ICESAVE - What is covered?

mollypup_2

Hi,
Firstly I understand the passport system etc (I think).

What I'm trying to understand is 'if' Icesave cannot pay out the passport part (i.e. E20,000) then does the UK gov take up the slack?

For example:
I have 13500 GBP in an ISA.
Say Icesave goes under and cannot payout. Will the UK goverment cover the 13500 GBP because its within the 50k limits?

Also, do you have to phone Icesave to get sort codes and account numbers? Might be looking to transfer but indecided. All I can find is a long Alpha/Numeric number that icesave call an account number.

cheers

Birdie100

No, the codes you will need are the correct ones for the account number. It's pretty clear something serious is afoot - since the front page has been altered to say all withdrawals etc are on hold. We shall wait to see today exactly what will happen next...

Baldur

mollypup wrote: »

Hi,
Firstly I understand the passport system etc (I think).

What I'm trying to understand is 'if' Icesave cannot pay out the passport part (i.e. E20,000) then does the UK gov take up the slack?

For example:
I have 13500 GBP in an ISA.
Say Icesave goes under and cannot payout. Will the UK goverment cover the 13500 GBP because its within the 50k limits?

Nobody knows, but the FSCS official position is shown in my post HERE.

Griffboy

Birdie100 wrote: »

No, the codes you will need are the correct ones for the account number. It's pretty clear something serious is afoot - since the front page has been altered to say all withdrawals etc are on hold. We shall wait to see today exactly what will happen next...

Crikey, :eek: my money arrived in my linked account this morning. I can tell you I feel a little easier. Lemming? I'm not so sure. The mythical action of the Lemming jumps to it's death from a cliff. I have jumped to my survival, so the metaphor doesn't stand.

Birdie100

Now I feel particularly stupid for not CHAPS ing my money. Grr. Still, it says it's been processed so implies the money is on its way...

saveallmymoney

Went to the ICESAVE site this morning to get the deposit for my car in my current account ready, whoops no you can't have it.

!!!!!!. :-(

Fella

It's a disgrace that IceSave to promote themselves as covered by the FSCS when the reality appears to be that for the first £16K of savings (or 100% of savings if someone has <£16K) there is no reliable protection whatsoever.

What the hell are the FSA playing at allowing that kind of behaviour? The regulators in this country are an absolute joke. Bunch of dumb beurocrats paid to sit around & do nothing whilst providing a totally false feeling of security for the rest of us.

Fella

Griffboy wrote: »

Crikey, :eek: my money arrived in my linked account this morning. I can tell you I feel a little easier. Lemming? I'm not so sure. The mythical action of the Lemming jumps to it's death from a cliff. I have jumped to my survival, so the metaphor doesn't stand.

When did you initiate the withdrawal Griffboy?

csiman

We are not currently processing any deposits or any withdrawal requests through our Icesave internet accounts. We apologise for any inconvenience this may cause our customers. We hope to provide you with more information shortly.

derbyjon

csiman wrote: »

We are not currently processing any deposits or any withdrawal requests through our Icesave internet accounts. We apologise for any inconvenience this may cause our customers. We hope to provide you with more information shortly.

Was just about to post the same thing.

Scary stuff.

steadysaver

csiman wrote: »

We are not currently processing any deposits or any withdrawal requests through our Icesave internet accounts. We apologise for any inconvenience this may cause our customers. We hope to provide you with more information shortly.

They are probably trying to stop a run, that itself would just cause even more problems than just leaving your cash in their