Kaupthing & Icesave: MoneySavingExpert.com Official Note

KTF

danmck wrote: »

Hi

First post, I have all my savings (6k) in an Icesave "easy access" account. I understand that there is quite a bit (understatement!) of confusion about getting money back, but I was wondering if there is anything I should be doing now.

Any advice gratefully received!

Nothing you can do other than wait for the website to 'open' again or wait until the details of how to claim back via the compensation scheme are announced.

Former_MSE_Dan

dougz wrote: »

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

Hi dougz,

That's actually only the first paragraph - the rest goes on to say that there is no answer as yet. So us and working lunch are saying the same.

Dan

31May2008

MSE Mart: "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..."

God, he sounds like Blair!

wend33

Although I'm feeling a little shaky I'm leaving my Kaupthing money put as it is a UK bank after all and is covered. My ISA with Icesave holds the bulk of my savings though as its been going for quite a few years. No use panicking now as there is nothing I can do about it.

Many thanks to the team for their hard work and updates. I don't 'blame' anyone - sh** happens!!:(

zippygeorgeandben

wend33 - good for you leaving it in KE. I've just withdrawn mine to transfer back to my current account. I wish I was as loyal (or brave?!) as you but let's just see what happens.

It may be governed by Uk Banks but if something was to happen to your money, I doubt you'd be able to get your hands on it straight away if you needed/wanted to but maybe that's me being cynical.

I do think that KE has been (unfairly in my opinion) dragged into the Icesave problem (I keep saying Iceage when I'm talking to people about it!)

Thanks for the constant updates all MSE Experts.

Ben

zzyorkshirepuddingzz

My husband and I both have cash ISAs with ICESAVE. We transferred into them this year as the rate was so good. We are retired and can't afford to lose these ISAs that we've built up over many years. We need to be told exactly how to claim back this money, and also will the money still have ISA status if we want to reinvest it in another cash ISA. Also, we would like to know if we will get any interest that is owed to us. The information on the BBC news channel is very conflicting. We are not sure if ICESAVE has been nationalised or is in receivership or insolvent. All have been mentioned. I have tried phoning ICESAVE but to no avail. Also, I can't get through to the FSCS to ask them any questions.

Yesterday as I was so worried about the situation in Iceland, I drew some of my ISA out but now I don't know if it will have gone through. It said onscreen that it had been processed but now I have no idea whether they are going to pay me out or not.

It's awful being left in the dark with no one to ask. I'd like to say thanks to Martin and team for their help at MoneySavingExpert.com and any information that you can give us is much appreciated.

chairman_miaow

wend33 wrote: »

Although I'm feeling a little shaky I'm leaving my Kaupthing money put as it is a UK bank after all and is covered. My ISA with Icesave holds the bulk of my savings though as its been going for quite a few years. No use panicking now as there is nothing I can do about it.

Many thanks to the team for their hard work and updates. I don't 'blame' anyone - sh** happens!!:(

Fair play :T

I must confess I have transferred the little amount I had at KE - mostly cos I need it to pay off my Abbey Zero next month....can't take the risk of not being able to get at the money

jacky_horn

When (not if) the money comes back can we put it into a new ISA or do we start from scratch with a new ISA and lose tax free staus on the money we have built up?

jacky_horn

When (not if) the money comes back can we put it into a new ISA or do we start from scratch with a new ISA and lose tax free status on the money we have built up?

wend33

zippygeorgeandben wrote: »

wend33 - good for you leaving it in KE. I've just withdrawn mine to transfer back to my current account. I wish I was as loyal (or brave?!) as you but let's just see what happens.

It may be governed by Uk Banks but if something was to happen to your money, I doubt you'd be able to get your hands on it straight away if you needed/wanted to but maybe that's me being cynical.

I do think that KE has been (unfairly in my opinion) dragged into the Icesave problem (I keep saying Iceage when I'm talking to people about it!)

Thanks for the constant updates all MSE Experts.

Ben

I don't think I'm being loyal or brave and I hope I'm not being just plain stupid but I think that panic is what makes these situations worse (Northern Rock springs to mind). It seems at the moment that NO bank is safe - if I transfer back to Halifax am I really better off!