Icesavers - where will your money go now?

$nake_eye$

I imagine everyone will be investing with UK banks, for a dash more security.
Is it too soon to be opeing ISAs with a view to transfering our Icesave ISA funds into? (Assuming it keeps its ISA status and can be added completely to a new ISA)

Or is everyone looking at different investment vehicles. Perhaps i should buy gold bars and hide them in the garden. At least i can go get them when i want!

pmorrison_2

Well I was on the verge of transfering my ISA to the Natwest 6.87%, transfer form was filled out and ready to go, but thatll be long gone by the time we get the money back. Definetly going to stick to the UK bansk from now on though.

Bromley86

ING, I think. The logic is that we have a mortgage with them that is greater than our savings (unsurprising really, as the savings came from an over-mortgage ). So if we bank with them and they go under, we won't have to bother trying to reclaim the deposit as it'll be offset against the mortgage.

At least, that's my assumption. I posted a question about this earlier, but it sunk without a trace as people have bigger things to consider .

climbgirl

Yes, it would be good to get some clarification on how the ISA protection will work - can we now open other ones even though we've already funded this year's allowance?

I guess that kind of detail will come soon.

MrExample

I certainly won't be ruling out foreign banks, especially as by the time I get my money back, I'll probably have lost the game for this year (earned under inflation).

Irish banks look pretty attractive at the moment.

I need to do more research though.

Finding accounts that provide simple, clean, high, sustainable interest rates is bloody difficult. I'm gutted that my lovely little Icesave is gone.

MrExample

climbgirl wrote: »

Yes, it would be good to get some clarification on how the ISA protection will work - can we now open other ones even though we've already funded this year's allowance?

I guess that kind of detail will come soon.

ISAs can be transferred (see link which has appeared on the Icesave site) :T.

moanymoany

I am so glad that everyone will get their money back - it is only right that we should look after our own!

My own view would have been that I would have taken my cash out of Iceland more than a week ago - but not everyone is obsessed with what is happening in finance - I have been since May!

I have most of my cash in NS&I - we decided to go for security rather than speed!

I am going to say that as I understood it Martin gave the highest paying accounts - he also gave who was protected and how - and he has always said to take care that you kept withinn the protection limits.

Like everything - all that glitters is not gold. If I buy the cheapest it is not always going to be the best and to go for the highest return is not always going to be the most secure.

The idea that our money may not be safe in a bank is a new one. It takes some getting used to. Anyone who has gone in too deep has - hopefully - learned their lesson.

To repeat - I am very glad that no-one is going to lose money. I am very sad that some people are not taking responsibility for their actions and are seeking to blame Martin.

I did my research and as a result of what I discovered I kept out of Iceland. That information was there for everyone with the internet.

:money:

Pitlanepiglet

moanymoany wrote: »

I am so glad that everyone will get their money back - it is only right that we should look after our own!

My own view would have been that I would have taken my cash out of Iceland more than a week ago - but not everyone is obsessed with what is happening in finance - I have been since May!

I have most of my cash in NS&I - we decided to go for security rather than speed!

I am going to say that as I understood it Martin gave the highest paying accounts - he also gave who was protected and how - and he has always said to take care that you kept withinn the protection limits.

Like everything - all that glitters is not gold. If I buy the cheapest it is not always going to be the best and to go for the highest return is not always going to be the most secure.

The idea that our money may not be safe in a bank is a new one. It takes some getting used to. Anyone who has gone in too deep has - hopefully - learned their lesson.

To repeat - I am very glad that no-one is going to lose money. I am very sad that some people are not taking responsibility for their actions and are seeking to blame Martin.

I did my research and as a result of what I discovered I kept out of Iceland. That information was there for everyone with the internet.

:money:

I'm not sure that this post is really relevant to this thread is it?

God knows what I'll do with my savings when I get access to them, it's only £6.5k, but it's all we've got. The majority of it goes to the taxman in January (I hope I've got it back by then....) I'd be very tempted to get the rest in cash and sit and look at it for a while just to reassure myself that it's really there!

I've opened a Lloyds 2012 account, I fell for their selling when I rang to get them to reverse the DD payment that went OUT to Icesave on Monday :eek:

Martin's link to the Treasury statement from today indicates that the ISA status will be retained so I guess I need to pick another ISA and start saving...

Richard_Cocks

NatWest have a 2% bonus for a year on their ISA if you transfer in now, so that's where I'm headed!

Edit: I'm transferring in from Skipton (Who's rates have plummeted in the past year) since only my current year ISA is with Icesave (I had the transfer to Icesave form all ready to post, gonna go burn that now!).

talana

After this, I'll be tempted to use the bulk of it as a lump sum mortgage overpayment I think. :rolleyes:

k8r4u

iFTSE100 ETF, FTSE 100 should be sub 2500 by then :rotfl: