Icesave-please help/advice!!!!

surftime54

If you have a cash isa with Icesave and you have to apply to FSCS to get money back and assuming that it does pay up

- does the money come out with its Isa wrapper intact (ie so you can place it in another Isa account with a new bank) or have you lost the isa wrapper.

I cannot find the answer anywhere.

Cheers

randomnut

vishy01234 wrote: »

Well said. Those that are gloating right now and see fit to give an investment lesson at this tough and painful time are the lowest of the low. It probably satisifes some basic need that they have to display a level of authority that they maybe don't have in their real life. What goes around comes around.

Well said yourself. If I ever came across one of these self styled financial gurus who see fit to shout down lessons from their ivory tower while the rest of us are rightly worried about our savings in the street, i'd give them an investment lesson right in the chops.

Okie

in answer to above post, this event is unprecedented and therefore the FSCS will have to learn as it goes along. There is no answer yet to the isa tax wrapper question

vishy01234

surftime54 wrote: »

If you have a cash isa with Icesave and you have to apply to FSCS to get money back and assuming that it does pay up

- does the money come out with its Isa wrapper intact (ie so you can place it in another Isa account with a new bank) or have you lost the isa wrapper.

I cannot find the answer anywhere.

Cheers

A lot of people are looking for the answer to this question - as the FSCS have never had to deal with this situation, there probably isn't a concrete answer but reasonable logic suggests they will come up with some sort of method by which the tax free ISA wrapper is protected ... if they don't, people will just stop using ISA's and consumer confidence will crash.

Entertainer

pararct wrote: »

That idiot as you so eloquently put it is perfectly entitled to his opinion.

You need to understand the term investing.. If you do then why did you invest in Icesave when there are perfectly acceptable UK banks where you could have lodged your funds.
You did so because they were offering an interest rate you could not get in the UK?

Did it not strike you as to how they were able to offer that rate and the potential risk in you investing within it?

Wiki Definition of an investment

http://en.wikipedia.org/wiki/Investment

My Bold..

Whilst I sympathise with your and others predicament the old adage a fool and his money are soon parted seems as topical as ever!!

People have saved their money in this bank believing that it was a European bank which had as much chance of insolvency as any other bank in Europe, situated in a wealthy 21st Century European country. It is not investing it is saving. Customers could not have expected there to be this level of risk. They are no more a fool than anyone who saved their money with the Halifax, BNP or Deutsche Bank. Speaking as someone with a six figure sum there I am disgusted by supercilious comments like yours.

pararct

Richchad wrote: »

A lot of people invested in Icelandic banks because of the original £35,000 guarantee limit and restricted bank licences, which meant if you had a lot of money you soon ran out of UK banks and had to look elsewhere for your money to be "safe", and since most best savings charts recommended Icesave & Kaupthing Edge it seemed like a wise move....hindsight is a wonderful thing if you want to gloat.

http://timesbusiness.typepad.com/money_weblog/2008/10/who-owns-who.html

Times full list of Banks and Building Society's in the UK. Whilst some of them are foreign the majority are UK based.

If you had to much money to spread around the UK assets then perhaps you should be building your own vault to store it in..

If I come across as 'gloating' then believe me this is unintentional, I also thru this wonderful tool called the internet research anything be it from buying a new toaster to lodging a few grand in an ISA. I don't believe everything I read in the papers.

Treadmill

nilrem wrote: »

Trixie, stop worrying; there are a lot of irresponsible people spouting anti-Icesave propaganda at the moment, the media love to do this; even when there is no truth in what the report!

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.

I'm sorry about your loss.

This proves though that internet forums are not the best place to get financial advice

Glass_Half_Full_3

discoinferno_99 wrote: »

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.

I've done some reseach on the the secretive BACS system which you're welcome to benefit from.
Don't bother speaking to your bank - they probably don't understand exactly how the process works themselves (I know, I tried).

Depending on how you read the following web pages, the money may be frozen (according to the ombudsman's site) or it's currently in the clearing system (according to the Radio 4 site) and will appear in her account later this week.

http://www.financial-ombudsman.org.uk/publications/ombudsman-news/38/standing-orders-direct-debits-38.htm

http://news.bbc.co.uk/hi/english/static/audio_video/programmes/inside_money/transcripts/cheques.txt

See what you make of the info.

Hope this helps

jp01_2

~Chameleon~ wrote: »

The Icelandic PM is speaking live now. He says that Icesave will hopefully continue to operate as normal

The only way to pry ostrich heads from the cold, hard ground in which they hide is to do so gently, gradually, politely. You can’t force them; otherwise their necks will snap and life as they know it will be null and void

northern5

Well... I've logged in and looked at my £6.5k isa and printed out a copy.. If I can't get it out by January I wonder if the inland revenue would accept this printout as proof of my intentions to pay my tax return in January!

I feel for the Icelandic people, it can't be nice knowing that your country is about to go bust.... then again I live in the UK and wonder where gordon is getting his cash from too!!