'Icesave... angry, frustrated and upset...' blog discussion

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  • Updated Icesave Info: For the latest see the Icelandic Banks section of SAFE SAVINGS
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  • billnben
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    When Martin last promoted Icesave at length on April 1st we Brits should have realised the significance of that date. That said I must admit it took me until a fortnight ago to take our money out.. then we put it into Anglo-Irish, that was nearly the end for the flowerpotmen!
  • Nomad25
    Nomad25 Posts: 1,995 Forumite
    First Anniversary Combo Breaker
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    Having read a lot of the threads on ICESAVE on here today, it appears that there is a split between those who are upset/panicking and those [like me] who are philisophical combined perhaps with an element of 'it hasn't really sunk in yet', plus of course the occasional angry element looking for someone to blame.

    What concerns me are the people who run a fairly tight system of money from their ICESAVE savings a/c into their regular bank a/c to cover monthly bills, who through no fault of their own would appear to be stuffed.

    What will happen if they can't pay their bills?
  • carlsimon
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    i put £9500 in an icesave Isa just 2 months ago. and now i don't know if i will get my money back. Just b4 8am this morning i took the lot out by BACS but it takes 4 days to clear and it says processed and the balance in icesave is 0. so i wanna know if my money will go in my bank account i transferred it too.?? just after 8am they said you could not take out any money and my account in icesave still says 0. So will it go through to my normal bank account in 4 days or not?????
    thanks carl.
  • Paula1
    Paula1 Posts: 6 Forumite
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    Nomad25 wrote: »
    Having read a lot of the threads on ICESAVE on here today, it appears that there is a split between those who are upset/panicking and those [like me] who are philisophical combined perhaps with an element of 'it hasn't really sunk in yet', plus of course the occasional angry element looking for someone to blame.

    What concerns me are the people who run a fairly tight system of money from their ICESAVE savings a/c into their regular bank a/c to cover monthly bills, who through no fault of their own would appear to be stuffed.

    What will happen if they can't pay their bills?

    Yes I am one of those who is trying to remain philisphical and fortunately my savings are not needed (at the moment). I can't help being concerned though when I keep hearing that the small savers will be the ones that lose out. Won't all savers first need to apply to Iceland (or wherever) before going to FSCS? I may not need my money immediately (it's in an instant isa) but I am nearly 65 and haven't got that much to draw on; if I had I would have gone for a higher fixed interest account where my money was fixed for a time. I did get cross when I heard Jon Snow on Channel 4 news make the comment "buyer beware". I felt he implied that anyone using the bank must be stupid (or greedy for interest). Well when I opened my isa account I was not aware of the 'passport scheme' and by the time I found out I had already transferred my money. And everyone knows just how long and fiddly it can be to change an Isa over. Once done it's not something you want to do too again too quickly.
  • JudithEllen
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    I have tried to find out if we get our money back can it be put into another ISA to retain the tax advantage. The FSA Helpline doen't know! What hope is there for us mere mortals.
  • auberge
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    If we have to use the compensation system aginst Icesave (or any bank) will it include any interest accrued but not yet added to the account?
  • Chrismaths
    Chrismaths Posts: 931 Forumite
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    "we’ve seen once immovable bastions like Goldman Sachs, Merrill Lynch and Lehmans, as well as household names like Bradford and Bingley, go kaput"

    Goldman Sachs is most certainly NOT Kaput, neither is Merrill Lynch - Goldman is still functioning as a distinct entity and Merrills has been taken over by Bank of America. Lehmans and B&B have gone under.

    I think you might want to revise that entry
    I'm an Investment Manager. Any comments I make on this board should be not be construed as advice, and are for general information purposes only.
  • samizdat
    samizdat Posts: 398 Forumite
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    I applied to transfer my ISA from Icesave a couple of weeks ago and received a letter from Icesave on Saturday latest to say that they had sent a cheque to my new provider. However, this cheque would not appear to have arrived and, even if it does arrive, I am unclear whether the cheque will be paid.

    My account with Icesave seems to have been closed for a few days now.

    Anyhow, this is just a plea to Martin to obtain clarification from the relevant authorities about the positions of different categories of people. Obviously, we all want to hear "you will be covered up to £50,000 by the UK irrespective of what Iceland or Scandinavia may do" but it would also help if the question of what happens to current instructions (i.e. withdrawals/deposits) could be specifically addressed with Icesave, Iceland, Scandinavia and the UK; what the timescale for compensation payouts (if any) will be; how accrued interest will be treated both up to and after Icesave's default; and also, in relation to ISAs, whether any compensation can be rolled over into a new ISA with another provider and if so how. No doubt there may be many other situations that need to be considered.
  • kiranj
    kiranj Posts: 63 Forumite
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    I'm one of those who missed all of Martin's warnings re the passport scheme....and now my instant isa seems to have disappeared in a puff of smoke....... that's all my finance buffer gone in one swoop. Fingers crossed i don't have any emergencies come up....and that the compensation scheme does pay out. Thing is....they can't possibly re-open accounts as normal....it's pretty obvious there would be a stampede to take all the money out.....
    And how long will it take to get the money, even if the compensation scheme does pay out?
    Holy smoke....I think it's just starting to sink in.....
  • swhxd06
    swhxd06 Posts: 9 Forumite
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    auberge wrote: »
    If we have to use the compensation system aginst Icesave (or any bank) will it include any interest accrued but not yet added to the account?

    My concern also. I have a 1yr term deposit. Whether or not it will accrue interest, when can I get the money back in order to invest it somewhere else - a safer haven - like under the bed!:confused::mad:
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