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

GX1

Guesthouse wrote: »

GX1 wrote: »

But why should the tax payer, and investors who have acted responsibly placing their savings with UK banks like HSBC which have much stronger capital adequacy ratios but offer slightly lower rates of interest, pay for the folly of other private investors?

....and that's the Hong Kong Shanghai Banking Corporation HSBC we're on about. The name certainly implies a certain oriental background with no pride in British roots.

Sorry, being a bit cheeky there but I would have picked a better example......like Lloyds, HBOS or RBS...the sort of sound British institution that has a stiff upper lip and doesn't need any help............sorry.....what's that on the news.....?

:;)

Exactly why I chose HSBC...

(i) It IS british despite the name

(ii) My savings really are deposited there

(iii) As I said in my original post it has one of the soundest capital adequacy ratios of all British banks

However, as recent givernment action has shown Lloyds, HBOS and RBS are simply too big for the government to allow to fail... so you can be pretty sure you money is safe there too...

GX1

floppity wrote: »

I don't understand all the accusations of greed regarding interest rates from people who use this site! It's reason for being is to help ordinary people squeeze as much as they possibly can out of their hard-earned cash. I for one am very grateful for how Martin's information has helped me to do that in a number of ways. I chose to invest in Icesave because of newspaper best-buy tables.

An extra 1% interest on savings of £50,000 (the limit for compensation under the FSA scheme and the maximum I would encourage anyone to invest in a UK regulated bank) is worth just £300 per year once tax has been deducted at 40%.

Is that really worth the angst you are now going through and the trouble you will have to get your money back?

Most people don't buy a car because it is the cheapest on the market. They consider the manufactuer's reputation, warranty, customer service, road safety, etc etc.

So it should be with bank accounts. Don't just go for the one with the best rate, consider the bank's reputation and credit rating, quality of any government compensation scheme (is it a full member of the UK financial services compensation scheme or has the bank opted out under the EU's passport rules), customer service (can I speak to someone in a UK branch or call centre if something goes wrong) etc etc.

Tear up the news paper best buy tables and ignore Martin's advice if it leads you to invest in a savings account with an overseas bank which is not a full member of the UK financial services compensation scheme.

krisskross

As someone who knows very little about financial stuff even I had the sense to make sure our savings are with 2 different banks, so that less than £35,000 is in both.

Our money is with banks that I can visit on the High Street. Perhaps we do get a bit less interest but I always sleep well knowing that my deposits are guaranteed to be returned as I want my money.

I think anyone who had more than the guaranteed sum in any one bank must have been aware they risked losing some of it. Financially savvy? Not even as savvy as this pensioner with far less to lose.

P.S. where on earth is Gordon getting all the money from to bale out Icesave? Does he have it stashed under his mattress?

Meadows

GX1 wrote: »

Guesthouse wrote: »

:;)

Exactly why I chose HSBC...

(i) It IS british despite the name

(ii) My savings really are deposited there

(iii) As I said in my original post it has one of the soundest capital adequacy ratios of all British banks

However, as recent givernment action has shown Lloyds, HBOS and RBS are simply too big for the government to allow to fail... so you can be pretty sure you money is safe there too...

HSBC Group is one of the oldest banking houses in the modern world. After the establishment of Hong Kong as a British colony in the aftermath of the Opium War, a bank was needed to finance the growing trade between China and Europe. Although the holding company, HSBC Holdings, was established in 1990 to become the parent company to The Hongkong and Shanghai Banking Corporation in preparation for its purchase of Midland Bank and a change of domicile for the transfer of sovereignty of Hong Kong, its main and foundation-laying subsidiary The Hongkong and Shanghai Banking Corporation - also known colloquially as "Hongkong Bank" before 1998 ("Hong Kong" always spelled as one word) - was established in Hong Kong and Shanghai in 1865. (The founder, a Scotsman named Thomas Sutherland, wanted a bank operating on "sound Scottish banking principles.") Today, while Hong Kong continues to be a significant source of income for the group, no single geographical area occupies a dominant earning share. In North America, however, the bank has met with reversals of fortune in recent years due to market instabilities. Other areas of future growth may include Eastern Europe and the Middle East. On the other hand, by means of acquisitions and organic expansion HSBC is working out a strategy of faster growth in booming China - returning to its roots, as it were.[10] As Europe's biggest bank with an enormous operational base in Asia and significant lending, investment, and insurance activities around the world, HSBC apparently has a global reach and financial fundamentals matched by few other banking or financial multinationals at the present time.[11]
Through its purchase of Household International, HSBC participated in the American subprime mortgage business earlier than most. But by eschewing complex financing instruments and limiting exposure in investment banking, HSBC was better able to restrict the damage of the housing collapse to its balance sheet than most competitors of comparable size, such as UBS and Citigroup. Throughout the turmoil, the group has not declared a profit loss in any single year.

