Icesave-please help/advice!!!!

Okie

terricfan wrote: »

Has this already been posted?

Administrators move in.

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4897712.ece

this article is worded badly and makes it sound like the situation has deteriorated for icesave customers. It hasn't - the reality is that nothing's changed and icesave customers are still protected, just not in the same way as Heritable customers.

it is totally wrong for the media to keep stating that icesave customers are left unprotected by these events. As has been repeatedly stated, we are covered for the first £16k ish by Iceland, and the rest up to £50k by FSCS.

ElusiveLucy

Super_Ted wrote: »

Savings accounts are less risky, not risk free.
.
ST

Sorry, but I beg to differ here - When I took out my Cash ISA I wasn't told that my savings could go down as well as up, as I would have done if I had taken out a risky investment. My Cash ISA was supposed to be my "secure" savings, I have a small amount of money in stocks & shares ISAs which I am prepared to take a risk with.

Like many others on here, I have worked really hard to save the £25k I have/had with Icesave. Whatever you do, don't follow my financial choices in the future - first Equitable Life and my pension, and now Icesave and my savings :eek:

trevs707

Ignore all adverse name calling comments on the threads and if you can move your money out of Icelandic banks.
Let the name callers leave their money exposed to what will be an untested and protracted procedure.

bazaarboy

Okie wrote: »

it is totally wrong for the media to keep stating that icesave customers are left unprotected by these events. As has been repeatedly stated, we are covered for the first £16k ish by Iceland, and the rest up to £50k by FSCS.

sorry but you're not comparing like-for-like.
how re-assured can we be by a guarantee by the Icelandic government. Can they really pay £2-3bn, as part of their first-£16k obligation?
Thats like the UK govt being responsible for £600 billion in savings guarantees...

Okie

trevs707 wrote: »

Ignore all adverse name calling comments on the threads and if you can move your money out of Icelandic banks.
Let the name callers leave their money exposed to what will be an untested and protracted procedure.

err, bit late for that I think if you're an icesave customer

homer_J123

Super_Ted wrote: »

Savings accounts are less risky, not risk free.
.
The long boom may have made people complacent about risk but I promise you if we were having this discussion in 1930 or 1990 for than matter then your attitude would have been very different. As it will be in a few years time.
.
ST

For most people (if you like, the average joe) banks are generally considered the 'safest' investment and it is 'highly unlikely' that you'll lose your money (sure it is never 100%) but to be fair, we've simply placed monies with a 'Bank' - it is not like some high risk share portfolio...

betheebee

wonky123 wrote: »

To all you dead clever financial historians - well done you!

I'm completely f**cked!! Excuse the language but I really could cry! I'm sorry, I'm not great with money, I'm obviously gullible as haven't considered the seagull v inhabitant population to decide whether I wanted an instant access safe savings account rather than a risky investment plan. I've found this website really handy to help me with my finances to get me on the right track. I don't have thousands of pounds which I'll need to wait for a potentially lengthy claims process. Instead I have £12k from a credit card on 0% which ends in November. I'm obviously really stupid cos I never realised there were any problems - why would they offer such high interest rates instead of dropping them? - made me think they were safer than anyone else. I just feel sick. Please please please someone buy them out, I promise never to try & be clever again & follow any money making ideas I read on websites, but I couldn't afford to pay the go to rate on that amount of cash next month

WONKY, Quote ''I'm really stupid,'' Unquote No your not, there are lots on here that have done similar to what you have, there are thousands of people who have been caught out with N Rock, HBos, and others. I'm sorry to hear of your dilema and hope all works out for you. Listen more to the news rather than read opinions on here, most are helpfull but far to many are negative opinions.

isofa

Savings should in theory be safe, they aren't not investments and therefore shouldn't be "risky".

However depending on the organisation you save with there is always a minute risk, which is what is happening at present with Icesave.

Banks should be safe, but recent global events have shown they aren't, you can't today say any bank is 100% safe, it just isn't. Some are safer than others, but times change.

However, Icesave hasn't defaulted, and even if it does, it's highly likely everyone will get money back up to 50K. If it doesn't and it's saved you won't lose anything. Incidentally Landsbanki is still operating normally in Iceland, it's only a temporary freeze on Icesave accounts.

( I have money stuck in Icesave in a fixed deposit, and more with KE!)

casper_uk

cs15 wrote: »

no, we put money in a bank not a risky share scheme, we expect our owned property back.

I may be wrong but i think the way it works is once you pay money into any bank they legally own that money. It's no longer legally yours, the bank just promises to pay you back when ever you need it (t+c etc of the account).

Please someone correct me if i am wrong a i am not 100% certain.

trevs707

Okie wrote: »

err, bit late for that I think if you're an icesave customer

OK I'll amend - if you can, move your money out of KE.
Let the name callers leave their money exposed to what will be an untested and protracted procedure.