Icesave-please help/advice!!!!

Moneygoes2money

Important Announcements

Icesave default paves the way for help for FSCS to help UK depositors

The UK authorities and FSCS are stepping in to help customers of Icesave after the firm was declared in default by the Financial Services Authority (FSA). The move paves the way for FSCS to help the bank's UK customers. FSCS is working closely with HM Treasury and the FSA to take the necessary steps to pay people back their money.
FSCS Chief Executive Loretta Minghella said: "We know that many savers with Icesave are anxious about their savings. Following the Chancellor's announcement people can be confident they will be repaid in full.
"We are working closely with all concerned on the practical arrangements to get people their money back as quickly as possible. We hope to be in a position to say more about the arrangements by the close of business on Friday, and we will publish updates on our website."
For more information, please watch our website or call our helpline on 020 7892 7300.

~Chameleon~

Scooby64 wrote: »

I don't think you'd be allowed to open an ISA yet - they'll need to set up some mechanism to flag it as a "transfer in" otherwise as soon as they enter your NI number it should trigger a refusal if you've already opened an ISA this year.

This is something I've also been wondering about. I'm guessing that we will be contacted at some point and asked to nominate an ISA account for the transfer to take place but don't know whether we need to have one set up first or whether the transfer can take the form of a new ISA application. I don't think you can open one for 'old money' without giving account details of the old one to transfer in

I've not yet opened one for this year and as mentioned above I'm considering HSBC but they only accept new money so I'll need a different one (possibly the PO) to transfer the Icesave one into.

EagerLearner

Scooby64 wrote: »

If you go First Direct, be careful if you also have funds in HSBC as they have a common registration (ie only £50K of cover between them)

Bradford & Bingley are OK (I've just renewed 2 six month bonds with them) but remember they share a registration with Abbey so again only £50K of cover between them

I only have a First Direct and a B&B account (not HSBC or Abbey), just trying to work out who has the best rate. I *think* it's B&B. I have an 'Internet Saver' account and I am trying to work out whether it's the 'issue 3' that they mention on their savings section. When I log on it doesn't say what issue mine is... if so, it'd be 6.51% Gross/AER apparently, obviously variable (and possibly dropping 0.5% soon after yesterdays rate cut).

Scooby64

~Chameleon~ wrote: »

I'm considering HSBC but they only accept new money so I'll need a different one (possibly the PO) to transfer the Icesave one into.

I think it will be different for Icesave transfers - the reason some providers only take new money is so they can publish a higher headline rate. It's easy to offer 8% if you know that £3600 is the max you have to pay it on. The last thing you want is £50K of old money being transferred in.

They could do transferrs by sending you a form which you sign & give to your new provider. They would then submit it back to the FSCS to arrange for the funds to be deposited into your account

I'm with Lloyds (fixed for 12 months since April 6th at 6.5%) - so I'm not sure who has good rates now

Transalper

I'm about to leave the UK for a tour of SE Asia in 6 weeks time (Giving up job and doing it while I still can rather than luck) I'll be out of the country for up to 6 months and internet cafe's over there are not secure enough to do my banking in. I know we don't know the full instructions regarding claiming compensation but does anyone know if I will probably be able to appoint a friend or accountant to sort out the necessary form filling?. I have no close relatives that could do it.

TheDean_2

Sorry to ask a silly question, but I didn't want to start a new thread. I withdrew all money from my Icesave account by BACS, then closed the account on Sunday the 5th, but it is not yet showing in my current account. Should I be worried?

~Chameleon~

TheDean wrote: »

Sorry to ask a silly question, but I didn't want to start a new thread. I withdrew all money from my Icesave account by BACS, then closed the account on Sunday the 5th, but it is not yet showing in my current account. Should I be worried?

From what I've read elsewhere any transactions made from Sunday onwards are being reversed so the money will end up back in your Icesave account. You need to contact them by phone (easier said than done at moment, I know) and they will re-instate your account so you can view it online and print off a statement.

Scooby64

EagerLearner wrote: »

I only have a First Direct and a B&B account (not HSBC or Abbey), just trying to work out who has the best rate. I *think* it's B&B. I have an 'Internet Saver' account and I am trying to work out whether it's the 'issue 3' that they mention on their savings section. When I log on it doesn't say what issue mine is... if so, it'd be 6.51% Gross/AER apparently, obviously variable (and possibly dropping 0.5% soon after yesterdays rate cut).

B&B is good for instant access savings, but read the small print on their ISA as you might need to look again.

The Issue 4 (6.51%) is only available for £3600 of new money into an ISA and then it's fixed for 12 months. If you were transferring in from your Icesave ISA you may not get that rate!

TheDean_2

~Chameleon~ wrote: »

From what I've read elsewhere any transactions made from Sunday onwards are being reversed so the money will end up back in your Icesave account. You need to contact them by phone (easier said than done at moment, I know) and they will re-instate your account so you can view it online and print off a statement.

Not the answer I was looking for, but it'll have to do for now! Thanks very much

EagerLearner

Scooby - I am mainly worried about instant savings for now - seems B&B are higher than First Direct, I just hope I have the 'Issue 3' savings account.

In terms of ISA's I will have to wait and see, as I had already filled this 2008/2009 year's one, with IceSave so mine will be 'old' money as far as any new provider is concerned.