Icesave-please help/advice!!!!

~Chameleon~

Just logged into my Icesave accounts too with no problem

I wish all these people that are trying to whip up panic and hysteria would stop posting! :mad:

I have most of my savings tied up in ISA and fixed term accounts with Icesave so unable to transfer out even if I wanted to. But, I can't see what good that would do because if everyone decides to transfer out then the bank WILL collapse. Look at what happened with NR when everyone started getting hysterical :rolleyes:

genny

What is it with these people here.

I've been logging onto my Icesave account on and off all day, just to prove it works, from around 7am this morning, I've never once had a problem.

Iceland have no extended savings guarantees, and although there may be technicalities for the British, it does go some way to back up their systems.

I telephoned Icesave 5 minutes ago to check a payment, I was with a customer service person within 60 seconds, she checked my account and all was fine.

So on-line and via the phone, everything is working.

What is with Jp01 amoungst others? We all can read conflicting articles - I think you must work for a competitor who's trying to further damage the reputation, or you can't stand it that Icelandic companies have much better customer service than the rubbish we put up with in the UK.

genny

Just wanted to add an update, not only have I been able to log on and use Icesave all day, the amount I transferred by Chaps this morning, arrived correctly in my nominated account a little while ago, so everything is working, and I'm quite happy to keep instant access and fixed rate savings with them. Cheers for good accounts, boos to the scaremongers!

Gwhiz

just announced... Iceland's government is to offer an unlimited guarantee for all bank customers' savings accounts.

isofa

Gwhiz wrote: »

just announced... Iceland's government is to offer an unlimited guarantee for all bank customers' savings accounts.

It does appear just for Icelandic savers.

Mentioned a few times elsewhere, FT article link is here.

altocumulus

isofa wrote: »

It does appear just for Icelandic savers.

Mentioned a few times elsewhere, FT article link is here.

That would be because the UK savers are covered through the passport and FCSC schemes....

isofa

altocumulus wrote: »

That would be because the UK savers are covered through the passport and FCSC schemes....

Not on an unlimited guaranteed as per the Icelandic statement...

And many people have more than 50K in Icelandic banks here in the UK...

tradetime

Fwiw, my interpretation is that it is a guarantee to reassure domestic savers, it is likely that, as they see it most foreign savers are;
a.) covered by both the passport scheme and their own countries top up, and,
b.) are in fixed term deposits and thus have no access to their money until term and therefore, need no further reassurance.
Not withstanding the fact the Icelandic government does not have the financial capacity to follow through on a 100% guarantee anyway.

isofa

tradetime wrote: »

Fwiw, my interpretation is that it is a guarantee to reassure domestic savers, it is likely that, as they see it most foreign savers are;
a.) covered by both the passport scheme and their own countries top up, and,
b.) are in fixed term deposits and thus have no access to their money until term and therefore, need no further reassurance.
Not withstanding the fact the Icelandic government does not have the financial capacity to follow through on a 100% guarantee anyway.

I agree with you there. Because they can't afford it (very similar to most countries backing huge banks) they cannot and will not allow their banks to fail, so therefore, the risk to UK savers is minimal anyway

However I'd have though it was the people with large fixed term deposits who require the most reassurance.

Andrew64

The 100% guarantee does not apply to Icesave:

http://www.telegraph.co.uk/finance/3146854/British-Icesave-customers-not-covered-by-Icelandic-government-savings-guarantee.html