Kaupthing & Icesave: MoneySavingExpert.com Official Note

Mr_Cynical

EagerLearner wrote: »

Grown-ups don't go stating that their choice of bank or investment being he wrong one, are the fault of one man for recommending it, a man who can't predict the future, and openly states that anyone following advice on this site does so at their own risk and needs to do their own research.

I suggest you read my comments before replying

downs523

just withdrawn all my money from kaupthing edge, why take the risk ey..

EagerLearner

Your comments? Must read every single one of the... oh hang on, 8. Must take some time out to read all those...
I am sure they go along the lines of "Martin Is Evil and it's All His Fault - waaah waah". Anyway, sorry won't be taking your 'suggestion', we can all reply to your 'grown up' comments as we see fit, in the same tone too.

Stavros_3

Mr_Cynical wrote: »

Where have I said it is?

Your blaming Martin Lewis. The problem in Iceland is a global problem, from the US, to the far East, to Europe. If he said "Lie down on that railway line" would you do it, course you wouldn't because you have a choice. To blame someone for issues in Iceland is unfair as this started elsewhere other than in Iceland.

teecee90

Wife and I both have Cash ISAs with ICESAVE and savings with Kaupthing Edge. I have just withdrawn all my money from KE. I hope it goes through quickly just in case they get in trouble as well. There will probably be a run on KE and I realise that I am contributing to it, but if I lose my KE money as well as the ICESAVE ISAs I will be well and truely stuffed. I just cant afford to risk it.

MSE_Martin

Hi folks,

If someone wants to blame me, that's their prerogative. However please there's no need to defend the issue here, its more important this thread is kept to discussing the issues. I will briefly respond here, then pls lets leave it

Icesave, is a horrible situation. For the last seven months, every note on the site that mentions Icesave has included a major mention of the fact its not protected like other banks, and an explanation of what that means, and a big link to the spread your savings guide.

My stance was, is, and will be, that we give best buys on rate and explain the protection system where it differs, so people can make their decisions.

I work very hard to give the best info possible, yet the financial world has been turned upside down.

Frankly right now its a terrible scenario, and if im honest I feel emotional about it, yet rationally I know I can hold my head up high, that unlike many blind recommendations elsewhere on the web, this site has consistently included the protection information and explained it, so people can work out the risks and decide for themselves and there was little else we could've done, even with hindsight.

At this time, I'm not going to continue the debate, my job and the sites job is to find out the info we can to try and help people and their savings. And if this thread can get back to that, it'd be great.

Martin

johnny5a

swiss69 wrote: »

What would happen if your savings with them are in ISA? Do you reckon your ISA wrapper would therefore be lost!

yeah I was wondering about that! Does anyone have an answer? But I guess we can prove that it came from an ISA, will other banks accept that?

teecee90

I too would be interested to know what happens to the ISA wrapper in the event that I do get any of my money back from ICESAVE. Anybody?

dougz_2

MSE_Dan wrote: »

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.

This afternoons BBC Working Lunch announced that it was still unknown what would happen in that situation. Who is correct?

[Deleted User]

I think we have all got to be patient