Icesave crisis - What happens to those of us with above £50k in our account?

vagabond999

My father sadly passed away last year and upon recieving my inheritence I invested £80+k into my Icesave account on the apparant sound advice that Icesave had one of the safest and best value interest accounts for me.

I watched with horror this morning as I heard the news, then obviously like everyone else I'm frozen out. There's been a lot of talk about the £50k rescue package, but where does that leave people like me with more then that invested in Icesave? I almost feel like crying.

Is there a chance we can recoup any of our money above the £50k mark or is that it, are we screwed?

pmorrison_2

Hi, sorry to say this but Im pretty certain that theres no chance that you will get more than the £50k back, just think yourself lucky that the limit was raised but £15k today.

babylonfree

vagabond999 wrote: »

My father sadly passed away last year and upon recieving my inheritence I invested £80+k into my Icesave account on the apparant sound advice that Icesave had one of the safest and best value interest accounts for me.

I watched with horror this morning as I heard the news, then obviously like everyone else I'm frozen out. There's been a lot of talk about the £50k rescue package, but where does that leave people like me with more then that invested in Icesave? I almost feel like crying.

Is there a chance we can recoup any of our money above the £50k mark or is that it, are we screwed?

Hope that it gets taken over, or the government decide to secure 100% of peoples savings. Because as things currently stand, should icesave go to the wall you will only get 50k back.

[Deleted User]

babylonfree wrote: »

Hope that it gets taken over, or the government decide to secure 100% of peoples savings. Because as things currently stand, should icesave go to the wall you will only get 50k back.

Thats if Icelands government coughs up the first 16k, so could be 34k. :mad:

vagabond999

I really don't know how this can be allowed to happen, surely there should be more of a safeguard for UK citizens? I work hard have never broken the law pay all my taxes (a proportion of which from my inheritence and savings etc). It seems downright criminal that I should pay the price for a bank that has allowed itself to get in this situation.

Is there a way of lobbying government to help those of us with +£50k owed? They are our government afterall who are surely meant to protect their citizens.

babylonfree

funk_punk wrote: »

Thats if Icelands government coughs up the first 16k, so could be 34k. :mad:

Indeed. With 21k invested myself (a house deposit) today has been sickening, for those who have even more to lose I feel for you.

Swipe

Let's all just pray it can be sold to another institution so we don't have to claim on the compensation schemes.

monkeynut74

That sad news, but I think from a compensation perspective, £50k is your limit. But before we go jumping the gun, the bank isn't yet insolvent, sowe therefore don't need to turn to the compensation scheme just yet. There's also a chance that Russia may assist in bailing the bank out. Fingers crossed!

Swipe

I fail to see how it can exist in its current form through a Russian bailout. Unless a reputable institution takes it over as soon as it comes back online there will be a massive run on the bank.

sadabbott

Vagabond - it has been a distressing day today but please remember that there are few details about what has happened as yet.

If the bank is nationalised, then maybe your money is safe.

If the UK guarantee 100% savings then maybe your money is safe.

isofa

Absolutely we need to get calm, wait and act on the decisions made in the next few days, I'm really hoping it won't go to compensation, but if it does, there'll be enormous pressure to ensure at least 50K is safe.