Ladies and gents - please calm down and stop adding to the hysteria

$nake_eye$

A Landsbanki spokesman said that 95% of Icesave's UK customers have less than £50,000 in their accounts and are therefore fully protected.

http://news.sky.com/skynews/Home/Business/Online-Bank-Icesave-Suspends-Withdrawals-And-Deposits-For-UK-Customers/Article/200810115114867?lpos=Business_Top_Stories_Header_2&lid=ARTICLE_15114867_Online_Bank_Icesave_Suspends_Withdrawals_And_Deposits_For_UK_Customers

maypole

gax23 wrote: »

Ah, fair enough - got the two mixed up there, sorry! :rotfl:Still, at least it goes to show that some forum members can actually put that point of view across in a civilised manner without resorting to childish insults. Thankyou, and I apologise to you for confusing the two.

In that case, replace KE for Icesave

It appears that you are not one of these civilised people! You have a lot to say of little importance.

Your lack of knowledge and your sarcasm toward people who actually HAVE read the terms and conditions and listened to the facts, is appalling.
It would appear that you have just skimmed over the news, jumped in with both feet and come up with the wrong information, this is what causes panic.

gax23

isofa wrote: »

It's caused people to panic excessively. You think that is good do you?

A mass withdrawal from any bank, because of misinformation, will cause a run on the bank, and risk savers money who haven't been kept up to date.

Why would you try and influence people to withdraw less than 50K in a fully protected UK bank, unless you have some other motive. Where else are you going to put it, another fully protected FSCS UK bank? I'm talking of Kaupthing, not Icesave, as per before.

Misinformation is bad news all round, if you don't understand that, then I can't help you any further.

I repeat - Has this caused you a problem?

GeorgeHowell

jm104 wrote: »

But this is the first time I have bothered to check this forum. If you are 'up' on the situation fair enough but I've been away on holiday last week to get back to Martins regular newsletter recommending Icelandic banks as having best interest!! Most people put their money somewhere to just leave it - like I did earlier in the year with the fixed account - it was recommended at the time and so I did it. How many more are going to get stuffed - this making your money work for you is alien to the majority in this country. People put their money into accounts they have used for years and leave it as savings are way below £50,000, especially with young families and the elderly so please don't get on any high horse when you have 'substantial savings' - most of you probably came good with the rise in house prices or won when a parent died - no investment skill there.

What you say is largely true. But perhaps it is the people who have 'substantial savings' -- albeit because they got lucky -- who take more interest in such matters because they more to gain or lose. There are many people on pension who are cash rich but income poor who need a return from their savings just for a reasonable standard of living. There might be a few on their high horse trying to pretend they are gifted amateur investment experts. They are probably like the people who habitually do the gee-gees -- quick to tell you when they win; keep schtum when they lose. Most people who have experience of managing a bit of money with which to earn some extra income come to realise that the stock market is a mug's game for amateurs, and that it's worth having a bit there only to serve as a salutory reminder at times like this never to increase it further. But it is worth chasing decent interest rates, even for relatively small amounts -- to do that is not being smart-!!!!, just sensible.

sufisu

I have quite a sizeable chunk of my savings in Kaupthing Edge put there, if I'm honest, because I'm as greedy as the next person and wanted the best return on my money. I aso have a standing order to add monthly to my KE account and I have not cancelled this. KE is to all intents and purposes a UK bank and the money is guaranteed as safe. I don't pretend to be any kind of economist but we've already seen with Northern Rock what a run on a bank can do. Do we really want to bring down any more banks? The banking crisis is already affecting other industries and if more banks fail, it will cause this recession to deepen. Nothing will improve until confidence in the world's economies is restored so what is needed is for people to stop panicking and just wait and see. I feel that there are far worse things could happen in the world than me lose my savings!!

Norman-B

gax23 wrote: »

Sorry, I think you've actually got my posts mixed up with someone else's. I'm the one who's been sticking up for those who've lost money and arguing against those who are suggesting that people should keep money in failing banks and don't seem to care that people are losing money.

It's an unthinkable situation for someone to lose their savings - especially in a situation such as yours. This is what I've been saying and defending throughout my posts, so please re-read them before you berate me. I'm on your side here.

If I'm wrong, I am happy to say sorry.

I am off on a holiday in Spain later today ( to celebrate our 40th anniv') and the weather forecast is rain for 7 days! Then this Icesave problem, not a great start to my hol.

gax23

sufisu wrote: »

Nothing will improve until confidence in the world's economies is restored so what is needed is for people to stop panicking and just wait and see. I feel that there are far worse things could happen in the world than me lose my savings!!

You've got a very good point, but when it comes to losing my savings, I have more control over that than I do over controlling natural disasters. I don't think we can really apply the same logic. Fair point, though.

maypole

sufisu wrote: »

I have quite a sizeable chunk of my savings in Kaupthing Edge put there, if I'm honest, because I'm as greedy as the next person and wanted the best return on my money. I aso have a standing order to add monthly to my KE account and I have not cancelled this. KE is to all intents and purposes a UK bank and the money is guaranteed as safe. I don't pretend to be any kind of economist but we've already seen with Northern Rock what a run on a bank can do. Do we really want to bring down any more banks? The banking crisis is already affecting other industries and if more banks fail, it will cause this recession to deepen. Nothing will improve until confidence in the world's economies is restored so what is needed is for people to stop panicking and just wait and see. I feel that there are far worse things could happen in the world than me lose my savings!!

It's not greed to want the best rate for your money, after all, you are in effect, lending it to the bank and the rates are low enough as it is.

gax23

Norman-B wrote: »

If I'm wrong, I am happy to say sorry.

No need - I'm not here to fall out with people

Norman-B wrote: »

I am off on a holiday in Spain later today ( to celebrate our 40th anniv') and the weather forecast is rain for 7 days! Then this Icesave problem, not a great start to my hol.

Ouch If it's any consolation, I went away at the start of September and the forecast was similar, but we got extremely lucky and it was actually warmer than any time in July and August. Fingers crossed, and I hope you have a lovely holiday and congrats on the anniversary :T

isofa

BACKFRMTHEEDGE wrote: »

I hear you - but some of us are fed up with the regulars on this board and would like to stop the same thing happening to others....

None of us want to see anyone lose a penny, I'm at risk as much as all of you. And non of us can afford to lose a penny either, that is why were are members of MoneySavingExpert!

But there are facts and misinformation, and we must stick to the facts.

There is slightly more risk with Icesave than Kaupthing for 50K and under.

Savers with less than 50K in KE are at no more risk than those with money in any other UK back - this is a fact.

As for the state of Icesave it's more complex, and all the protection details I posted at post number 26.

It's good news that Landsbanki has been nationalised, and let's hope that their economy with stabilise in a few weeks.

The title of this thread was "Ladies and gents - please calm down and stop adding to the hysteria"...