Icesave-please help/advice!!!!

greyster

All my savings are in Icesave and Kaupthing edge, I'm staying.

Of course most people won't be posting on here to say that

cwcw

EalingSaver wrote: »

I know searching threads is painful. But if you read the 'Are My Savings Save' article, or the cross reference under the IceSave entry in the Best Savings accounts, you would find the answers.

You are covered up to the FSCS limit, was £35K, from tomorrow £50k. The difference with IceSave, which it isonly fair to make clear, and is in the above, is that IceSave operates the passport scheme under which the first part of that is covered by the Icelandic scheme. That first part is, as I recall, 20k Euro, about £16k. The rest of the protection comes through the FSCS.

Does anyone on here know what happens if the Icelandic economy goes bankrupt? They will not be able to compensate the first 20,000 euros of savings under this silly passport scheme thing..... will the FSCS pick up the tab to compensate, or do I really have £16k at risk right now???

frames1_uk

as I understand it, if the £16k from the passport scheme isn't paid out, then the FSCS are not obliged to 'top up', as the top up is only after the passport scheme has paid.

cwcw

frames1_uk wrote: »

as I understand it, if the £16k from the passport scheme isn't paid out, then the FSCS are not obliged to 'top up', as the top up is only after the passport scheme has paid.

In that case do I panic and CHAPS it all out tomorrow? My problem is I have £26k in an ISA with Icesave. That's a lot of tax free years to lose.

KingL

Panic / don't panic. That's really a decision that only you can make.

EagerLearner

cwcw I am in the same situation as you - we have £25k spread across IceSave accounts of various types. However much I see the headlines, I don't think the whole of Iceland will 'go bust', same way the UK didn't go bust as the politicians stepped in. From what I can tell, Iceland are trying now to put measures in place to do the same. However, my eyes water at the thought my hard earned cash may be at risk.

Lenfo

mobfant wrote: »

If, for some reason, Iceland couldn't pay up then you'd hope that the UK system would make up the difference. But then I guess you'd hope a lot of things that haven't happened so far.

Its a different matter for us here in the Channel Islands, with no protection of deposits scheme at all!


Wondering if I should move my £15k out of Landsbanki breaking the 1 year bond maturing [hopefully] in June and losing the 7% interest. Hmmm.......

EalingSaver

greyster wrote: »

All my savings are in Icesave and Kaupthing edge, I'm staying.

Of course most people won't be posting on here to say that

Acutally there are quite a lot of people posting on here saying exactly that. Unfortunately they keep getting inundated by new posts or threads rehashing the same stuff, normally a variation on "look at the following list of articles which are re-hashes of other articles, most of which have been posted up before in some other form, and by the way WE'RE ALL DOOMED" or "I can't get my money out of [ke/icesave ... insert] !!!!!!!!! PLEASE HELP HELP HELP" followed by "ooops, I put a comma where there should have been a full stop".

Fella

EalingSaver wrote: »

Acutally there are quite a lot of people posting on here saying exactly that. Unfortunately they keep getting inundated by new posts or threads rehashing the same stuff, normally a variation on "look at the following list of articles which are re-hashes of other articles, most of which have been posted up before in some other form, and by the way WE'RE ALL DOOMED" or "I can't get my money out of [ke/icesave ... insert] !!!!!!!!! PLEASE HELP HELP HELP" followed by "ooops, I put a comma where there should have been a full stop".

Yes, because people are genuinely worried. If you want to see an end to the posts like that, don't blame the posters, blame our useless Government that refuses to put a 100% guarantee in place.

If they did that the panic would end tomorrow.

Sordice

Just thought I'd add my two cents (or should that be my two aurar ?) about this Icelandic bank issue

I have accounts with both Icesave and Kaupthing, and ISA with a few thousand in Icesave, and savings with a few hundred in Kaupthing. Yes this news of the trade suspension and the Icelandic economic 'turmoil' (I use the phrase loosely) has got me more than a little concerned...

However...

I think it would be foolish at this point for me to panic and withdraw/transfer my money into UK-based banks (or elsewhere), especially as I think that the facts are not fully known regarding how the Icelandic government's announcement and economic situation will affect Kaupthing, Landsbanki, et al. Indeed both Kaupthing and Icesave's websites aren't updated regarding today's announcements at the time of writing (unless I've missed something).

My resolve is therefore to keep my money where it is, ignore the extremist scaremongering but keep an eye on the situation and continually gather information so I can make the choices that feel right for me.

Hope that makes sense (it is almost my bedtime ). Just me expressing my thoughts.