Icesave-please help/advice!!!!

tradetime

isofa wrote: »

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.

Agree with absolutely all of that, in principle, no bank in any developed country, imho, will be allowed to default on their depositors, under the current environment, no matter how much reassurance followed, it would send a ripple effect through the entire banking industry of every major country in the region, and possibly further afield. Thus a failing bank, too big for a single government to deal with will be split up and sold off, much as B&B, including the deposit base.

The principle bit would be that however much large fixed term depositees, such as myself, may feel they need reassuring, from the banks perspective, the simple fact is that we have no access to withdraw that money prior to term. Though of course as term comes no doubt many will withdraw immediately which may put considerable strain on the institution, though I suspect they knew the media would be making it very clear in the morning that they do not have the funds to make such a guarantee, just as they have done about the Irish.

jp01_2

Paul_Herring wrote: »

Well that does tend to happen when the messenger is wrong.

Yawn, I see the thought police are out again with
a highly intelligent brilliantly constructed reply full of factual evidence.

"When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes. Money has no motherland; financiers are without patriotism and without decency; their sole object is gain." [FONT=FDBCKP+Arial,Italic,Arial]Napoleon Bonaparte, Emperor of France. [/FONT]

ad44downey

jp01 wrote: »

Yawn, I see the thought police are out again with
a highly intelligent brilliantly constructed reply full of factual evidence.

"When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes. Money has no motherland; financiers are without patriotism and without decency; their sole object is gain." [FONT=FDBCKP+Arial,Italic,Arial]Napoleon Bonaparte, Emperor of France. [/FONT]

Hoho. the main sheep on the forum shows up again right on cue.

jp01_2

isofa wrote: »

Here we go again...

The shares were suspended hours ago, covered many times previously on threads.

Comparing the currency of Zimbabwe with Iceland, is probably one of the most stupid things I've ever read on this forum.

Oh look the Guardian have run an article several hours later that agrees with what I wrote.
http://www.guardian.co.uk/commentisfree/2008/oct/06/iceland.creditcrunch

Iceland's currency, the krona, is plummeting against the euro and the dollar. It is rated the world's third-worst performing currency – just above Zimbabwe's and Turkmenistan's. Inflation is at a whopping 14% per year, with some suggesting it could soar to 20%.

Do me a favour .
Keep the personal abuse to yourself.
Or do some FACTUAL research before you post.
This same advice is in Martins sticky on how to post.

Thank you

EagerLearner

Just saw the news and am as worried as everyone else but trying to keep a level head.

We have an ISA with ICESave at £16k
A fixed term at £6k
A savings acc with £3k

So we have £25k with them and are at risk, given that for UK savers only £15k is protected.

My concern is the ISA really as this is all our savings for buying a property.

Hopefully things tomorrow will be clearer, but I may just have to request an ISA transfer and leave the rest, or do a chaps transfe on the standard savings acc.

freddykrueger

EagerLearner wrote: »

Just saw the news and am as worried as everyone else but trying to keep a level head.

We have an ISA with ICESave at £16k
A fixed term at £6k
A savings acc with £3k

So we have £25k with them and are at risk, given that for UK savers only £15k is protected.

My concern is the ISA really as this is all our savings for buying a property.

Hopefully things tomorrow will be clearer, but I may just have to request an ISA transfer and leave the rest, or do a chaps transfe on the standard savings acc.

I to be honest am like you and considering doing an ISA transfer - at one point I was just going to withdraw the lot! Question remains though....where do I transfer to??

ebyard

Take the ISA and shift it to NatWest - better rate for your £16k than Icesave, and there is no way in hell the Govt would let NatWest/RBS fail, and it's "onshore" not in Iceland!

Probably the best deal out there, currently!

TechnoBadger

EagerLearner wrote: »

So we have £25k with them and are at risk, given that for UK savers only £15k is protected.

No, from tomorrow £50K is guaranteed, £100K if it is a joint account. Though the first part of this is via the Passport scheme (i.e. from Iceland).

TechnoBadger

ebyard wrote: »

Take the ISA and shift it to NatWest - better rate for your £16k than Icesave, and there is no way in hell the Govt would let NatWest/RBS fail, and it's "onshore" not in Iceland!

Probably the best deal out there, currently!

The brave could look at Ruffler Bank. 6.1% clean ISA I believe. FSA regulated. I'll be on the phone to them tomorrow!

LucyTheDwarf

jp01 wrote: »

Unfortunately you may not like the message, it is natural reaction for the ill-informed to want shot the messenger.

HA HA HA :rotfl:

Thanks for giving me a laugh!

The "well-informed" can make unbiased and logical decisions based on the facts presented. Quite the opposite to your hysterical posting style, might I add.

What is your grudge against Iceland/Icesave? I reckon we shine a torch in your eyes and force you to listen to Bjork's music until you tell us...

EDIT: Might I add that you're unlikely to get unbiased facts from any kind of media whose purpose is to make money? Take note of the language they use to describe any type of drop or fall: "nosediving", "crashing", "tumbling", "freefalling" etc. It's no less drama than Eastenders. The "unbiased" BBC is one of the worst of the lot; I'm sure I'm not the only one who believes they were more than instrumental in the fall of NR.