Icesave-please help/advice!!!!

Fella

bristolleedsfan wrote: »

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

I wonder where they get that number?

Presumably they're saying that balances <£50K account for 95% of total balances?

Zebra

I've been following all these threads about Icelandic banks with a wry interest over the past few days, and there's been plenty of ill-informed and reactionary comments on both sides, but this one surely takes the biscuit.

cwcw wrote: »

I trust our government.

Browntrout_2

renard wrote: »

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.

I advised my wife to close yesterday to get cash to pay CC bill, and it went 'processing', although with BACS we will not know until Friday, I guess I'll have an 'interesting' week getting it tight about why I advised her to transfer from UK high street into Icesave last year, you've got to wonder is it really worth all the hassle for few quid extra interest, answers on a frozen herring please!

Stompa

Fella wrote: »

Presumably they're saying that balances <£50K account for 95% of total balances?

Yes

http://news.sky.com/skynews/Home/Business/Online-Bank-Icesave-Suspends-Withdrawals-And-Deposits-For-UK-Customers/Article/200810115114867?lpos=Business_Carousel_Region_2&lid=ARTICLE_15114867_Online_Bank_Icesave_Suspends_Withdrawals_And_Deposits_For_UK_Customers

A spokesman for Icesave owner Landsbanki said that 95% of Icesave's UK customers have less than £50,000 in their accounts and will therefore be fully protected by the UKgovernment's compensation scheme.

jd84

my interest actually gets added on the 7th of each month and i just logged in and it's still been added today...

altocumulus

Stompa wrote: »

A spokesman for Icesave owner Landsbanki said that 95% of Icesave's UK customers have less than £50,000 in their accounts and will therefore be fully protected by the UKgovernment's compensation scheme.

That final section does not ring true.....

reduceditem

It all depends if and WHEN they went into administration. Remember the 50k rule was from midnight last night.

reduceditem

If they are in administration the first 20k euros will have to be claimed via the Icelandic scheme. Then the rest via the FSA....how much of 'the rest' is covered will depend on the exact time they went into administration (IF they have)

DigitalJedi

From Skynews

If an Icelandic bank failed, savers would have the first £16,170 of their money protected under the Icelandic savers' compensation scheme, with the sum topped up to £50,000 for individuals, or £100,000 for joint account customers, by the Financial Services Compensation Scheme (FSCS).
If the Icelandic scheme failed to reimburse UKcustomers, the FSCS would cover the entire amount lost up to £50,000.

Can anyone confirm if the last sentence is true? Ie. if the Icelandic guarantee fails to refund us then the FSCS kicks in? If so I think a lot of people like me would at least get some reassurance.

Fella

Yes, but it's the first £16K that's in danger.