worried.
http://bloomberg.com/apps/news?pid=20601087&sid=azotRtS9KH8M&refer=home
How it will play out in the scheme of things I cannot say.

genny

cwcw wrote: »

I transferred out at about the same time last night too and my balance has also gone down and shows as processed, but does this mean the money has safely left Iceland?

Yes. I did a similar transfer (not the whole amount) yesterday and it arrived by 5pm, yours will start this morning and you be in the linked account by this evening.

Just for the record, for other posters in similar positions, I've still got savings up to the 50K amount in both Kaupthing and Icesave.

wmonkey

Pete_Biggs wrote: »

This is the latest development:
http://news.bbc.co.uk/1/hi/business/7656387.stm

I have money in an Icesave ISA I can't afford to lose. I hope this announcement is good news...

I'm hoping this is a preventative measure rather than a "whoops we've got no money left to hand out".

The icelandic gov has just secured a 4bn loan from Russia, and I would still like to think the EU would not allow Icesave to wriggle out of any deposit protection schemes it had signed up to. The EU certainly seem to be claiming they will not allow people to lose deposits.

As for savings being an investment, I don't think it matters what the dictionary definitions are. The fact is, these were sold as having the first £35k (50 now) guaranteed. And to be quite frank, if your money is not secure in a savings account, then where is it secure?

Put it under your bed and it will lose value. Put it in a higher risk investment and it may disappear completely.

I'm not immeadiately worrying, I still have some faith that either things will work out or the entire worlds ecomonic system will fail and money won't mean a thing

Having said that, the moment I can get my money out I shall be doing so.

DigitalJedi

Iceland is not part of the EU so how much influence they have and how much they can do remains to be seen.

renard_2

genny wrote: »

Yes. I did a similar transfer (not the whole amount) yesterday and it arrived by 5pm, yours will start this morning and you be in the linked account by this evening.

Just for the record, for other posters in similar positions, I've still got savings up to the 50K amount in both Kaupthing and Icesave.

Wow, you were lucky to get your cash transferred so quickly!
Are you really saying the whole transaction took place on the same working day? Was it BACS or CHAPS?
My wife and I closed our Icesave accounts on Saturday (thank God we didn't listen to those Pollyannas who kept saying "Don't worry" - we need the monthly interest from our savings and can't afford to wait for some untried compensation scheme to kick in, who knows when).
Anyway, we closed on Saturday. On Monday (first banking day), we were unable to access the accounts (as they had said would happen once we had closed).
Now it's 11am Tuesday, and the cash has not arrived in our NatWest account.
Icesave have said all along that BACS transfers take up to four working days - so I cannot understand how genny (post quoted above) can advise that it will take place so much quicker.

wmonkey

DigitalJedi wrote: »

Iceland is not part of the EU so how much influence they have and how much they can do remains to be seen.

Indeed, but from what I understand they are signed up to the european deposit protection schemes so I'm trying to be positive :rotfl:

Bisoy

I have also managed to take out my money last night and leaving just £1.00 and checked my account today and it showed that transaction has been processed and remaining balance is £1.00.

Also on their website today has a statement that: " They are not currently processing any deposits or any withdrawal requests through their internet accounts. They hope to provide more information shortly."

bristolleedsfan

Sky News reports Icesave as saying that 95% of UK customer deposits are protected.

LGG_2

Anyway, we closed on Saturday. On Monday (first banking day), we were unable to access the accounts (as they had said would happen once we had closed).
Now it's 11am Tuesday, and the cash has not arrived in our NatWest account.
Icesave have said all along that BACS transfers take up to four working days - so I cannot understand how genny (post quoted above) can advise that it will take place so much quicker.

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they will have doen it by chaps. the money gets transfered the sameday or next depending on when you did it. bacs takes upto 4 working days.