Are your savings safe? article discussion

Suzkin

I opened an account with Kaupthing Edge last month, and haven't yet placed the minimum £100 in it (or any money yet for that matter). I have been given an account number etc.

Will my account become ING? Will they keep the interest rate? Will they still write to me, even though I have an account, but no funds in it yet?

Suzkin

I lodged £1k+ with Icesave for 6 months, and now this has been cut short by 5 months.

Will the compensation still include the interest?

Can people with accounts still 'file' for more financial compensation, in that the original terms subscribed to, have been cancelled? i.e. even though I may receive my money back, I've lost the rest of the deal, i.e. the extra 5 months of interest.

silvercar

Suzkin wrote: »

I lodged £1k+ with Icesave for 6 months, and now this has been cut short by 5 months.

Will the compensation still include the interest?

Can people with accounts still 'file' for more financial compensation, in that the original terms subscribed to, have been cancelled? i.e. even though I may receive my money back, I've lost the rest of the deal, i.e. the extra 5 months of interest.

Why not sue them for breach of contract?:rolleyes:

ilona_2

I managed to log into my Icesave acount the evening before the news broke that it was insolvent & no more deposits would be taken or withdrawals processed. I requested £1,000 to be transferred to my Barclays bank account, the transaction went through & the £1,000 was deducted from the balance of my Icesave account. This £1,000 has now disappeared, it hasn't made it to my Barclays account & is presumably 'stuck in the system' somewhere as Iceland's UK assets have been frozen. This is very worrying as I'm a pensioner & just pray I'll get this money back. I'm not too worried about my other (modest) Icesave savings as I know they'll be covered, but can anyone advise me about the missing £1,000?

Swipe

ilona, I'm in the same boat. Don't worry. There's a record of it going out and there'll be a record of it never arriving. It will be sitting in a frozen clearing account somewhere. You will get the money back.

I-LOV-MONEY

I transferred money they day before the news broke. It left IceSave, and never got to my bank account. A few days later it was re-credited to my IceSave account - from where I cannot withdraw. However, at least I know where the money is.

Optimist

ilona wrote: »

I managed to log into my Icesave acount the evening before the news broke that it was insolvent & no more deposits would be taken or withdrawals processed. I requested £1,000 to be transferred to my Barclays bank account, the transaction went through & the £1,000 was deducted from the balance of my Icesave account. This £1,000 has now disappeared, it hasn't made it to my Barclays account & is presumably 'stuck in the system' somewhere as Iceland's UK assets have been frozen. This is very worrying as I'm a pensioner & just pray I'll get this money back. I'm not too worried about my other (modest) Icesave savings as I know they'll be covered, but can anyone advise me about the missing £1,000?

Ilona,

Check your icesave account, you can still log in you just cant transfer money. You will more than likey find that it has been returned.

Suggest you take a print off your account too just in case

ilona_2

Thanks to all for your advice. I logged into Icesave & sure enough the £1,000 has bounced back - they call it a 'correction'. I'd already taken copies of my Easy Access (what a misnomer) & ISA accounts but have taken another with the correction.
Really needed that £1,000 so off to Sainsburys to stand outside shaking a tin!

Senator

We are experiencing small foreign banks going bust or being taken over by others. This will just lead to anti-competition and very low interest rates for savers.

Swipe

I'm still missing my monthly interest that was automatically sent to my hsbc current account on 7/10 and didn't arrive or get posted back to icesave. I wonder why mine didn't get posted back like everyone else's?