Icesave: how safe are your savings? Facts and myths

cs15

good to be positive, but you have invested and done nothing wrong so you should get the 3.5k too surely, what is the point of banks otherwise? (apart from physical safeguarding of cash we might as well use suitcases under the bed again)

jaigee_2

What happens to those of us with "processed" transfers which now look as if they will not be actioned, even though our accounts reflect that they have? Will these be eventually actioned (doubtful), or will the money be reinstated to the account?

I should imagine that they will take far longer to sort out seeing that the money is in the system somewhere and not recorded as being in the account.

Also, what happens to all the lost interest while this money sits in "no man's land"?

Jocten

Just been checking out the latest news re Landsbanki.
http://news.bbc.co.uk/1/hi/business/7656387.stm

Regards,

Jocten.

edixon83

:eek: I am very worried about this situation as I have £6000 in a bog standard ISA that I was keeping there until June next year to pay for our wedding. I have been on the phone to my current account bank and the FSA and nobody can tell me how my ISA allowance will be affected by all this.

I have only paid in £900 this financial year and want to know it the remaining £2,700 will be available with another financial institution? Also, if they go down the liquidation route as far as I understand I cannot transfer my money to another ISA so will have to put £2,700 in this year and the remaining £3,300 after 1st April 2009.

Can someone more knowledgable on this matter shed some light for me? Seems unfair that we will be penalised for the bank going down and not only potentially losing interest, but remaining ISA allowance.

Many thanks.

Dan_66

jaigee wrote: »

What happens to those of us with "processed" transfers which now look as if they will not be actioned, even though our accounts reflect that they have? Will these be eventually actioned (doubtful), or will the money be reinstated to the account?

I should imagine that they will take far longer to sort out seeing that the money is in the system somewhere and not recorded as being in the account.

Also, what happens to all the lost interest while this money sits in "no man's land"?

As a follow-up to my post last night and in response to the post quoted above;

I processed a withdrawal transaction last night and called ICESAVE today to ask whether this would still be going through. The gent I spoke to informed me that ALL WITHDRAWAL TRANSACTION REQUESTS WHETHER MADE ONLINE OR BY PHONE HAVE NOT BEEN PROCESSED SINCE (and including) FRIDAY 3rd OCTOBER!!!!!!

Staff at the ICESAVE call-centre had only just been informed of this fact-and seemed shocked as the computer showed them as being processed and call-centre staff believed transactions were being carried out over the weekend when taking calls from customers!

I will never believe any SHI*E posted by ICESAVE on their Website again.
Our money is frozen and who knows who long it will take to get any back.:mad:

Optimist

edixon83 wrote: »

:eek: I am very worried about this situation as I have £6000 in a bog standard ISA that I was keeping there until June next year to pay for our wedding. I have been on the phone to my current account bank and the FSA and nobody can tell me how my ISA allowance will be affected by all this.

I have only paid in £900 this financial year and want to know it the remaining £2,700 will be available with another financial institution? Also, if they go down the liquidation route as far as I understand I cannot transfer my money to another ISA so will have to put £2,700 in this year and the remaining £3,300 after 1st April 2009.

Can someone more knowledgable on this matter shed some light for me? Seems unfair that we will be penalised for the bank going down and not only potentially losing interest, but remaining ISA allowance.

Many thanks.

If the FSA cant tell you why do you think anyone on here will be able to ? The fact is nobody knows as yet. This was never thought about when ISAs were created

born2run

edixon83 wrote: »

:eek: I am very worried about this situation as I have £6000 in a bog standard ISA that I was keeping there until June next year to pay for our wedding. I have been on the phone to my current account bank and the FSA and nobody can tell me how my ISA allowance will be affected by all this.

I have only paid in £900 this financial year and want to know it the remaining £2,700 will be available with another financial institution? Also, if they go down the liquidation route as far as I understand I cannot transfer my money to another ISA so will have to put £2,700 in this year and the remaining £3,300 after 1st April 2009.

Can someone more knowledgable on this matter shed some light for me? Seems unfair that we will be penalised for the bank going down and not only potentially losing interest, but remaining ISA allowance.

Many thanks.

Firstly, as I've said before the compensation we receive should include any accrued interest up to the £50k limit.

As for the ISA specific questions it will ultimately be the FSA who will provide the answers. The fact that they are unable to do so at the moment emphasises that we are in unchartered waters - there has never been this type of situation before. Because of this the 'normal' rules don't apply and I would expect them to say (though I can't guarantee it) that prior years ISA balances and unused current year allowances will be allowed to be transferred into another bank (maybe the Northern Rock since they/we own it!!)

Annpan

Maybe you should be worrying about the compensation scheme paying up before your wedding and not being to upset about the lost tax free element of your ISA.
If Iceland can't pay then the UK will pay upto £34,000 which is £50,000 less the £16,000 guaranteed (supposed) Iclandic compensation.

meher

from The Independent some questions answered

Dan_66

If Iceland can't pay then the UK will pay upto £34,000 which is £50,000 less the £16,000 guaranteed (supposed) Iclandic compensation.[/quote]

Pardon my ignorance but from where did you glean the above nugget of information??