MARTIN LEWIS on "It pays to watch" says we may NOT be paid interest (ICESAVE)...

YorkshireBoy

MrsMillar wrote: »

...this time yesterday it looked like I could completely lose out on the 16K that Iceland were supposed to sort out

I'm not exposed to the passport scheme, but hasn't it always (or at least for a while) been the case that the FSCS would pay out if the 'host' country scheme couldn't?

If so, how was the £16K at risk?

Paul_Herring

YorkshireBoy wrote: »

I'm not exposed to the passport scheme, but hasn't it always (or at least for a while) been the case that the FSCS would pay out if the 'host' country scheme couldn't?

If so, how was the £16K at risk?

It appears that the way the scheme works, the FSCS promises to pay everything above what the host country scheme promises to compensate, not what they actually will end up compensating.

I had your misunderstanding, which is why I bothered with IceSave in the first place. Light finally dawned slightly too late for me.

On a related note, it appears that IceSave is coming up to it's 2nd birthday tomorrow. Wonder how much interest they would have credited to all those on annual interest who joined up in the first few weeks?

CTID_2

to be honest, we should ignore this twit.He still hasn't answered how he managed to earn £3000 on £35k!!! So Mr Senior Creditor, is it delusions of grandeur? bad maths? prat? All of the above!?!

nanker

I too would be very annoyed if interest earned but not yet credited is not paid. I opted for annual interest when I opened my account 51 weeks ago. There was no mention of the passport scheme on M.S.E. at that time. I put my life savings in and only withdrew the bulk of it a couple of weeks ago. I reckon i am due about 6 grand in interest.
why should anyone be grateful when they are not paid what they have earned?

CTID_2

with that amount of interest you will have been above the FSCS limits, so would you rather have the interest and the offical FSCS limit of 50k or would you like all you money back?

I guess greed is going to be the main driving force to many of these posts, but personally I am just grateful the Government have stepped up and are going to give my my sizeable wedge back.

Birdie100

My 2cents worth is that given the government are prepared to let the ISAs keep the wrapping, the extra cost of allowing the interest payments to be paid up until date of refund for annual bonds is relatively small? As it seems the government are going at this whole hog, I would be surprised if the interest payments are not honoured too actually.

jetfighter

What I don't understand is why everyone keeps referring to Icesave customers as "greedy" or somehow implying that we deserve this complete disaster for "investing" (??!) in a foreign bank.

We chose to put our pennies in a popular bank which is regulated in the UK and has a branch here too. It had a good website, was easy to manage our money, we were paid a good level of interest, and the customer service was decent too. If the Post Office went bust, and Ireland said "Sorry, we don't have any money for our UK savers" (okay, not likely to happen, but it's still guaranteed by a foreign government) - would people have this same reaction if UK taxpayers' money was used to compensate all of those little OAPs with Post Office savings accounts if the Irish government didn't help out?

People seem to be forgetting that UK savers with Icesave are also British taxpayers! The government is not giving money to Icelandic savers! My partner and I are both hardworking British taxpayers and we have made the sensible decision to save our money in a place which gives us a good rate of return - why are people even on this site if they don't think it's a good idea to choose a bank with a decent rate of interest? I read the small print, didn't put more than £35k in (wouldn't have been able to if I'd wanted to :rotfl: ) and the Icelandic government has failed to honour its guarantee - how does that make any of us greedy or stupid? :mad: What about the Netherlands - and ING Direct? Is everyone going to move their money out of there now in case the Netherlands can't honour its guarantees?

While I am tremendously grateful to the UK government for promising to help out and ensure that nobody loses their savings, I don't think it's "greedy" or unfair in any way that some people are upset about losing their interest. I am thankful that I chose the monthly interest option so my partner and I will lose maybe a couple of hundred pounds at the most between us while we wait for the compensation to come through. I do feel for the people who chose the annual interest option and stand to lose thousands though. I think they have every right to be a bit peeved! Not at the UK government, but at the Icelandic one... and though I do think they should count their lucky stars - as do I! - I certainly don't begrudge them a bit of a moan! :rolleyes:

Edit: Board member fernandes says it best:
http://forums.moneysavingexpert.com/showpost.html?p=14827245&postcount=12

Dealmad

What makes me sick is people moaning about interest , were all pay to bail you all out yet your still moaning about interest :mad:

I think people should of got the money back but only upto £35,000 anything over then im sorry but i believe you shouldnt be getting it back , everyone knew if you had more then £35,000 and something went wrong you would only be covered by £35,000 in my view people who had over £35000 with icesave were just greedy , why not put it in more then one account , why stick it all in Icesave....you took the risk then you should take the full out.

I for one are not happy that this stupid goverment is going to even pay people who had more then £35,000 savings , protect the rich once again ....

ray123

Some of you people are pathetic.
If the bank I have my ISA (2 years fixed rate) with went bust I would lose almost £4000 interest (is that no big deal?)...

There is no luck about getting your money back under 50k - it is guarenteed.

Finally, for the posters who have nothing constructive to say please go and jump off a bridge...

Dealmad

ray123 wrote: »

Some of you people are pathetic.
If the bank I have my ISA (2 years fixed rate) with went bust I would lose almost £4000 interest (is that no big deal?)...

There is no luck about getting your money back under 50k - it is guarenteed.

Finally, for the posters who have nothing constructive to say please go and jump off a bridge...

People like you just make me wish you lost it all , no clue at all , smell the coffee and get a grip

So lets all deposit out money aboard then lets bail out everyone out when the banks aboard fail , seems like a great idea quick lets all deposit our money out of the UK , wow seems like a great idea :rolleyes: