Kaupthing & Icesave: MoneySavingExpert.com Official Note

cas84utd

I just spoke to KE.

They have had more deposits than withdrawals this week. KE are in a much stronger position than Landsbanki and all this hype on them is kinda unfair, they are being dragged through the dirt because of Landsbanki.

For those wishing to terminate your KE fixed rate savings early, there is a 1% interest penalty and interest will be calculated and added up to the termination date.

I am keeping my money in there for now. I also have money in IceSave. I could lose everything because of this but I am keeping a calm head, I urge others to do the same.

fusionblue

Can i recommend this thread be made sticky?

Former_MSE_Dan

STOP PRESS. Updated 12.00am Tue 7 Oct. Icesave temporarily stops withdrawals.

Icesave is reported to have gone into technical receivership, meaning its assets have been taken over by the Icelandic government and it has effectively been nationalised (like Northern Rock was), see this FT article. We’ve contacted both its UK press offices for more info, but they're in the dark as to what is happening.

It’s hoped the withdrawal suspension is simply a technical part of the nationalisation scenario, which should provide more safety, however this is impossible to confirm. We are constantly monitoring the situation and trying to find out more. Updates will appear here and be included in the free weekly email

We have spoken to the Treasury this morning about whether, in the very unlikely event of the Icelandic scheme not being able to cover its obligation of the first €20,000, it would step in and make sure UK savers were covered for the whole first £50,000. It says it's very aware of the problem, and the government is talking to its Icelandic counterparts to find a solution, with the key being that UK savers deposits are protected.

However, there is no final answer so far, the Treasury is continuing to discuss it's course of action, and this article will be updated as soon as anything further is decided.

LGG_2

bump......................

meester

I think you need to update again, the BBC are now saying Icesave customers are 'probably' going to have to make a compensation claim to get their money back.

Also what will happen to interest accrued but not yet paid (i.e. on annual basis, which could be insured to as much as £6,000).

IT_nerd

Yeah. BBC are saying we will have to make a claim.

Mr_Cynical

I will never trust anything from Martin Lewis again

meester

Mr_Cynical wrote: »

I will never trust anything from Martin Lewis again

I imagine Icesave got a LOT of their customers from MSE, but it's not Martin's fault there's a global credit crunch.

I should have left my money in the Co-op bank earning peanuts.

isofa

http://news.bbc.co.uk/1/hi/business/7656387.stm

ceebeeby

Mr_Cynical wrote: »

I will never trust anything from Martin Lewis again

IDIOT :mad:

(Ha-ha, Mr C ... Not the very lovely Martin!!!!)