Icesave-please help/advice!!!!

jack_spratt_2

Trixie68 try not to worry to much and if you are concerned move some of the money out . Its best to spread it about at the moment and there are many Building societies paying good rates which can be operated in the branch depending were you live .
I am afraid forums like this you can sometimes get the mindless element trying to be funny at other peoples expense !!! as another poster has said this is the forum environment try to ignore irreverent posts..
I am amazed at the scare mongering with some of the posts on here and most likely its people with nothing to lose who are doing the stirring

MarketRisk

this is my first post here. i also have all our savings or around 30K in icesave in their isa. to transfer to another isa would take 30 days. alternately, i could transfer to current account and lose isa status. my concern is over the first 16.5K (?) that wouldn't be covered by the uk. is there a feeling on this forum / in the market that this would be covered by iceland or nordic nations or from another source?

i read that landsbanki has sold off many peripherals last week and is now concentrating on core business. if so, why this panic? is their debt much higher than their assets?

why didn't the best buys include credit ratings? i'm so risk-averse (pension 100% in cash funds), so i'm kicking myself for not doing my homework. i am so tempted to leave where it is, but also just to get out - lemming-like. and if we all do that what is the worst that can happen to remaining icesave customers?

no depositors (sp??) have yet been allowed to lose out. i did not want to take a risk with my money - hence no shares. less apparent upside, but i didn't expect to face the prospect of potentially losing 16.5K.

any pointers?

isofa

MarketRisk, you've not read any of the FAQs or previous threads (like most newbies...) All the answers can be found there or on a search.

Your money is protected to 35K today by the passport scheme (part FSCS part Iceland) and to 50K from tomorrow onwards...

Pointers to all the other threads on this subject on the forum, and a search...

Seajays

trixie68 wrote: »

I really wish I had not posted now. ... My Goodness shoot me down! And somehow, by asking an honest, innocent question I have opended up others to take the mickey (not just on this thread).

trixie68 - as others have said you get all sorts of people replying on boards such as this, some less helpful than others. In internet terms, they are usually called "Trolls", http://en.wikipedia.org/wiki/Internet_troll

They've been around since the advent of the internet, and you're not the first to feel upset by them... the best advice for dealing with them though is "Do not feed the Trolls", i.e. just ignore them, and don't bother to validate their comments with a reply (which can often just make them worse!)

The other thing is be careful when reading posts not to overlay your own emotions on them. Sometimes someone will post something which they believe sounds reasonable and helpful, but depending on how you're feeling when you read it can come over completely wrong, and not how the poster intended it at all. i.e. I could say "That's a fantastic idea", and you could take that as being positive praise, or a negative sarcastic comment, depending on how you're feeling at the time you read it - two totally opposite interpretations of the same words! I usually try to remember to give the poster the benefit of the doubt. (Remember "Do not feed the Trolls"!)

There appears to be plenty of other good advice on this post which helps answer your original question...

MarketRisk

i have been reading posts. my concern regards the 'icelandic' part of the guarantee. given that the bank's liabilities are far greater than the whole of the country's gdp - read somewhere 2-7 times, what sort of guarantee is that?!

if there are insufficient funds in the entire country then how will they be able to pay back depositors? i've read of 'a nordic agreement', but i've also read on other threads that this is nonsense and that the other nordic countries are just as (un)likely to bail out uk banks!

again, pointers re the above are very welcome, and no offence will be taken at any reply.

isofa

MarketRisk wrote: »

i have been reading posts. my concern regards the 'icelandic' part of the guarantee. given that the bank's liabilities are far greater than the whole of the country's gdp - read somewhere 2-7 times, what sort of guarantee is that?!

if there are insufficient funds in the entire country then how will they be able to pay back depositors? i've read of 'a nordic agreement', but i've also read on other threads that this is nonsense and that the other nordic countries are just as (un)likely to bail out uk banks!

again, pointers re the above are very welcome, and no offence will be taken at any reply.

No offence meant

Just like this country, they won't allow their own electorate to lose money in savings, it'll be shored up one way or the other, with agreements with Scandinavian countries, or possible other routes.

Andrew64

The Times has just reported problems with Icesave's website:

http://www.timesonline.co.uk/tol/money/savings/article4890627.ece

isofa

Andrew64 wrote: »

The Times has just reported problems with Icesave's website: http://www.timesonline.co.uk/tol/money/savings/article4890627.ece

Well out of date, their site works and reports:

You are now entering the Icesave log in area.
We have been experiencing intermittent faults with our website over the last 12 hours. These were intermittent faults randomly affecting different groups of customers at random intervals. Our IT team has now resolved the issue.
We apologise for any inconvenience these faults may have caused.

mobfant

isofa wrote: »

Well out of date, their site works and reports:

You are now entering the Icesave log in area.
We have been experiencing intermittent faults with our website over the last 12 hours. These were intermittent faults randomly affecting different groups of customers at random intervals. Our IT team has now resolved the issue.
We apologise for any inconvenience these faults may have caused.

It mentions that in the article. It's moving money out that's the problem

Sideways

It allowed me to remove some of my money about 10mins ago.

No, not panicking, I genuinely have a requirement for the money I took out and have left the rest.