Icesave: how safe are your savings? Facts and myths

moneyluvva

parist wrote: »

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?

Parist, I have a feeling we will be very lucky if the cash was transferred before they suspended transactions (mine was after 3pm so pending for today) but I cant find any one source that indicates if the bank even began trading this morning so just a case of wait & see as we cant access the accounts anyway.

National Savings looking like the only safe place at the mo??????????

erdie

Lets hope we all get our money soon. The Icelandic government must really be desperate to get into bed with the Russians.
I have been wondering about the ISA issue as well, but I have also been thinking that I have got to look for new accounts now.

jaigee_2

I transferred the bulk of my savings out of my account by BACS yesterday, this is confirmed on my account balance and is flagged as "Processed".

I now wonder whether the transfer will the transfer go through? Or will I be left in the unfortunate situation of the money neither being in Icesave or my British bank, but in the system somewhere. Perhaps someone with a better knowledge of BACS could enlighten me, i.e. when is the money actuall released by Icesave? I was going to use the CHAPS option but decided not to.

What mess! :mad:

Optimist

Question an answer on the times note

Q: I managed to withdraw my money from Icesave yesterday, but they say it takes four days to transfer. Will my money come through or will Icesave retain that cash because of today’s freeze on accounts?
A: An Icesave spokeswoman said she did not know for certain, but as the transfer process takes several days and things came to a halt today, there is a sizeable chance that the money will be stuck in the system.

http://www.timesonline.co.uk/tol/money/savings/article4898782.ece

luv_my_brass

Have heard that Russia is willing to bail out Iceland, as no other Country is willing to, I wonder what the future political repercussions will be?

chris_yo

I hope this compensation thing doesn't take too long. Since I went back to studying, I had all my savings in Icesave with an automatic transfer every month to pay for rent, food, etc. Now I have a £75 overdrawn bank account, no icesave money coming in, and rent, council tax and utility bills of £420/month to pay. This sucks.

luv_my_brass

chris_yo wrote: »

I hope this compensation thing doesn't take too long. Since I went back to studying, I had all my savings in Icesave with an automatic transfer every month to pay for rent, food, etc. Now I have a £75 overdrawn bank account, no icesave money coming in, and rent, council tax and utility bills of £420/month to pay. This sucks.

My commiserations Chris - your post shows there's more to this than worrying whether or not we are going to lose our savings :eek: or have a ding dong of a battle to get them back. I use the interest on my savings to buy those 'little extras' lol I desperately need a new fridge as my current one has come to the end of it's life and was just about to order one, I'm also in the process of having work done on the house and was wondering where the workmen were :rolleyes: But now I am in limbo and won't be proceeding until I know my savings are safe. It's a terrible knock-on effect in many different ways, but some are feeling the results NOW :-(

kwakman

I have taken £2k out on Monday (eta Thursday) and the rest out (5.5k) by CHAPS last night (eta today). Although the items are logged as processed and the account at zero balance, nothing has arrived in the recipient bank account. I'll let you know at CoP today if the CHAPS payment has worked. If not, I guess none of the processed items are coming through.

leapfrogx

I too withdrew my ISA's yesterday via BACS to dump into a more secure current account. I requested that the account to be closed after processing.

I am since unable to log into the website

I am not sure if this a problem for everyone or means that my account is closed and my money is on its way or in some virtual dark world.

Can anyone log in to even look at their accounts?

Thanks

kwakman

I can log in to see my zero balance and 'processed' items.