Icesave-please help/advice!!!!

randomnut

Argh. Only just found out about this -- their call centre is entirely unhelpful. Apparently no chance whatsoever of a withdrawl, and they wouldn't even say why the accounts are frozen, just "thats just the way it is at the moment".

I'm not looking forward to the claims process...

discoinferno_99

My sister-in-law closed her Icesave savings account on Sunday evening and tried to get it all moved to her current account so that she could then place it somewhere fully UK based.

No sign of the funds yet to her current account, which I don't think was to be expected anyway even if this was going on. She has tried contact Icesave and they can't help her with any information as they seem to know nothing yet themselves.

Does anyone know what the likely scenario is here? Would the money have already been processed and going through the system, or has she missed the bus and will no need to follow whatever the process is when the dust settles?

By the way, my thoughts are with all of the Icesavers on here as it must be a troubling time, which hopefully will be positively sorted soon.

bazster

2latenow wrote: »

Interesting live coverage of Iceland PM press conference -- poor guy has a whole country to look after and all the reporters keep asking about is Icesave UK !!!

This is hardly surprising when the number of UK Icesave account holders is about the same as the entire population of Iceland i.e. there's a lot more UK customers than there are Icelandic!

edwinac_2

vichy01234 wrote: »

There are some very scared pople on this forum right now with a lot of money tied up in Icesave

My thoughts are with those invested in Kaupthing, now, Vichy..

Surely, the writing-is-on-the-wall for that bank, too.

Study some of the players involved with Kaupthing. The fortunes of one financier came from the Iranian Royal Mint which was looted at the fall of the Shah.

Colourful people!

DigitalJedi

From Skynews again:

If Iceland goes bankrupt, the UK will not cover the first £16,170

So for those people with less than £16,170 saved with Icesave like me then i am at the mercy of the government of Iceland.

For those with less than £50,000 then you are covered by UK for £14k and at the mercy of the government of Iceland for the rest.

For those with more than £50k then I wish you luck!

The real fear here for 95% of us is what the icelandic government guarantee is worth. There are only 300,000 people in the whole of Iceland yet there are 350,000 savers in the UK alone. At least if a bank goes under here the government backed guarantee is in effect backed by 60 million UK citizens.

So what are the chances of an entire nation going bankrupt?

randomnut

DigitalJedi wrote: »

From Skynews again:

So for those people with less than £16,170 saved with Icesave like me then i am at the mercy of the government of Iceland.

For those with less than £50,000 then you are covered by UK for £14k and at the mercy of the government of Iceland for the rest.

For those with more than £50k then I wish you luck!

The real fear here for 95% of us is what the icelandic government guarantee is worth. There are only 300,000 people in the whole of Iceland yet there are 350,000 savers in the UK alone. At least if a bank goes under here the government backed guarantee is in effect backed by 60 million UK citizens.

So what are the chances of an entire nation going bankrupt?

You're sh*tting me right..... I only have around 4k saved in there, but thats *all* my savings and i'm b*****ksed if that goes down the pan...

If I ever see that money again i'm investing it in gold, that can't go insolvent and the price has stayed stable.

Fingers crossed

pararct

vishy01234 wrote: »

I am really hoping that we will be able to continue earning interest on our Icesave ISA's and that some kind of scheme can be set up whereby we will be able to transfer our ISAs to another bank, with the bank receiving the ISA claiming the compensation from the FSCS ... otherwise, puling your ISA out and keeping it in a tax free wrapper will become a nightmare.

Do you believe in Santa Claus?

magpiejay

Looks like Russia's $4 billion loan is coming our way..

http://news.sky.com/skynews/Home/Business/Online-Bank-Icesave-Suspends-Withdrawals-And-Deposits-For-UK-Customers/Article/200810115114867?lpos=Business_News_Your_Way_Region_4&lid=NewsYourWay_ARTICLE_15114867_Online_Bank_Icesave_Suspends_Withdrawals_And_Deposits_For_UK_Customers

blizeH

Anyway to retrieve my user ID for Icesave? I've got it wrote down at home, but can't remember it, argh!

Just want to grab a prints of my balance

kirmin

The internet eh?

a) a complete source of information to be taken at face value? OR
b) a modern day equivalent of Chinese whispers

The BBC are saying:

‘Customers of the Icesave internet bank have been warned they will probably have to claim compensation for money held in their savings accounts.’

Sky are saying:

‘The Icelandic Prime Minister Geir Haarde has said he believes Landsbanki has enough assets to take care of Icesave's UK customers.’

This is analagous to one reporting 30 degrees and cloud free and the other -5 and snow!

I'm not saying either are right but this is all conjecture.

Receivership protects the bank from its creditors (you and me if you have savings with Icesave) from claiming their money immediately and therefore prevents short term liquidity crisis (a run on the bank). What will be interesting is if receivership turns to insolvency (they dont have the cash to run their business). Only when it is insolvent will a claim be launched by the FCSC. It isn’t yet but might be tomorrow. Or next week. Or never!

Iceland have a separate fund for their compensation scheme, does anyone know if this is held in euro or Krona? If it’s the former then all is good. If it’s the latter then its not worth much now!