Kaupthing & Icesave: MoneySavingExpert.com Official Note

NoreenOMS

Thanks Annpan..
I am 98% confident of the advice from Martins team, and the general feeling on the board, and therefore I think I am going to sit on the situ for the time being.. at the end of the day £3,500 is a drop in the ocean compared to some of the figures people are quoting on here as having with icesave, and KE are not even in trouble.. (yet?)... I am also someone who only opened the account following seeing advice on this website, but I dont consider it bad advice.

SarahNeedle1872

I have approx £5.5k with Icesave, so naturally I am nervous about what's gonna happen but I am luck that if I need money in an emergency, I can borrow from family.

For what it is worth, I can still access Icesave via my Egg Money Manager, but I don't know how long this will last for... so I have written down my account numbers and currnt balances 'just in case'

Sarah x

anthony7777777

I opened an account with Icesave in June with a view to investing 35K Because of the very clear advice on this site about compensation schemes I didn't make that investment The advice given here worked very well for me.The very small original investment I withdrew on Friday and it appeared in my account today. Thankyou

dag_2

I can understand people being frustrated. It's all very well to tell people that their money is safe, and that they will be able to get their hand on it eventually, however, perhaps there's one or two people who are relying on getting the money sooner than that to pay bills.

We don't know what's going to happen yet; Icesave might continue to operate under the auspices of the Iceland gov, and start allowing withdrawals and deposits again in the normal way (although I dare say they might drop their interest rate!)

But if the FSCS scheme does get invoked, then I think it will reassure people if they see that it pays out quickly. If FSCS doesn't pay out quickly, then I think the fear that the same thing might happen to another bank may well cause runs on other banks.

I still have savings with Kaupthing Edge, ICICI UK and Egg. I think I'll leave everything where it is for now.

Annpan

Icesave compensation will be a good test case for the FSCS scheme. If it's a load of b***ocks then I think there will be lots of 'runs on banks', so it has to work doesn't it?

ed123_2

...you state that the european scheme may have increased from 20k ( approx £17k) to 50k( approx £42.5k) euros from today....which covers Iceland, if that is the case and as most Brits would have been under the £35k limit, that would mean having to claim the full amount from the Iceland scheme...

CuriousMeerkat

Hello,

I have around £13,500 in an Icesave ISA. The way I understood it, the amount up to £16,000 (ish) was covered by the Icelandic compensation scheme - and in the event it had to be used, it may take longer to get your money back.

My concern now, is the rumours that the Icelandic government will not be able to afford to pay this money out. If this is the case, there is a reciprocal relationship with 3 other Nordic countries to step in. If this doesn't work, then anyone with savings in Icesave under £16,000 will not get money back unless the UK government does something.

Would that be a fairly accurate summary?

MimiJane

CuriousMeerkat wrote: »

Hello,

I have around £13,500 in an Icesave ISA. The way I understood it, the amount up to £16,000 (ish) was covered by the Icelandic compensation scheme - and in the event it had to be used, it may take longer to get your money back.

My concern now, is the rumours that the Icelandic government will not be able to afford to pay this money out. If this is the case, there is a reciprocal relationship with 3 other Nordic countries to step in. If this doesn't work, then anyone with savings in Icesave under £16,000 will not get money back unless the UK government does something.

Would that be a fairly accurate summary?

Very similar circumstances here and, yes, I agree with your summing up. Exactly how this "agreement" with other Nordic countries has been instigated could well be an important factor. If they renege on any promise of assistance, a lot of us could be in trouble, if it comes to this of course.

It's all very worrying until we get more news. Here's hoping we learn more hard facts very soon so we all know where we stand.

moneywolf

CuriousMeerkat wrote: »

Hello,

I have around £13,500 in an Icesave ISA. The way I understood it, the amount up to £16,000 (ish) was covered by the Icelandic compensation scheme - and in the event it had to be used, it may take longer to get your money back.

My concern now, is the rumours that the Icelandic government will not be able to afford to pay this money out. If this is the case, there is a reciprocal relationship with 3 other Nordic countries to step in. If this doesn't work, then anyone with savings in Icesave under £16,000 will not get money back unless the UK government does something.

Would that be a fairly accurate summary?

SWEDEN DENMARK & NORWAY Seem to be the back stops, but it appears as if russia are lending 4 billion to Iceland

If a country was to go bankrupt then any country could go including ireland & the U.K

The U.K goverment if its wants to prove its in control should sort this out, 300,000 pised off voters is not good.

Kat_9Lives

I use electronic banking at work frequently and from time to time have to recall, track lost payments etc (via our bank) however I'm no expert but my understanding of what happens is this.

CHAPS we have a cut off point of approx 2pm, after that the payment will fail as it won't hit the account same day. The money leaves the account as soon as it is sent and is received by end of business same day. We are unable to recall CHAPS payments, or rather our bank tells us they are unable to recall CHAPS payments on our behalf as they have left their banking system. However we are NOT a bank so they may be different. I have to wonder if you are able to send CHAPS payments late in the afternoon if they are set to send via CHAPS the next day.

BACS we can send until 3.45pm and the money hits the acount after midnight on day 3, we can recall that payment upto end of business the day before. Again the money leaves our account as soon as the payment is made.

Should any payments get "lost" usually due to incorrect account details we have to ask the originating bank to trace the payment. Usually the money comes back before they manage to do that because they are dependent upon the co-operation of the receiving bank.

If the payments haven't arrived I would immediately ask your receiving bank to check suspense accounts etc to ensure the money isn't sitting there. If it is and its not claimed/identified as yours it will be returned to the originating bank account fairly quickly.

Fingers crossed for anyone waiting on payments arriving.