What will you do with your Icesave monies now?

meunier

A novice sits in the corner and SCREAMS ....


H E L P !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

isofa

Perhaps read all the similar threads...

manhattan

Not really sure now. P Bonds or build a house out of the piles of money?

amistupid

I'm gonna play it safe now, no more banks for me. Invest in blue chips, poker is the future!

Money_Grabber13579

Invest it in another bank? It's not so good though that we'll not get it back before all the banks cut the savings rates.

amistupid

meunier wrote: »

A novice sits in the corner and SCREAMS ....


H E L P !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Menuier, I found this post from you dated 23/10/2008
"I would imagine the emotional, spiritual and mental well being of the vast majority of posters to the Icesave forums have, at least to some little extent, been negatively challenged. I certainly can confirm that mine has been (e.g., loss of sleep; a certain sense of detachment invading to everyday concerns)."

Your condition is rapidily deteriorating ring 999 !!!!!!!!!!!!!!!!!

No_worries

Unless I've mis-read the FSCS statement, they say fixed rates will continue to accrue interest if left to maturity- with some at 6.5% and some at over 7% this is presumably the best place now to leave our money, earning a great rate and guaranteed by the government. And presumably will not lose money in the 'in-between' time between 7 Oct and payout day.....have I mis-understood something, if not this looks like a good deal!

meunier

Thank you 'no worries'. I wish I could just leave it there --- and would if I could have monthly interest - as originally scheduled. However, I had locked my life's savings (just over a quarter of a million pounds) in a fixed situation in Icesave (on advice) just before the Northern Rock debacle. I was living largely off the interest. I will need to get the monies back now, I fear, and find a situation where I can have some regular income (and, no doubt, find an additional job to make up the losses - if there are any jobs going that is.) I have spent this week carefully opening up accounts in arrangement for other fixed term bonds with my personal limit of $50,000 in each so I would have a well chosen portfolio of accounts to place the money in when I received it. The rates as of today, however, will be shot to hell and I really don't know what to do. I was doing this so that I (as well as the money) might feel safe. It is, I fear, in all, a double whammy .... and I am (from a fiscal perspective as opposed to an artistic one, say) risk adverse and oh, so exhausted .... and confused. I had I thought worked and saved so diligently in order to protect myself from this kind of anguish. More fool I.

MORE fool I.

redcar_2

Ouch. Here's a hug :grouphug: sounds like you need it

The market is tricky at the moment but if your ability to pick the best route has not changed you will make the best of the situation.

I too have fixed rate accounts in Icesave but I'm also wondering whether it will be better to leave the money there until they mature now rates have dropped so

Is yours all in one account? When maturing? I think this will be the key.

Rates may well not drop too much as banks still need money and reducing BOE rate doesn't magic up money.

Don't forget with your cushion 250k you are in such a better place than so many others.

meunier

Thank you Redcar for your kind response. It is hugely appreciated. Honestly it is.

No_worries

Poor you Meunier - feel for you! Don't be too hard on yourself thoough - it wasn't foolish to trust a nation (at least not when you did!).

As Redcar says, at least you HAVE 250k......and at least you are getting it back which for a while looked unlikely......not sure this helps, but it should a bit!