ICESAVE - What is covered?

EagerLearner

jp01 wrote: »

Great news well done

Think of it more like the Titanic, which struck Ice.
You got in the lifeboat.
The others are still on deck.
Whether they go down remains to be seen.

Or... the ones who are in the lifeboat are not as secure as the ones still on board a solid big boat that just enjoyed 4 billion from Russians, hopefully stemming the problem of the 'iceberg'. With any luck that, and stopping withdrawals, will stop the panic and people jumping overboard.
However as someone with £22k still in savings there, I am equally eyeballing news like eveyone else but prefer to stay positive.

csiman

outof wrote: »

Russia just bailed out Iceland. $4billion emergency loan. At times like these you know who your friends are....... (or at least where the missiles will be rebasing)

Source for this info? I cant find anything.

Pooky23

I've managed to get thru to IceSave. They themselves do not know what is going on. Apparently a statement will be released in the next few hours. She did tell me that the stop on withdrawls/deposits is for today only. I have a fixed rate savings account maturing next week and last week I arranged for it to be transferred to my Easy Access Account. She tells me this will happen as arranged and that I will be able to withdraw my money next week. She also confirmed that my money IS safe. Trouble is, I don't really believe what she is telling me....

nobblyned

csiman wrote: »

Source for this info? I cant find anything.

Statement by icelandic government, Icesave taken over by the state, Russia bail out Iceland...

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

fatpig_2

sadabbott wrote: »

. I fear the worst.

Wow! That really is a suprise

gaz77

I seem to be the only one hoping my money has been transferred to Icesave!

A few weeks ago, I arranged to transfer my ISA from ING to Icesave when the ING bonus ran out - 6th October. I checked last night and again before 10 this morning. The ING account's been closed, but nothing's been credited to the Icesave account yet. My main worry is that the money's been lost in the system.
I'm not going to panic yet, but I'm starting to get nervous.

P.S. Could someone clarify what happens if the €20k passport guarantee can't be met? Will the UK government top up any short-fall or does that only apply to money between €20k and £50k?

bluebell_lily

Pooky23 wrote: »

I've managed to get thru to IceSave. They themselves do not know what is going on. Apparently a statement will be released in the next few hours. She did tell me that the stop on withdrawls/deposits is for today only. I have a fixed rate savings account maturing next week and last week I arranged for it to be transferred to my Easy Access Account. She tells me this will happen as arranged and that I will be able to withdraw my money next week. She also confirmed that my money IS safe. Trouble is, I don't really believe what she is telling me....

Hi, I have a different story to yours. My fixed rate accounts matures this week and a fortnight after. The advisor said no withdrawals, although interest will be earned. Trouble is, like everyone else, I can see the money but can't get at the money (and doubt about the money being safe in Icesave "Ice'safe' ").

skimask

I think at this stage everyone just needs to chillout and let the banks do their thing, inundating them with calls will just make matters worse. Wait for the dust to settle and then work out how to get our money out.

Eezageeza

I'm not sure if we're just unlucky - my wife and I moved some of our money from Bradford and Bingley last week (because Abbey is probably the worst bank for customer service), and now both of our ISAs are frozen. What I would like to know is:

1. How easy/long will it take to claim our money back? We have less than £10,000 in savings.
2. Is it only the capital and not the interest that is protected?
3. Is it really legal to prevent us from withdrawing our money?
4. They say that the bank will continue as normal. How likely is this?

It's a shame to be in this situation through no fault of our own. We took savings accounts with B&B and Icesave on recommendation from Which? magazine....

skimask

Eezageeza wrote: »

I'm not sure if we're just unlucky - my wife and I moved some of our money from Bradford and Bingley last week (because Abbey is probably the worst bank for customer service), and now both of our ISAs are frozen. What I would like to know is:

1. How easy/long will it take to claim our money back? We have less than £10,000 in savings.
2. Is it only the capital and not the interest that is protected?
3. Is it really legal to prevent us from withdrawing our money?
4. They say that the bank will continue as normal. How likely is this?

It's a shame to be in this situation through no fault of our own. We took savings accounts with B&B and Icesave on recommendation from Which? magazine....

Wow, that really is unlucky, a case of out of the frying pan and into the fire. I took my decision based on information here on MSE, but to be fair nobody could have predicted which banks would go bust, and I'm sure the same applies to Which?, they advised based on the interest rates and terms, not on the likelihood of going into receivership....
I'm guessing it's just our capital that is guaranteed, and not the interest, personally I'd be more than happy just to get my hands on the cap!