Icesave Latest News

david78

They are talking about compensating savers from the UK (FSCS) scheme then claiming back what they can from the Icelandic scheme (IDIGF) but nothing has been decided yet.

Early this evening there was an article on the TV about the FSCS paying up in less than 1 week but no one really knows anything yet. We just have to be patient.

Tom_Jones

Why when I just logged onto Icesave, I noticed that the interest rates have changed to 0.5 % on both the cash ISA and the easy access account ?

Swipe

david78 wrote: »

They are talking about compensating savers from the UK (FSCS) scheme then claiming back what they can from the Icelandic scheme (IDIGF) but nothing has been decided yet.

Let's hope that will be the case. it should set people's minds more at ease. I don't really care how long it takes (within reason) just as long as I get it back.

nachovx

Why is the UK always lagging behind other countries in announcing protection for deposits? Straight after the EU meeting today, the Netherlands put their limit up to €100,000. The US now has a $250,000 limit - yet here they reluctantly put it up to £50,000 after prevaricating for a year. That covers 98% of savers, so they claim, so it wouldn't cost them much more to double the limit instantly.

They always come out with waffling b/s like "we'll do whatever it takes", "nobody's lost a penny yet". We need certainties, not platitudes.

david78

Tom_Jones wrote: »

Why when I just logged onto Icesave, I noticed that the interest rates have changed to 0.5 % on both the cash ISA and the easy access account ?

I noticed this to. I think as these are "variable" rate accounts they can do this to reduce liabilities some more. Fixed rate accounts have not been changed.

Why 0.5% though. Why not 0.1%?

Buster_Danog

pavlovs_dog wrote: »

my concerns are whether the passport scheme will be honoured in the event of icesave folding

Supposedly if there are insufficient funds in the scheme they will have to borrow the money. Who they will be borrowing it from in such a case they omit to mention. I'm worried too. I have all my savings - 6k, and I put about 7k of my mum's money in Icesave too. I can't say I realised the risk of the scheme not paying out, but it looks like an unwitting gamble at this point.

Apparently the scheme makes no distinction between Icelandic and foreign savers in Icelandic banks, contrary to what I had read on here in other posts.

juliusceasor

All the talk is about what happens if Icesave folds. What if it doesn't.. How do we get the money back then?

SeanW

juliusceasor wrote: »

All the talk is about what happens if Icesave folds. What if it doesn't.. How do we get the money back then?

Log in and withdraw the money?

juliusceasor

SeanW wrote: »

Log in and withdraw the money?

But that would be a repeat of what was happening which closed the bank and they wouldn't want that to happen? At the moment all the money is there supporting the Icelandics savings and loans if they repay all deposits the government would have to fund the bank. At the moment it doesn't fund either the compensation or the bank.

I don't know the mechanics of all this but if they can't afford it to fail or remain open for withdrawals (at the moment it's in limbo), how long can it stay like that, because surely, at the moment from Iceland's perspective, isn't that the best state for them?

Ok i'm speculating and perhaps this is all pointless as it's nothing I can do anything about but I'm curious nevertheless.

calendergirl

Question - is it just uk savers that are being "frozen out" - If I were living in Norway and had my savings with Icesave would I have managed to withdraw my funds ?