All these complaints about 'lost interest' in Icesave

Icesaver

MoneyMinder wrote: »

Absolutely agree with you Icesaver!

I have 2 x Isa's and 2 x Bonds and undecided about taking them or leaving them, not very knowledgeable about all these saving schemes. Can I ask why you have decided to take yours when the time comes and not let them run to maturity? Must confess I am probably going to do that myself regardless of the fact we will get interest if left to run.

Hi
I must admit a week ago I was undecided what to do and was leaning towards leaving them run full term. I've got one with 2 years left the rest mature early next year, The interest rates were between 6 and 6.1%.

I have a cuurent A/C with Halifax and therefore eligible to open one of their guaranteed Saver reward accounts 6% fixed for 12 months which allows unlimited deposits and 4 withdrawls in the year. Hence in effect I'm extending the one year Icesave accounts by up to 8 months at an interest rate more or less equivalent to what I'd be getting with the bonus of being able to withdraw if I need to.

Also I'll be glad to get some closure on this experience.

Icesaver

DawnW wrote: »

I agree with the OP, and appreciate the fact that I will be getting my money back. Howeve, I am still concerned about the deposits belonging to councils, police forces, universities and charities, as we/ I have not heard anything about that recently. Has anyone any updates?

Another good point I intended putting in my post, but thought it was long enough already:T

andy_l_2

Me too just glad to get my money back even if it meant a whole years interest gone I'm afraid some people are just too plain Greedy and ungrateful just be glad your getting it back full stop.:D

Zanshin

Good post Icesaver.

I'm sure some won't like it but I agree and will be more than happy to get back the compensation.

sheslookinhot

Good post. Fully agree

No_worries

Well done Icesaver - I couldn't agree more!

Glad I'm not doing Icelandic at night class to enable me to claim 20000 Euros back from a foreign government...... reckon we've been well rescued!

Icesaver

No_worries wrote: »

Well done Icesaver - I couldn't agree more!

Glad I'm not doing Icelandic at night class to enable me to claim 20000 Euros back from a foreign government...... reckon we've been well rescued!

I bet they have a good knowledge of English....but would they show it

Polka_dot_4

Well said Icesaver, though I do feel empathy for people who are reliant on interest as a monthly income.

I am just so glad that the government has been willing to step in on this occasion

nearlyrich

Me too just had about £600 in there but not too worried about the interest just give me my money! My first email went in my junk folder so it's worth checking there...

Rafter

DawnW wrote: »

I agree with the OP, and appreciate the fact that I will be getting my money back. Howeve, I am still concerned about the deposits belonging to councils, police forces, universities and charities, as we/ I have not heard anything about that recently. Has anyone any updates?

Dawn,

Individual depositors will be covered by the FSCS. All these organisations are not.

They will have to wait and see how much the administrators can recover from the assets these banks owed, and how much if anything the icelandic governement with cough up.

The only way these organisations could be paid out is if the government puts the money in and then taxes us all for the cost.

However, you must remember like us that charities etc earned interests on their deposits and at a higher rate than had they chosen to deposit them with a UK bank or the government.

That higher interest is to cover the risk that they won't be repaid, and if they were bailed out, they might be reckless about where to keep their funds in the future.

So they will probably have to tighten their belts and spend less next year, much as that seems harsh in the case of very worthy causes.

R.