Icesave - hard facts/possible Fortis takeover?

ajaxgeezer

EalingSaver wrote: »

Ajax, don't agree on your interpretation. ..........

In other words the sum of the protection provided by the combination of both schemes gives you up to the FSCS limit. [ie, not a maximum of the FSCS limit, but the FSCS limit!!!]. The only other interpretation of my highlighted sentence is that both schemes separately give you protection up to the FSCS limit, which is clearly not the case, neither in reality nor because of the preceeding sentence (in my cut down) which would then contradict.

....your closing paragraph sounds like you concur, Ealing. Your sentence that I've highlighted repeats (as I read it) the point I was making. With the passport scheme paying a "maximum of 100% of E20,887" and the FSCS scheme paying (£50,000 minus the amount reclaimed under the passport scheme), then the FSCS limit would be paid by the combination of both schemes, and a saver would be guaranteed up to 50k no matter whether the passport scheme was able to contribute one Euro or 20,887 Euros.

I'm not making the case that this is factual, just that this is how it reads on the Icesave website. And hey... I certainly wouldn't want to go to court with it.

cos69

del1001 wrote: »

yeah, that's ok, but what about a good many like myself that have fixed term deposits with icesave (as posted in another thread), apparently there would have to be a rule change for the money to be payed out early

Icesave has been "declared in default by the Financial Services Authority" ie they are no longer able to conduct any business or hold customer deposits, that is why its customers are having to be compensated. Makes no difference whether you had an instant access or term savings account - Icesave are no longer an authorised financial business. The issue still being addressed concerns whether interest should be paid following the suspension of the business.