IceSave

shaz77_2

magicdogsbrain wrote: »

I just dont understand how there are people out there that are clever enough to have made £100 000 but then stupid enough to put that much money into one institution.

What a great country we live in, where the hard working, careful person has to pay for the mistakes of a few who are not careful and don't bother to read the small print.

I have known about the compensation scheme long before this crisis started - and I am obviously not wise enough to have made 100K - what is going on?

I think we should not bail these people out.

We pay our taxes too.

If people will remember as recently as two weeks ago this site stated categorically that it was highly unlikely for this bank to go out of business but we should adhere to the £35,000 threshold.

Gareth56

Clive_Woody wrote: »

Chancellor Alistair Darling has said he will ensure all UK savers with accounts in the closed Icelandic internet bank Icesave get all their money back.

http://news.bbc.co.uk/2/hi/business/7658417.stm

Why is it that they can get ALL their money back but UK savers in UK banks only get £50K?

derbyjon

janb5 wrote: »

Does anyone know what happens when we get our money back as we wont be able to open a new ISA in this tax year?

From the FSCS website:

The Treasury have also confirmed that arrangements are being put in place to ensure that all ISA customers of Icesave will continue to benefit from the tax free status of their accounts.

renard_2

Gareth56 wrote: »

Why is it that they can get ALL their money back but UK savers in UK banks only get £50K?

Errrrrr . . . sorry, mate, have I missed something?
Which UK bank has gone bust and had to invoke the compensation scheme?

Gareth56

renard wrote: »

Errrrrr . . . sorry, mate, have I missed something?
Which UK bank has gone bust and had to invoke the compensation scheme?

This from the FSA website:-

"We have increased the compensation limit on deposits with banks, building societies and credit unions that fail from £35,000 up to a total of £50,000 for each customer's claim. This increase applies from Tuesday 7 October 2008."

Check it out......mate!!!

renard_2

I didn't need to "check it out".
The policy has been common knowledge all week.

But you haven't answered the question.
Which UK bank has gone bust?

The point being that the 50K limit applied equally to Icesave. However, the Chancellor has said that he is making an exception to the rule and will ensure that depositors get all their money back.


This present unpleasantness is the first time the compensation scheme has had to be invoked, but if ever a UK bank does go bust, we may find him doing the same again.

By the way, there is no call for offensive sarcasm . . . mate!

Pendle_Gazza

I'm sure they will do the same again for banks home or "abroad" - they've set a precedent.

However, I think many of us may be bringing our money "back home" now! I know I am!

nicholbb

renard wrote: »

Errrrrr . . . sorry, mate, have I missed something?
Which UK bank has gone bust and had to invoke the compensation scheme?

Bradford and Bingly did, the FSCS paid £14 Billion (£14,000,000,000) and the government paid another £4 billion to cover what was missing.

renard_2

Different thing, I believe, although I stand to be corrected.
That episode was not a question of triggering the compensation scheme, under which depositors have to apply for their 35K / now 50K.

Bisoy

Having watched and listened to Alaistair Darling announcement at lunch time today that all UK depositors will get all their money back I am somehow relieved. (wife and I current year subscription is with Icesave)

And also upon checking my ICESAVE account tonight, interest has also been to my monthly anniversary today.