What is the matter with some people here!

going2die_rich

nilrem wrote: »

When they put it in no one ever suggested that we should only stick to the 35k by the time they did many were tied for a full 12 months or more!

Nonesense. It's clearly written that it was an "outside" chance that you'd lose money if the banks went under and you had more than £35k. The thing was, it was pretty remote that no one thought it would happen so people didn't pay attention.

But that still means it was your fault, no one elses.

I can understand why the government had to bail out the stupid people, but hopefully this was a once in a lifetime deal and next time they punish the stupid. As it's bad enough we taxpayers have to support the lazy, now we are covering the costs of the stupid also.

Oblivion

agsnu wrote: »

Do you think Landsbanki could have survived a run on Icesave a week earlier if everybody who attempted to withdraw over the weekend of 4th-5th had instead attempted to withdraw over the 27th-28th September? It probably would have just fallen over faster.

If more people had taken heed of the signs earlier, withdrawals would have been more widely phased, not creating an immediate panic run on the bank, and resulting in more people getting their money out before the gates closed.

Dave.

apt

There's no point sneering at people who have been naive or unlucky. But when a minority of ICESAVE depositors start complaining that they have to fill-in a form or that they are not going to get an unsustainable high-rate of interest after 8 October, then taxpayers and more careful savers who are going to be bailing out these people are bound to feel annoyed. If I were someone who'd lost my money in the Farepack debacle I would also feel I'd been dealt with unfairly compared to the ICESAVE depositors. One thing people should learn from this episode is not to have rainy day money that they might need at short notice in just one bank and not just in internet-only operations. If there's a panic the website invariably crashes. In the Northern Rock episode depositors were still able to get hold of money because of the postal operation and branch network.

oldagetraveller

And many, like myself, had/have fixed term deposit which couldn't be withdrawn anyway. Therefore all the advice to withdraw was a bit useless under that scenario. Fortunately I was able to stick to the £35000 limit at the time.
It's been amazing how some of these self professed "experts" have crawled out of the woodwork or floated up from the bottom of the pond after the event!

unhealthyman

that they are not going to get an unsustainable high-rate of interest after 8 October, then taxpayers and more careful savers who are going to be bailing out these people are bound to feel annoyed.

People hysterically crowing about the ludicrously high interest rates in Icesave should calm down. The rates were normal. 6.1% on the ISA, and 6.3% the savings account. There are a bunch of banks offering similar rates. It is very easy in hindsight to tar all icesavers with the greedy idiot brush, but the fact of the matter is that that simply isn't true.

slipp_digby

going2die_rich wrote: »

I can understand why the government had to bail out the stupid people, but hopefully this was a once in a lifetime deal and next time they punish the stupid. As it's bad enough we taxpayers have to support the lazy, now we are covering the costs of the stupid also.

there is only one thing better than the knowledge that I wil get all 28k of my icesave cash back eventually.

and thats knowing how much it will p*ss off knob3nds like you that you had to pay for it.

apt

unhealthyman wrote: »

People hysterically crowing about the ludicrously high interest rates in Icesave should calm down. The rates were normal. 6.1% on the ISA, and 6.3% the savings account. There are a bunch of banks offering similar rates. It is very easy in hindsight to tar all icesavers with the greedy idiot brush, but the fact of the matter is that that simply isn't true.

Unhealthyman what you seem to be arguing is that the Icesave depositors weren't greedy idiots, just idiots. The key point about the Icelandic collapse, which I said in an earlier post, is that the interest-rate premium was never large enough to justify depositing your money in a bank linked to a small and dangerously overheated economy. I don't blame uniformed savers who did not read the articles about Iceland in the press. But in my view a self-styled 'Moneysavingexpert' should have recognised and underlined the extra risk and not taken the view that you can't predict anything and it does not matter anyway because of the FSCS compensation scheme. That's not a responsible attitude.

Oblivion

As is so often the case in these forums, this thread is rapidly deteriorating into a stupid 'I'm right, you're wrong, yah boo sucks' playground fight.

There is a lesson to be taken away and inwardly digested from all of this, and it is even more important in the volatile financial times we now find ourselves trying to survive in ...

When you invest or deposit money you are taking a risk, and the nature of that risk is almost certainly changing on a daily basis. So, don't just stick your money away in a financial institution and make assumptions that all will be well and that guarantees will be honoured. You need to keep on top of that risk, and yes it requires time. Time to keep up with the news, time to monitor useful websites like MSE, time to compare deals, and knowing when is the right time to move.

If you're not prepared to spend the time in safeguarding that kind of risk, stick it under the mattress and hope the house doesn't burn down.

Even if you follow these 'rules', know that it's not a recipe for a 100% guarantee that your savings will be safe, but if you've done all you can ... then you've done all you can. Just don't go blaming other people when it all goes pear-shaped because you took your eye off the ball.

Dave.

silvercar

The fact is that IceSave savers have been protected to a higher degree than was ever promised.

There are farepak savers still waiting for their money.

There are people who took Northern Rock together mortgages unable to remortgage anywhere else, stuck on a supposedly standard variable rate that is much higher than other banks SVR.

There are people who contributed all their working lives to a pension only to find their company has gone bust taking their pension with it.

Now all people who have lost out deserve support and sympathy, IceSave savers have been supported by the government/ taxpayers and so really shouldn't be grumbling, yet they post on here about their loss of the high rate of interest they were promised that they may not get.

Sunny_Saver

Let's be frank about this, if it weren't for the British government kindly using our money to bailout the UK banks, we'd all be 'icesavers' really.