ICESAVE have added all interest to accounts...check now!

Gerontius_2

Hi nilrem,
Very gracious and thank you. And you see, I agree. The words risky and high-interest have been so conflated now that it seems that everyone who has sensibly tried to make the most of modest resources is somehow a foolish risk-taker. I'm from a generation that was taught implicitly to trust and respect bankers - that they knew best and could be relied upon to have our interests at heart. It has been a painful experience to realise that this is not so and that it is now everyone's responsibility to become as investment savvy as they can be. While I think that this is in the end a good thing, I do wonder how possible it is, given the fact that it is apparent that the bankers themselves had absolutely no idea of what financial instruments they had created, nor how they worked, nor what the consequences were going to be, nor how they were going to get out of it. How could we be expected to? Moreover, we have constantly been exhorted to save not spend, to switch to get better deals, to look for "best buy" figures in the financial pages, and so on, if we are to have any chance of surviving on modest incomes - what we have not been told/taught to do is to read and interpret small print, understand CDSs, credit swaps etc. etc. I'm learning - fast - with the support and help of interested parties on sites like this. And the only people I blame are those who forgot the old integrities and used other people's money to play in a gigantic global casino for their own selfish ends, and then had the bare-faced cheek to tell us it was all our own fault for following their advice!

wonky123

james10999 wrote: »

Not much more to say really.
Icesave have awarded all interest on accounts. Mines been added today.

Interest has been worked out up until the 10th October 2008. It is unsure what interest we will recieve from this date until we are able to withdraw our money.

Check yours!
www.icesave.co.uk

:beer:

Am I doing something wrong? It only lets me read the official 4th November message rather than view the account?

Baldur

wonky123 wrote: »

Am I doing something wrong? It only lets me read the official 4th November message rather than view the account?

The 'Log In' button has been removed from the homepage.

latchbrook

Baldur wrote: »

The 'Log In' button has been removed from the homepage.

Me too. They must have done it sometime today. At least the message on the home page is informative!

mjmal51

Baldur wrote: »

The 'Log In' button has been removed from the homepage.

And a new message ending with
The Icesave website will be unavailable this week whilst it is developed to make compensation payments.

notverymerrywidow

Hi wonky,

At the end of the 4th Nov update, it states that "the Icesave website will be unavailable this week while it is developed to make compensation payments".

We have to wait until the much-heralded email arrives before we can access the site.

Hard luck for anyone who hasn't already printed off their statement???....

nvmwidow

wonky123

Phew! Whilst waiting for a reply I saw someone had said if you couldn't access your account you'd have to make a paper compo application, but I could, I just can't now, & that's the same for everyone then - so that's fine!

Slight change of subject but I've had to borrow on credit cards for the money that was missing with Icesave cos I needed it 2 weeks ago & now as it's being given back before xmas I'll have too much! Are we all scared of ING now too? Or can I just hide it in there? Don't like it but it's cost me £350 in fees

guli

4 November 2008

Dear Icesave customer

Landsbanki Islands hf, the Icelandic bank which operates the Icesave product in the UK (Icesave), was declared to be in default by the FSA on 8 October 2008 for the purpose of the Financial Services Compensation Scheme (FSCS). In a statement on 8 October 2008, HM Treasury confirmed that all depositors in Icesave will receive their money in full. FSCS is managing the payout and is about to start an accelerated process to pay compensation to Icesave customers.

FSCS has put in place a system that allows customers to be paid compensation through an electronic payment into their nominated accounts. To do so, customers will need to log on to their Icesave accounts, using their existing User ID, unique password and memorable information.

The process will happen in stages:

• First, FSCS is emailing all Icesave customers to explain in detail how the process will work. This email will not ask for any personal or account details and requires no action on customers' part.
• FSCS will then contact customers by email again over the course of the next three to four weeks with instructions on when they can access the system and how to complete the short online process to be paid compensation. Please note that access to the site will not be possible until you receive this second email. This is to allow us to prepare the site for the electronic payment process.

It will only take customers a short while to complete the necessary steps to be paid compensation. Once the necessary steps are completed, the payment transfer using the BACS system will take about five working days to complete.

Any customers (including customers with fixed-rate savings accounts who wish to be paid out at the end of the term of their deposits) who do not wish to use the electronic process described above can opt instead to complete a paper application form (which we aim to process so far as possible within 6 weeks of receipt of a completed application form) and receive their compensation from the FSCS by cheque. Customers with fixed rate savings accounts should be aware that if they decide to be paid out at the end of the term of their deposit, they should log in when they receive their second email to confirm this and that they will not be paid any interest prior to maturity.

The Icesave website will be unavailable this week whilst it is developed to make compensation payments.