Goldman Sachs MARCUS savings account

Uxb

@Reaper is correct

1. Interest was paid on icesave accounts from the saver's previous date of interest period started up to I think the day Icesave officially went bust and it became an FSCS issue.. This was added to account some days prior to the FSCS payout.

2. Those with fixed term accounts were indeed allowed to continue them to the end of the term, managed in limbo so to speak by the FSCS in the interim. I think the only complication was that at the end you would have to submit an individual paper based request for repayment.

Those deciding not to continue the fixed term were all paid back alongside ISA's and variable rate account holdings via the saver's existing bank details held by icesave. All done semi-automatically by the FSCS in one huge lump sum.
The FSCS took over and re-activated the website front end (which was actually run by a commercial subsidiary of the Newcastle Building Society) to enable this to happen. Savers merely had to tick some boxes to acknowledge this was being done and that with the payout they relinquished any further claims.

isasmurf

soulsaver wrote: »

There were reports that an individual had £360k in one Icelandic account.

A lot more than that. The largest payout was £2,083,944.62

soulsaver

isasmurf wrote: »

A lot more than that. The largest payout was £2,083,944.62

To an individual? Sounds specific - got a link?

isasmurf

soulsaver wrote: »

To an individual? Sounds specific - got a link?

https://www.financialplanningtoday.co.uk/news/item/2816-fscs-reveals-4-5bn-cost-of-icesave-collapse-on-5th-anniversary

Uxb

Here you go
http://www.mindfulmoney.co.uk/mindful-news/icesave-payouts-range-from-2083944-62-to-a-penny-says-fscs-five-years-on/

Reaper

soulsaver wrote: »

There are a few on here (FTAOD, not me) that think savers shouldn't have been reimbursed at all.

We are indeed way off topic now but I believe savers should have got their money back because:
1) Faith in the banking system was at a low and there was a very real danger of a contagious run on the banks which could bring down the whole system. By compensating every saver in every bank it restored faith and people were largely persuaded to leave their money where it was.
2) The old confusing compensation scheme was not understood by the average saver, particularly in relation to the passport exemptions. These days it is a much simpler system which is widely understood, so if it happens again I'm sure the payout will be restricted to the £85k limit.

Personally I felt compensating the interest too was over generous, but as a fixed term account saver with Icesave I won't argue that point particularly strongly!

SlovakianGuy

For those from Leicester and Leicestershire, there is Clockwise Credit Union that offers 1.5% rate on its instant access savings account.


Just google "Leicester's Clockwise Credit Union ahead of Goldman Sachs!"

zippygeorgeandben

I've just signed up for a Marcus savings account. Easy to use website.

eskbanker

SlovakianGuy wrote: »

For those from Leicester and Leicestershire, there is Clockwise Credit Union that offers 1.5% rate on its instant access savings account.

Just google "Leicester's Clockwise Credit Union ahead of Goldman Sachs!"

'Ahead of' only in a chronological sense for the small population it could be relevant to, and the rate doesn't appear to be guaranteed anyway:

Clockwise Credit Union in Leicester awarded a 1.5% dividend on its instant access savings accounts in December 2017 and is predicted to do so again this year.

SlovakianGuy

eskbanker wrote: »

'Ahead of' only in a chronological sense for the small population it could be relevant to, and the rate doesn't appear to be guaranteed anyway:

Maybe... But I don't really mind if it's just slightly lower interest. I will rather support local Leics community than a huge American bank.