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

glastoveteran

I am in the position where I withdrew all of the money in my account a few weeks ago to use for something else, so frankly I am not being greedy by wanting the annual interest. I shouldn't have to be grateful for not having lost my money because there was nothing in there to lose. But I do have a right to demand the interest. There is nothing greedy about that.

polybear

A friend of mine managed to get thru' to the FSCS helpline a couple of minutes ago and asked about the situation regarding payment of interest owed (but not yet credited to - e.g. Annual Interest accounts) on the account. At the moment they do not know the answer - they hope it will be clarified by end of play tomorrow.

Brian.

p.s. As for the whingers:p who are moaning that the U.K. Government are to come to the aid of Icesave customers I have the following message: Many thanks for paying loads of tax that will be coming my way:rotfl: :rotfl:

oliver_m_2

I have found the following regarding whether interests are covered or not under FCSC:

Under the FCSC, the first £50,000 you have saved per financial provider are protected. The scheme protects not only your savings, but also any interest you’ve earned. This means if the bank where your savings are deposited collapses, the maximum amount of compensation you’ll get is £50,000, even if you have more saved. This applies to everyone, including children.

from this website
http://www.creditchoices.co.uk/savings-protection-ask-our-expert-30092008.html

Maybe someone can clarify how reliable this source is?

Even if this information is correct it is not clear whether this applies to Icesave as it is with the passport scheme...

shindigger

Dealmad wrote: »

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:

http://www.timesonline.co.uk/tol/news/politics/article4910126.ece
4th paragraph.
Now shut the !!!! up.

LesU

20:20 hindsight is a marvellous thing isn't it?
To all of the posters who are talking about Icesavers 'investing' in a foreign bank, where do you think all of your money that is put into British banks goes? I'm sure it has always been put into rock solid British institutions, none of it into risky US ventures.

On the interest side of things I have 2 accounts which are due 11 months interest, so I hope I can get that. However, if the Icesave fixed rate rules had been that any withdrawal was allowed but lost you all of your interest, I would still have taken the lot out months ago.

nanker

Further to my earlier post, I deposited my life savings in Icesave nearly a year ago, when this account was highly recommended and there was NO warnings or mention of the passport scheme on M.S.E. The first I heard of this was on C4 news in early March, so I reduced my balance considerably. Martin's first warnings came after that. I maintained due diligence and moved nearly all of it out a couple of weeks ago when it was starting to look a little unsafe.

I, or at least, my money has earned that interest and I am not being greedy in wanting it paid. I suspect the people on here who are suggesting we are greedy had modest savings in Icesave and now they are getting their money back are calling us larger depositors greedy through jealousy. If you had a balance of say£5000, (less than the interest due to me), and lost it, you would be upset right?

SephirothX

I don't see how it is greedy or wrong to want the interest paid up to the date of collapse. It's money that belongs to us anyway. If I had been receiving monthly interest I would have had 11 months of that in my account now. As it happens my annual payment is due on Monday and I stand to lose those 11 months. Therefore IceSave are robbing me of 11 months of interest. They should be forced to pay interest up to the date of collapse as it's money that does not belong to them.

nanker

With regards to the stupid posts along the lines of " you shouldn't have put it with a foreign bank", it is no more foreign than the Abbey. HSBC, the Post Office or, I suspect, many others.

StevieJ

I hope :money: you are wrong about the interest.

strawberrylane

It will be a travesty if the UK taxpayer ends up paying for accumulated interest to Icesave customers who chose not to get out earlier, despite the warnings. That's the only way people will learn not to emulate the bankers and chase high returns regardless of the risks

@George - I agree with a lot of what you say, but I suspect there are a lot of people with fixed bonds opened a year ago or longer who haven't had the chance to get out earlier. Your comment is unfair in that respect.