Icesave-please help/advice!!!!

Hungerdunger

nilrem wrote: »

Trixie if you are going to post on a public forum you will get replies from all sorts of people some helpful, some funny and some rude and upsetting,

Apart from Fatpig's reply, I can't see what else she could take exception to. All the other answers were either trying to answer her worries, or going slightly off-topic.

luvpump

yep an interesting post

Andrew64

Look. It's your parents money. Have you asked them how they feel about it? If they're very worried, just take it out. Simple as that.

happywarmgun

nilrem wrote: »

Like many others here I have substantial savings in Icesave (above the guaranteed amount) and I have no intention of moving the cash away from them.

Really? Just out of curiosity - why in the present climate would you have above the guaranteed amount in any bank? Spreading around is not difficult and a sensible risk management strategy.

I have no info whatever that suggests Icesave is about to go down, and no reason to believe it will - but in the present climate where bank failures seem something of a lottery and sentiment counts I have equally no reason to be certain they will not go down the pan. So to have eggs in one basket for a basis point or two on the interest rate seems like a big risk for little reward.

Hillfly

I also heard that BBC report and it made me a little anxious.
We have all our savings in an ICESAVE account which amounts to about £30k.
However I am likely to need to draw down on some of these savings in the short to medium term (sometime bewteen now and next March) to pay for some building work.
I know my savings are protected but my concern is that if ICESAVE does runinto trouble how quickly could i recover my funds. There are guestimates about how long that would take under the passport system but no real proof as yet.

Can I ask what people think would be wise given my access to funds issue? Should i consider moving the funds somewhere UK based where it's all covered by the UK scheme alone? I am loathe to add to the problem by creating a run on the bank but at the same time I need to address my own situation as well?

All sensible advice very welcomed. :T
All stupid advice welcomed with a smile and a middle finger!:D

happywarmgun

Hillfly wrote: »

There are guestimates about how long that would take under the passport system but no real proof as yet.

I think the way you word your question suggests deep down you have made your mind up.

Are you willing to risk your personal cashflow to an unproven 'guestimate'? The logistics of this scheme will be hard to execute without error and it is a leap of faith that it would work without hitch.

You still get a great savings rate at the Iclandic banks - in the long term your money below the guarantee is safe. If you aren't going to need absolute instant access then I would leave it where it is.

In your case you suggest that you are going to need access to some of it in a few months, I would shift whatever that amount is to the best acount in the Northern Rock today - the loss in interest will be worth it for piece of mind.

napoleon

Another day, another scare story. Somethings never change

stevedb11

Hi Hillfly,
I have about 10K in icesave, its in ISAs and fixed rates,so I have no need for quick access, but if I was in your situation, I wouldn't be too worried as the length of time for compensation payments has never been tested in the UK(as far as I know),banks have usually been taken over,if thats the case access to your money would be OK.
regards Steve;)

dannyboycey

tawse57 wrote: »

A friend of mine moved 30K out of Icesave this week to her Lloyds' current account. She did this via CHAPS and paid £25 to do so but it meant an instant transfer to her account and within an hour or so Lloyds were ringing up just to clarify the large sum that had arrived in her account.

Well, that's one way to waste 25 quid I suppose. I could think of better uses.

napoleon

Yeah, I'd love to have shares in the company that processes CHAPS transfers. They must be doing a roaring trade with all the lemmings in full blown panic