Icesave/Kaupthing - is Martin to blame?

31May2008

This is an excellent site with many helpful ideas but it has really come a cropper after recommending the deposit of savings in Iceland banks kaupthing and icesave.

From martin's blog back in April after newspaper articles raised concerns about icesave:

"Therefore, where Icesave is a best buy, it remains a best buy. If I were to arbitrarily pick accounts not to include, then articles wouldn’t be accurate, where do you draw the line? This site is about listing highest interest rates to save people money… to get in the ‘picking the dodgy bank’ game - is an impossible task."

If you can't pick out the 'dodgy bank' even after the mainstream press are onto it then you're no money saving 'expert'.

How many people had even heard of kaupthing or icesave before seeking advice here on moneysavingexpert.com ?

It's no consolation to tell people who can't withdraw their cash today that their money is 'safe'.

People on this forum have been badly advised.

Sorry to be ungrateful and the one to point it out - I reclaimed a couple of thousand from the banks thanks to this site.

opinions4u

He always said to remain under the £35k.

Griffboy

I followed the news and didn't listen to most on here calling me names and drew my money out. People have to follow their own instincts.

nzseries1

All the wonderful advice Martin has given over the years, and then one thing goes wrong... and Martin's the devil!!!

I love the thread title:
Icesave/Kaupthing - is Martin to blame?
Yes, Martin's to blame for Icesave. Well said.

And nothing's happened with Kaupthing. What in particular are you referring to with Kaupthing? My money's all there and I haven't heard of anything "happening" to Kaupthing.

Like I said on another thread, show me the CCTV footage of where Martin held a gun to your head and forced you to take out the account. Until you do that, I'm sticking by Martin.

benjdr

You will note the disclaimer:

This website is based on journalistic research. It does not constitute financial advice. Any information should be considered in regard to specific circumstances. All tips are followed at your own risk and should be followed up with your own research

Crabman

Martin's addressed this point here.

Fella

don't be silly, of course he's not to blame.

Eager_Saver

Sure he is, but why stop at the Icelandic Banks ... Martin, I say that you are also responsible for the collapse of the US sub-prime market!

Come on, get a grip, reviews on this site have always been objective and Martin has always recommended further research before signing up for ANY financial product.

ventureuk

31May2008 wrote: »

This is an excellent site with many helpful ideas but it has really come a cropper after recommending the deposit of savings in Iceland banks kaupthing and icesave.

From martin's blog back in April after newspaper articles raised concerns about icesave:

"Therefore, where Icesave is a best buy, it remains a best buy. If I were to arbitrarily pick accounts not to include, then articles wouldn’t be accurate, where do you draw the line? This site is about listing highest interest rates to save people money… to get in the ‘picking the dodgy bank’ game - is an impossible task."

If you can't pick out the 'dodgy bank' even after the mainstream press are onto it then you're no money saving 'expert'.

How many people had even heard of kaupthing or icesave before seeking advice here on moneysavingexpert.com ?

It's no consolation to tell people who can't withdraw their cash today that their money is 'safe'.

People on this forum have been badly advised.

Sorry to be ungrateful and the one to point it out - I reclaimed a couple of thousand from the banks thanks to this site.

You are a lunatic, Martin Lewis is to blame as much as the man who sells me my morning paper, my milkman, dustman and landlord. All have a tiny influence over my life but I am able to form my own opinion when deciding if I want The Telegraph, full fat, to recycle or a pint of Black Sheep.

South_Bound

The MSEs have made millions of us more aware of what savings opportunities there are available to us, including the risks associated with them. That we chose to invest after being exposed to that info is our own issue.

Is it my Mum's fault that I bought a house? Safest place is bricks and mortar??

I understand that people are frustrated, but blaming people is a little silly.

randomnut

Ha, yeah Martins to blame for the *GLOBAL* economic downturn affecting *all* banks. The FSCS has recently said its gearing up to step in and help with compensation, so just chill out and grow up.

Ha, blaming this site, whatever next...