The Hongkong and Shanghai Banking Corporation building on The Bund (left, with dome) currently houses the Shanghai Pudong Development Bank.



HSBC World Headquarters and One Canada Square in London, from the western end of West India Quay


For the history of the HSBC Group prior to the founding of HSBC Holdings plc in 1991, see The Hongkong and Shanghai Banking Corporation.

Meadows

wallsall wrote: »

Martin writes in todays Sunday Post (October 12) that we need to fill out a form to claim our ICESAVE money back. But no mention of where we get these forms and who from?
Can anyone answer this question at the moment?
Thanks.
Wallsall.

We are at the mercy of the FSCS, we have to wait until They send us the forms to make a claim. Last news was, we will hear more by Friday!

I am probably more bothered this week than I was last week as everything seems to have gone quiet, so we just have to sit and wait, I know we have been told the government will cover all losses, but as more and more councils, police forces & charities are uncovered, who knows what will happen and how long it will take!

nmsan5

Landsbanki has been nationalised (just like Northern Rock) and is continuing to trade in Iceland (http://www.landsbanki.is/english/) and their UK branch seems unaffected (http://www.landsbanki.co.uk/). So I guess it isn't insolvent. Therefore on what basis have UK Icesave depositors' savings been 'frozen' and what in law does 'frozen' mean?

samizdat

samizdat wrote: »

An update in case there are others in my position: my new provider has told me that they applied a cheque from Icesave to their ISA suspense account yesterday, 7 October. They have said they will let me know if the cheque is returned unpaid, as I assume it will be. I am a bit concerned that, since my account with Icesave has been closed, I may now be regarded as just an ordinary creditor of Icesave and may therefore fall outside the scope of the protection being offered by the UK government. I suppose I will probably get my money back in the end but I hate to be an unusual case at times like these.

Finally had confirmation today that the cheque was declined for payment. The transferee bank has stated that it will not open a new ISA account, even one with a zero balance, and that I will therefore have to reapply in future should I obtain ISA-eligible compensation, thus losing the benefit of the fixed rate deal I had applied for. Unhappy but unsurprised.

HateIceSave

Any one know about Co Op bank ? I've read an article on it merging with Britannia and Im guessing theres a good reason but dont believe the blurb banks say know and dont know on how to check if a bank is in trouble. My savings were split between ice save and smile and if theres any danger I want to move my money out probally to Barclays.

If anyones interested the article I read is:

http://business.timesonline.co.uk/to...cle4933646.ece

bozo_2

Transferred money from savings accout on 7th Oct early morning. Got confirmation money was gone. Came on hols tuesday and friday 11th checked my transfer to account. \No money received. Then checked icesave account and money had reappeared.Where had it been for 4 days?? Also have ISAs with icesave. Does governments statement cover both savings and isas. When can we expect to get the neccessary claims forms? Hope I am not going to have another equitable life on my hands or has the government forgot that also.
Thank goodness for the sunshine. Maybe I should stay here!!

Bozo

cvd

....and that's the Hong Kong Shanghai Banking Corporation HSBC we're on about. The name certainly implies a certain oriental background with no pride in British roots.

The HSBC logo, one of the most recognised logos in the whole world, is based on the cross of St Andrew.

Any one know about Co Op bank ?

I thought the Co-op was the banker to the Labour Party.