Icesave-please help/advice!!!!

Dan_66

Rumbelow wrote: »

Hi,


The other thing I've done is to create an "are my savings safe calculator" to help people work out how to get the best savings rates whilst ensuring that their savings are spread across different banking licences so you get the maximum protection of £50k per person, per institution.

Hope you don't mind me putting the link to the calculator here, just thought it would be useful and I would appreciate everyone's feedback in terms of whether it's of any use at all.

http://www.moneyfacts.co.uk/community/blogs/rumbels/archive/2008/09/30/are-your-savings-safe-calculator.aspx

Thanks again,
Stephen

Article published 22nd Sept 2008.


Icesave regularly hits the headlines as it offers savers very competitive interest rates and is regularly in the Cash ISA and Fixed Rate Bond savings best buy charts. Icesave has also attracted some negative comments in the press concerning Icelandic banks with commentators questioning whether your savings are safe with Icesave and also Kaupthing.

Icesave offers UK savers exactly the same level of protection as any UK registered Bank and Building Society.

Icesave is one of several European Economic Area (“EEA”) Banks, which includes Kaupthing, Bank of Ireland, Anglo Irish and ING Direct, who have topped up into the UK Financial Services Compensation Scheme. This means that Icesave, Kaupthing, Bank of Ireland, Anglo Irish and ING Direct offer savers the same level of protection (currently £50,000) as every FSA regulated UK Bank and Building Society.

For EEA Banks the financial compensation scheme (often referred to as a “passport scheme”) is provided by two schemes. The end result is that the total amount of your savings protected is £50,000. In the example of Icesave or Kaupthing, the savings protection works as follows:

·The Icelandic Depositors’ and Investors’ Guarantee fund provides the first level of protection, which covers up to 100% of the first €20,887 (or the sterling equivalent) of your savings.
·The UK Financial Services Compensation Scheme tops up your protection so that protection under both schemes is equal to 100% of the first £50,000 of your savings deposits held with Icesave.

Under European Union law, compensation for any losses incurred due to the failure of a Bank should be paid within three months, regardless of whether it is through a ‘passport scheme’ or the UK Financial Services Compensation Scheme.



The moneyfacts description above of the protection arrangements for Icesave and Kaupthing is incorrect!

Kaupthing had FULL FSCS protection whereas ICESAVE used the passport scheme!! Please correct this page!!

Rumbelow

Thanks for pointing this out.

You are indeed correct. Kaupthing Bank had "topped up" into the FSCS, but because Kaupthing operate under the full FSA authorisation status granted to Kaupthing Singer & Friedlander (a UK registered company) depositors are fully protected by the FSCS up to £50,000.

The article has been updated accordingly.

LGG_2

Rumbelow wrote: »

Hi,

We use a number of sources when compiling our news, and in the instance of Icesave this did consist of both the FSCS and HM Treasury. We were originally told by the FSCS at the beginning of the week that customers affected by Icesave's collapse would be able to find out on Friday (17th) about how to reclaim their savings and that they should receive a letter from them the following week setting out the exact process to follow.

I have just spoken to the FSCS this afternoon and the latest situation is that they don't yet have an exact date when the compensation forms will be sent out, but the FSCS will contact people affected directly. They remain hopeful that customers will only have to deal with the FSCS and will have some firm news by close of business tomorrow (Friday 17th).

Hope that helps.

thanks for that

northern5

so.... dare I ask whats going on? Its all gone very quiet and I've not received any form in the post trying to claim back my ISAs!!

john5001

Yes I would like some kind of update.

Looked on various sites.

innovate

murphydavid wrote: »

The forms can't be asking what the customers want done with their money because we all have linked accounts to put it in.

Steady.

I for one do not want my money transferred into my linked account.

I have an Icesave ISA, and I want the ISA-status of my money to be retained. This would not happen if someone decided to just transfer my money back into my linked account.

I fully expect that the FSCS are dealing with such considerations, and that will be one reason why it takes some time for them to finalise the details of the claims process, or whatever process(es) they will come up with.

passau91

It is frustrating. It is almost as if it is now yesterday's news. It would be helpful if the FSCS website was updated each day, even if it was only a variation along the lines that the negotiations were still ongoing, as no news at all means that you start to give credence to speculation about what is going on instead.

Chris_Howarth

Well, there has been an announcement by the FSCS regarding Icelandic banks, but nothing relating to us Icesavers as yet.

http://www.fscs.org.uk/consumer/

Chris

Celt08

We should have heard something by close of day today... this isn't right :mad:

Meadows

Posted today on Moneysaver forum ref FSCS:

As per just a few minutes ago they said that they were today instructed to say that they had no specific timescale as negoitiations were still going on between the British and Icelandic authorities. This is different from earlier this week when the representative said the forms would be going out in a 'week or two'. The discrepency is concerning. I asked about the update on the website for today and she said that may well be true but they had been instructed of nothing.