Icesave-please help/advice!!!!

altocumulus

Meadows wrote: »

Most thought they would have up to £50,000 of their savings covered by the Financial Services Compensation Scheme (FSCS) in the event the bank failed.
However, since Landsbanki went into receivership this morning it has emerged that the compensation scheme was not quite as originally billed.
The UK's FSCS confirmed today that it is only responsible for "top-up" payouts to customers of Icesave.
It said this afternoon it was only gearing up to cover amounts over and above the €20,000 (£16,264) protected by the Icelandic government's deposit protection scheme.
This means that if the Icelandic government was unable to meet its obligations to UK savers they would only get back any holdings between €20,000 and £50,000; those savers with less than €20,000 would receive nothing.

The compensation details were made clear in all the articles I've ever read about Icesave, and the same information is available on their web-site....
The press-article becomes less believable when it starts off with less than factual information....

You are not the only saver with savings in Icesave, these are very uncertain times - but no money has yet been lost....

Press statements from Landsbanki suggest it'll be days before they get some signs of light at the end of a darkend tunnel..

Super_Ted_2

backfoot wrote: »

It just doesn't sink in does it? Your motive is not only to deride those who have fallen foul of this crisis but more to pile on your self righteous comments that you got it right and some other 'internet people' didn't. So very well done. There you are you won,your clever,your wonderful.

Think about it later,perhaps before you sleep, and consider what an insensitive and unpleasant tw*t you are.

I haven't derided anybody except those who were deriding the sensible yesterday. I think thats reasonable.
.
If people are emotional and want to rant at something fine, I havent answered any posts with anything but calm and polite points. (ok maybe there was one post)
.
ST

Rachman_2

Seriously, the buck's not with me.... oh come on, what do you want, your cake and eat it - did you not wonder why a country that has been a financial miracle and then disaster zone all in this decade had banks offering leading interest rates ?

And another question for you - why do you think the banks are screwed. I'll give you a clue, take a look on Debtfreewannabe - I spent all the banks' money and I don't want to/can't pay it back - how do I get away with it - all hugs and kisses. It's not tough to work it out, is it ?

LucyTheDwarf

What is the chance of Labour being re-elected if anyone loses money? Nil. They may not be trustworthy, but they're not about to shoot themselves in the foot.

I hoped it would not come this far, and feel really sorry for anyone who has this worry on their shoulders right now, but urge calm and positive thoughts. Trust the governments need for votes.

Horrible times.

veronica46_2

trixie68 wrote: »

Please anyone out there who may know!!!
I've just watched the news and (not quite sure if I got this right) but are Icesave gping bust??? I advised my parents to put there very hard earned endownment earnings (!) into and ISA. This money is to go towards their pension. What happens if they do go bust? WIll they lose their money??? And all on MY advice!!!

Dear Trixie
I am sorry that you too have suffered from nasty comments by unfeeling and immature respondents.
It is sooooo unhelpful when people are looking after vulnerable others to post comments which infer that you are somehow witless.
We live in worrying times financially but i feel that your money will be protected within certain limitations as you know.
Try not to worry too much, and just follow the news.
Do continue to post- we are not all unfeeling, macho or unkind.

Super_Ted_2

homer_J123 wrote: »

Do you think your average joe would know the answers these questions?

Do you 'really' hand on heart feel that you should investigate Icelands 2nd biggest bank in such a way?

Have you, do you, do such things when you open bank accounts in the UK?

1) If I was talking about >100k like some people on this thread then yes I would be extremely careful about making sure I knew exactly what was happening to my money.

2)What do I know about the Icelandic economy? Not much, apart from the fact that their banks were chucking out big rates to overseas depositors. Why would I put my money there, not Dubai, China, Somalia? Again the level of research I undertook would be proportional to the ammount invested.

3)Since the begining of the financial crises in the UK well over 12months ago I have been extremely carefull about where I put my money in the UK.

I'm not saying people are neccessarily stupid or negligent but I really think a little more homework could have saved a lot of heartache.
.
ST

Former_MSE_Dan

This has been added to our regularly updated Safe Savings article, with the really important bit in bold

STOP PRESS. Updated 17.30 Tue 7 Oct. Icesave temporarily stops withdrawals.

Icesave is reported to have gone into technical receivership, meaning its assets have been taken over by the Icelandic government and it has effectively been nationalised (like Northern Rock was), see this FT article.

We’re constantly speaking to Icesave, the Treasury and the FSCS to monitor the situation. All updates will appear here and be included in the free weekly email.

While the bank has stopped withdrawals, that doesn’t mean it is now bust, though at best its probably a 50-50 likelihood. Here are the crucial points.

• The bank is still operational.
• No compensation arrangements have been triggered (this only happens if the bank isn’t still operational).
• If compensation arrangements are triggered it will therefore have been after the new £50,000 level introduced today.
• All UK savers are thus protected up to £50,000 per person in Icesave (£100,000 for joint accounts).
• The first €20,000 (this may’ve been upped to €50,000 on some reports of a European meeting today) will come from the Icelandic compensation scheme.
• If a claim were needed, it will probably involve filling out just one form to the FSCS, you would not have to write to Iceland.
• If you have money in a cash ISA, whether you would be able to keep the ISA status isn’t yet clear. However after Northern Rock, the government ensured all ISA savers kept their status, even those who’d withdrawn money, so it is very likely.

As for the strength of the Icelandic compensation scheme, there are reports, yet to be 100% confirmed, that the Icelandic government is promising to ensure all necessary compensation will be met and it will fund the scheme.

We spoke to the Treasury this morning about whether, in the very unlikely event of the Icelandic scheme not being able to cover its obligation of the first, would it step in and make sure UK savers were covered for the whole £50,000?

Late this afternoon it finally called to say "The UK government is working with the Icelandic government to protect UK savings up to £50,000", and we're hoping for more soon. We interpret this to mean that over and above that level, it's up to the Icelandic government

However, there is no FINAL answer, discussions are ongoing and this article will be updated as soon as anything further is decided. For more info, read my full blog.

cs15

you say we are daft to have put our money with a UK approved bank Superted...

well if the financial industry cannot honour to give me back my money i give them, maybe i can decide that I do not have to honour and give back the money they lent me for my mortgage.... sounds like a deal to me

surferjamiesurfer

I withdrew £16,000 from my Icesave ISA last night. Have checked balance today, and i'ts left Icesave account. Do you think it will actually be credited?

Super_Ted_2

vishy01234 wrote: »

Absolutely 100% well said - you are so spot on and say it as it is. That SuperTed idiot has been gloating at everyone's expense throughout this entire thread and I have found it repulsive.

You and the person you are quoting are entirely incorrect.
.
I'm not saying anyone was reckless. Savings accounts are one of the most safe investments. However they are not 100% safe.
.
No matter what you do or say, how hard you shout or stamp none of it will change this fundamental fact.
.
It is also true that some banks are safer than others. What made you decide that Iceland was a safe place for your money?
.
ST