Icesave-please help/advice!!!!

northern5

~Chameleon~ wrote: »

hehehe don't think I've ever spent so long on the savings & investment board as I have this week

I think the NR rumour would be great if they can pull it off! Depending on the interest rate they offered I might even be tempted to leave my money with them

Me neither!! Its certianly made work go a lot quicker this week!!

As for nothern rock, even if it wasn't one of the best, right now, I'd leave mine in there until this whole "credit crunch" thing has gone away! I don't think we're going to hear the last of bank collapsing

RiaAnn

BigDunc wrote: »

Apologies for cross-posting but this seems a more active thread. Has anyone managed to get through on the helpline? I've been waiting for 38 minutes now.

I am up to 40 mins now.

~Chameleon~

I think, unless your call happens to be urgent, you'd be better off waiting until next week to call them as everyone else is trying to do the same. Chances are your question can be answered in any one of a number of threads currently running if you read through them

hyposmurf

Scooby64 wrote: »

I don't normally pass on rumors, and I want to stress that this is all it is (but I soooo hope it's true!)

I heard from a friend that one of the options the FSCS are considering is to use the account data from Icesave to open new accounts with Northern Rock.

The advantages being:
1. No one has to make a claim - eligable Icesave savers automatically get accounts opened using information they already hold
2. FSCS can make a single payment to Northern Rock (not 300,000 individual cheques)
3. The "cash" from FSCS can be phased as some/many Icesave savers may decide to leave the money in Northern Rock, but obviously if you want to transfer it you can do
4. Any paperwork (relating to transfers) would then be handled by Northern Rock staff, where there is excess capacity as they aren't doing much mortgage business.

IF (and I stress again IF) true, payouts (at least on paper) could be achieved in a couple of weeks instead of months!

I really hope they do!

I really hope they do this to.The hassle top go get your money by applying and recieving paperwork etc and having to set everything up again would be painfull.All the data is there I am sure with Icesave,just a matter of transfering it.Information of accounts could possibly be sabotaged or witheld though.Wouldnt it also be more cost effective to use all the existing account info than setting up an entire system again.I hope ,really hope they go the route above that Scoobie mentioned.

confused_landlord

Scooby64 wrote: »

I don't normally pass on rumors, and I want to stress that this is all it is (but I soooo hope it's true!)

I heard from a friend that one of the options the FSCS are considering is to use the account data from Icesave to open new accounts with Northern Rock.

The advantages being:
1. No one has to make a claim - eligable Icesave savers automatically get accounts opened using information they already hold
2. FSCS can make a single payment to Northern Rock (not 300,000 individual cheques)
3. The "cash" from FSCS can be phased as some/many Icesave savers may decide to leave the money in Northern Rock, but obviously if you want to transfer it you can do
4. Any paperwork (relating to transfers) would then be handled by Northern Rock staff, where there is excess capacity as they aren't doing much mortgage business.

IF (and I stress again IF) true, payouts (at least on paper) could be achieved in a couple of weeks instead of months!

I really hope they do!

Not sure how reliable your source is, but it is a really smart idea. Someone should email the FSA with this suggestion in case they havn't really come up with the idea.

Transalper

As for nothern rock, even if it wasn't one of the best, right now, I'd leave mine in there until this whole "credit crunch" thing has gone away! I don't think we're going to hear the last of bank collapsing

I think I would rather have my 30k of tax free Isa stuffed under a rented mattress than where it is right now. The Northern Rock fund transfer speculation gives me some relief to my scalp where I pulled my hair out this week!

Optimist

Scooby64 wrote: »

I don't normally pass on rumors, and I want to stress that this is all it is (but I soooo hope it's true!)

I heard from a friend that one of the options the FSCS are considering is to use the account data from Icesave to open new accounts with Northern Rock.

The advantages being:
1. No one has to make a claim - eligable Icesave savers automatically get accounts opened using information they already hold
2. FSCS can make a single payment to Northern Rock (not 300,000 individual cheques)
3. The "cash" from FSCS can be phased as some/many Icesave savers may decide to leave the money in Northern Rock, but obviously if you want to transfer it you can do
4. Any paperwork (relating to transfers) would then be handled by Northern Rock staff, where there is excess capacity as they aren't doing much mortgage business.

IF (and I stress again IF) true, payouts (at least on paper) could be achieved in a couple of weeks instead of months!

I really hope they do!

Be interesting to see how other banks react to that idea as the government would be effectively giving millions of pounds of new savings business to one bank. That has to be against some EU competition law or other.

EagerLearner

True... but isn't it effectively the government's bank now so Alastair could claim exceptional circumstances again?

casper_uk

Northern rock can not take that amount of money, they are already extremely close to the % of uk banking deposits they can legally hold. Still whats one more rule for Brown to re-write lol

moneypenny24

Hi

What are your feelings on Kaupthing? I attempted to transfer my money out on the 7th, and it has not reached my bank! when you eventually talk to them they just say it is taking longer than normal, my worry is that its not in Kaupthing ( according to my statement) and its not in moninated bank:rolleyes: I also spoke to FSCS this morning, just to see if they could shed any light, I must have got the most rude and unhelpful individual around, all I can say is if we have to deal with theses people,then they are not all like her.