ICESAVE - What is covered?

skimask

Speaking of which, here's the latest from the Beeb:
http://news.bbc.co.uk/1/hi/business/7656387.stm

Icesave savers warned on accounts
Customers of the Icesave internet bank have been warned they will probably have to claim compensation for money held in their savings accounts.

The authorities in the UK are preparing for the bank's parent in Iceland, Landsbanki, to be declared insolvent.

slowepoke

As is aid in another thread, sky are saying something completely different to BBC, lets wait until the dust has settled and we can take it from there

Richard_Cocks

I'm glad I get interest paid monthly into the account. Ends up same AER and if interest isn't compensated I only lose 2 days (I happend to open on the 4th of a month!) plus the time it takes for compensation.

hilali65

I have had my second conversation with Icesave since this morning. Basically I did panic and decided to cash out our two ISAs (£45K)this morning at 5am using CHAPS. According to our accounts this has been processed and the £30 charge was applied and all the funds were cleared and transferred before the stop at 11am. Both girls at Icesave confirmed that to me plus our accounts are showing almost zero balance. My worries are that my bank can not see the funds as of 1:25pm and they say this might take up to 5pm. I am really not comfortable about it at all and can't even stop thinking where my hard work saving have gone in this wilderness of banking fiasco.
Anyone out there suffering as much as I am??

skimask

hilali65 wrote: »

I have had my second conversation with Icesave since this morning. Basically I did panic and decided to cash out our two ISAs (£45K)this morning at 5am using CHAPS. According to our accounts this has been processed and the £30 charge was applied and all the funds were cleared and transferred before the stop at 11am. Both girls at Icesave confirmed that to me plus our accounts are showing almost zero balance. My worries are that my bank can not see the funds as of 1:25pm and they say this might take up to 5pm. I am really not comfortable about it at all and can't even stop thinking where my hard work saving have gone in this wilderness of banking fiasco.
Anyone out there suffering as much as I am??

Fair play to you! If I had had 45k in there, I would definitely have done the same. If the CHAPs has gone through I'm sure you'll be fine, but can understand why you won't have complete piece of mind until it appears in your account! Good luck, I'm sure it'll work out.

beaujolais-nouveau

ebyard wrote: »

Nope, no luck on the phone.

I can log-in to the website though. I can see my money, I just can't get it!

I read in another place that the Dutch version of the web site is still working - if that is still the case, can you get your money out via the Dutch version?

missmilly

gaz77 wrote: »

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?

Me too!!! I sent the transfer forms to Icesave on 24th September... and like you the ING account seems to have disappeared, but the money is not yet showing on Icesave.

An ever hopeful Missmilly

jonathancarty

Have just spoken to Icesave. They said that all transactions requested prior to 9am this morning would be processed in the normal way.

We'll see!

EagerLearner

Thankfully my 8am transfer has gone through (BACS - should arrive in 4 days), but of course my ISA and my fixed-term account (that matures next month) are still there. I am very concerned about the lack of response from the UK government, it's crazy stuff to be relying on Sky and BBC. Watching with baited breath and trying to breathe easy...

oliver_m_2

At this stage I'm staying surprisingly calm.
I'm having a 1 year fixed rate deposit maturing in about three weeks
with Icesave (and another 2 year fixed rate paying interest in three
weeks and maturing next year this time).

I'm wondering whether someone would know whether the compensation scheme
will also cover loss of interest (or where can I look this up)?
So far I haven't seen received any interest from Icesave!

Thank you!