Kaupthing & Icesave: MoneySavingExpert.com Official Note

jetfighter

I feel awful for Martin at the moment. Like others have said, he has been telling people about the complicated compensation scheme for months (years?) yet he's still getting it in the neck now. I just hope he doesn't give up on this website because of this whole mess.

I feel bad for recommending Icesave to friends of mine, so Martin must feel a billion times worse than I do. I was expecting to see his happy, smiley little face on Channel 4 this evening, so when I saw him looking remarkably miserable, I got worried!

I have to say, though, that none of this will make me lose faith in Martin's articles and advice - he's saved me loads of money over the years, and like others have said, my financial situation would be nowhere near as good as it is at the moment without his help. So take heart, Martin - many of us do really appreciate your efforts.

:money:

ziggyzaggy

gordy wrote: »

Please, please champion a fight to save our ISA tax wrapper with the compensation due. Many of us have many years of ISA allowances at stake.


You know that many people who use your site are Icesave Isa savers and your representation would carry a fair amount of weight.

Here here!

NoreenOMS

Am I the only one who thinks that threads like this are making the situation as clear as mud? The way I have read reports on KE's website and other sources are that KE customers are as safe as if they were with Barclays for instance... in that the first £35k; now first £50k is covered... The only reason I can see for people to withdrew funds is if they have a balance above that covered, or are worried about funds being frozen for a period of time should something similar happen with KE as has happened with Icesave...

Hey, I am no expect thou, and am only looking to sift through all these posts given that I transferred £3.5k to KE only 4 days ago...

Is Icesave registered in the UK also, in the same way as KE?

isofa

NoreenOMS wrote: »

Is Icesave registered in the UK also, in the same way as KE?

No it's covered in detail on many other posts, you are not fully protected under the uk scheme with Icesave, but you are with KE.

Search, read and review.

Annpan

NoreenOMS wrote: »

Am I the only one who thinks that threads like this are making the situation as clear as mud? The way I have read reports on KE's website and other sources are that KE customers are as safe as if they were with Barclays for instance... in that the first £35k; now first £50k is covered... The only reason I can see for people to withdrew funds is if they have a balance above that covered, or are worried about funds being frozen for a period of time should something similar happen with KE as has happened with Icesave...

Hey, I am no expect thou, and am only looking to sift through all these posts given that I transferred £3.5k to KE only 4 days ago...

Is Icesave registered in the UK also, in the same way as KE?

Icesave is different in it's compensation scheme where the first £16,000 is covered by Icelands comp scheme and the rest made upto £50,000 by the UK. KE is under the UK scheme totally, but to be honest with you, if I had £3.5K in KE I would probably move it out again. We have £9,500 frozen in Icesave but we didn't have all our eggs in one basket so arent desperate and should sometime get compo. I've been pondering closing Icesave accounts for a couple of weeks. Hindsight is a wonderful thing.

moneywolf

This is not Martins fault & anyone who thinks it is is a f*cking idiot.

I have £20k in there & i chose to put it there.

what we need now is less F*cking waffling from our goverment & some definitive answers of whats happening.

This need to stay at the top of the agenda so we do not get forgotten in the mayhem.

We need to get organised & push for answers.

Martin gives us the options , we make the descisions.

Pitlanepiglet

Well fingers crossed that those of us under the £16k will get compensated.

For me, Martin's articles made it clear that Icesave were "different" and explained the issues better than anything else I had read. What I like about MSE and Martin is that he presents facts, gives his opinion and then leaves the reader to make their own decision. So Thank You Martin for being there and for being impartial - I trust you and there aren't many people I trust nowadays!

If someone invested £150k having read the articles that I read then they only have themselves to blame and can't claim that they followed Martin's advice.

I'm still unclear whether there is sufficient funding to protect the £16k level of guarantee, is that still an unknown and does that depend on the willingness or the ability of the Iceland Government to fund the scheme?

jan59

Thanks for all the info and advice from Martin and his team and other posters who have made a positive contribution. It's good to have access to this type of technology so that we can share views and info etc. Keep it coming.

I do feel aggrieved though to be in this situation. Having worked hard all my life and taking all opportunities open to me, including upping sticks to work away from my loved ones, not having kids (expensive hobby) etc. I've paid my way. My credit rating is spanking. And all because hubby and I have been working towards a day when we can enjoy life while we are still fit!

Well, 'That Time' arrived at about the same time as the credit crunch was breaking.......... Pensions funds, endowments and other savings vehicles will all take a hammering....... Part of our portfolio is with Icesave.....

Now, we've been net contributors to the Government's coffers for years and never been a 'burden' on the state. But now I need your help Gordon and Alastair..........

You are asking the banks to do the 'moral' thing in the way that they operate in future - so I'm asking you now, will you do the 'moral' thing now and compensate those who have tried to stand on their own feet and make their way in life?

zzyorkshirepuddingzz

I have had a couple of emails from this guy at Landsbanki and this was what he said:

yes I realise that this is very serious. Unfortunately we have yet to receive concrete information that we can give out to customers regarding Icesave.
This is from Icesave's webpage regarding insurances:

financial protection

If we cannot pay any amount we owe you on your savings accounts, you will be able to claim compensation. The maximum compensation is limited to 100% of the first £35,000 (rising to £50,000 with effect from 7 October 2008) of your total deposits held with us (the same as every FSA regulated bank and building society in the UK). In the unlikely event of a claim.

The compensation itself is provided by two schemes (sometimes referred to as a passport scheme) – the end result being that the total amount protected is the same as if your savings were only protected by the UK Financial Services Compensation Scheme. The protection works as follows:

• The first level of protection is provided under the Icelandic Depositors’ and Investors’ Guarantee Fund ([URL="mhtml:{A0E79144-D2D6-417B-9456-439AEC5583E5}mid://00000117/!x-usc:http://www.tryggingarsjodur.is/"]www.tryggingarsjodur.is[/URL]). The maximum protection under this scheme is 100% of the first €20,887 (or the sterling equivalent) of your total deposits held with us.
• The second level of protection is provided by the UK Financial Services Compensation Scheme ([URL="mhtml:{A0E79144-D2D6-417B-9456-439AEC5583E5}mid://00000117/!x-usc:http://www.fscs.org.uk/"]www.fscs.org.uk[/URL]). This scheme tops-up your protection so that the protection under both schemes, is equal to 100% of the first £35,000 (rising to £50,000 with effect from 7 October 2008) of your total deposits held with us.
• Under EU law compensation for any losses incurred due to the failure of a bank should generally be paid within three months - regardless of whether it is through a passport scheme or the UK Financial Services Compensation Scheme.

The situation is however very unclear at the moment so please turn to the UK Financial Services Compensation Scheme for instructions.

I sincerely hope all goes well for you.

I don't know if this tells you any more than you already know but hope it helps.

stamfordblue

I have money with KE and went to read up on their website.
Came away feeling quite ok about being covered up to 50k.
It's based in the UK and has had billions pumped into it.
After coming here and reading some of these posts, anyone would think that KE are going under!
If everyone starts panicking, and withdrawing all their money, it just makes matters worse. (Northern Rock)
I know it can really worry you that you might lose all your money, but I really don't think that will happen.
It's just a case of letting the dust settle.

Martin is in NO WAY to blame for people and where they put their savings.
He tries to really help people, and his advice is very helpful.
:money: