IMPORTANT! FSCS Icesave payouts to start in November...

david78

What will they do with term accounts (fixed interest ones)? Will we have to wait until they mature or will they just be canceled and the money returned to us without interest.

I have a fixed year account that is supposed to mature on the 10th November, so will I get interest on that if I haven't transferred my money out by then?

As I read the latest statement, Newcastle BS will probably continue to be the administrator of the online accounts, and we will be able to withdraw money according to some timetable (the money actually coming from the FSCS). So with this arrangement they could opt to let the fixed rate accounts run to maturity.

For ISAs (which were all variable rate I believe) you will probably get a certificate allowing you to re-deposit in another ISA without it affecting your allowance.

I just wish they would get on with it.

amistupid

http://uk.youtube.com/watch?v=QyWM9HfmjLU&feature=user

I think in this time of joy we must be aware that this is probably the last time UK depositors in a foreign bank will be protected by the government. Some may argue that a bail out precedent has been sent but listen carefuly to what Darling said;
"despite the fact that this (Icesave) is the branch of an Icelandic (foreign) bank, I have, in these exceptional circumstances we see today, (which have now passed) guaranteed that no depositor loses any money as a result of the closure of Icesave."
Personally I believe this carefully worded statement means this is the last time he will guarantee any deposits in foreign banks.

Transalper

Icesave’s customers do not need to do anything at this stage. Their savings are safe. The correspondence they receive will tell them everything they need to know about how to access their savings, ISAs or term accounts.

Just a quickie before I go out and get very very drunk (now I can almost afford to). I'm still unclear when we will get the first contact from FSCS and how. It could be crucial to me to know to the day as I'm off backpacking on 13th Nov to places on the globe that don't have telephones let alone internet. Will I have to get power of attorney sorted out for someone to sort my compensation out? How can I make sure the ISA account deposits go into another, can I open another ISA with no funds (as I used my tax free allowance) before the compensation date? I know one thing for sure I can't just relax 100% until I see my deposits in a printed statement.

k8r4u

amistupid wrote: »

...
Personally I believe this carefully worded statement means this is the last time he will guarantee any deposits in foreign banks.

At face value, all he's said is that this is the deal this time around. His statement (like all carefully thought-out statements) leaves all options open if this should happen again. He can decide each case on it's own merits, which is as it should be.

"Once bitten, twice shy" is probably a safe stance to take though !

zzyorkshirepuddingzz

Just wanted to say thank you Martin - top man !!

manhattan

Yes,
Cheers Martin.

Premium Bonds here i come!

amistupid

tonytsdiver wrote: »

:rotfl:I like it.

I hope there's still a few days life left in my "I'm an Icesaver T-shirt"
It's been brill!
Old people have stood up and given me their seats on the bus.
Surly youths infront of me in Asda have moved aside and helped me with the packing.
The local vicar erected "A save this poor soul thermometer" in me front yard.
Annoying street beggars have thrown me their loose change.
Shelter have offered me some where to stay.
And: The Red Cross have been flying in food parcels.

~Chameleon~

Is the Ice beginning to thaw already? :eek:

That's the shortest hibernation I've ever experienced! :j :rotfl:


Thank you Martin

amistupid

And just before the booze really kicks in and I post something I regret.

I'd just like to say, most sincerely (Hughie Green 1965), "Thank you, thank you, thank you, thank you, thank you Martin, for without your initial advice I would not be in the position of being so thankful. Your very,very humble servant.............

Stompa

david78 wrote: »

What will they do with term accounts (fixed interest ones)? Will we have to wait until they mature or will they just be canceled and the money returned to us without interest.

Since they say "We expect to offer compensation to the vast majority of retail depositors in November" I assume that we're not going to have to wait?