Icesave: how safe are your savings? Facts and myths

moneyluvva

I too decided yesterday to close my accounts with Icesave, I have tried to get into my account to check if the funds were transferred but password locked so was relieved to read Parist say the same & transfer may still be ok. Hope it lands in my bank account with no probs.

rsachoc

Their telephone number is not working either, so I can't get ahold of them.

mumof2nanof2

I managed to get into my accounts with Ice Save but can't withdraw, so have taken print outs of my accounts with them. Hope this will be proof enough to eventually get my money out.

Les_Dennis

Hindsight is a wonderful thing. If like me you didn't move fast enough, then sincerely, good luck folks, looks like we're going down.
PS How come this thread has 10 times more information on it than the icesave home page??

Premier_2

pep27871 wrote: »

If the worst happened and Icesave/Landsbanki went bust PLUS the Icelanic Compensation Scheme could not cope with the initial payment of 20887 Euros would the FSCS/FSA pay the full compensation of £35000 (£50000 from midnight)?

Remember:

...In the extremely unlikely event that the Icelandic government wasn’t in a position to meet all claims, all the Nordic countries have an arrangement where they will step in and help any one of the participating countries that are in trouble so there is an additional layer of reassurance and cover...

http://blog.moneysavingexpert.com/2008/04/01/icesave-how-safe-are-your-savings-facts-and-myths/

I guess it's a theoretical possibility that the Icelandic government couldn't meet all their obligations, but that combined with all the other Nordic countries as well would be extremely remote ... but still possible.

Which would me more probable? The UK scheme not meeting its obligations or the entire Nordic countries not meeting their obligations? I don't know, but at least you've split the risk.

Having said that, you can't put money in or take money out of icesave at present. That may change once the immediate panic is over since the parent bank's domestic operations are still functioning albeit now under state control.

http://news.bbc.co.uk/1/hi/business/7656387.stm

parist

moneyluvva, just wandering if the transaction (which I did last night) and was pending for today (Oct 7th) would still go through ?? Question is: at what time did they suspend transactions? before the banking day started today?

Is there such thing as a safe bank, are they all vulnerable?

born2run

I rang the FSCS yesterday to ask the 'hypothetical' question of what the situation was if the Icelandic govt defaulted on repaying the first 20odd thousand euros guarantee to be told - this is nothing to do with us, you would have to take that up with them, we only step in above that amount - very worrying!

northern5

I've got 6.5k in my Icesave ISA (again like others, I opened this earlier this year after following the best buy recommendations!!! whoops). I had no idea about this dodgy protection, I'm sure like others I just read the FSA protected bit and thought nothing more of it!!

Looks like its going to be a game of wait and see .... I have followed other user advice and logged in to print a copy of my statement just so I know exactly what I have at risk!!!

Come on Martin .... what's your say on all this......

luv_my_brass

northern5 wrote: »

I've got 6.5k in my Icesave ISA (again like others, I opened this earlier this year after following the best buy recommendations!!! whoops). I had no idea about this dodgy protection, I'm sure like others I just read the FSA protected bit and thought nothing more of it!!

Looks like its going to be a game of wait and see .... I have followed other user advice and logged in to print a copy of my statement just so I know exactly what I have at risk!!!

Come on Martin .... what's your say on all this......

How did you manage to log in? I have just been on the Icesave site and there is no means of doing anything except contact them. I have sent what I think is probably a useless email asking for access to my account. :mad:

Have just been back - with difficulty as the Webair site keeps coming up with no actual access to Icesave - and have done the same as northerns5 by copying the current details in my account, lets just hope we don't have a fight on our hands. Like others, I have a large chunk of my savings, including isa's with icesave and am feeling sick to my stomach at the moment :-(

born2run

My argument with the FSCS would be they are now guaranteeing up to £50k - if I've £50k in Icesave (not quite this much!) and Icelandic govt repays £15k I reclaim £35K off FSCS - if Icelandic govt pays zilch then I go back to the FSCS for my £50k. Not sure where I stand legally on this but if there are any shenanigans by the Icelandivc govt and then the FSCS i'm sure a series of class actions will ensue.