Icesave: how safe are your savings? Facts and myths

Vectra

Having just opened two iceland bank accts and now reading all of this, what now, anyone know of a decent type bank/BS to put your savings for a decent return and some peace of mind as well
PS I have just had experience of two prominent U/K twisters without naming em!

Bobbyfleet

I have recently transferred my Nationwide mini cash isa to icesave simply because of the attractive rate. However, I am finding continuing problems in gaining 'online' access to my new account. Icesave have 're-set' my security details on 3 occasions up to now and immediately following this I have been able to access my isa account for maybe 1 or 2 occasions and then after this I have been refused access. Icesave are now resetting once again my details. They say that they are experiencing trouble with my Internet Service Provider (talktalk). However, my continuing problems along with all of the current uncertainties are making me extremely uncomfortable and I am leaning towards transferring back to Nationwide (smaller interest rate) simply for more peace of ming.

bunterpunter

In response to Bobbyfleet,I too took out a mini cash ISA in February with Icesave (2007/8 allowance) and was considering investing the increased 2008/9 allowance with them.I've naturally become concerned due to adverse publicity.
I like most people want the best return possible but also a safe home for my money.I have just gone to the Icesave website and logged on without any problems and accessed my account....The money's still there !! there is also a quite comforting statement from Icesave about their current financial situation and the future.I am aware that Northern Rock were making similar claims,but ultimately it was us,the investors that sealed their fate by mass panic withdrawals.I personally left my money ride with NR and couldn't see the problem once the government intervened.NR is now a carbon copy of NS&I and as can be seen from my experience (another thread,here) they are not going to be competitive any more by choice.
Back to Icesave,I am happy to stay with them at present on a low level investment.I find their internet account service very efficient,so far!

i_love_it

I have recently changed my current bank account from RBS to A&L & filled in the relevant online form which then has to be posted to icesave to change my nominated bank account.
(That is the only proceedure allowed it cannot be done simply online)
That was back in February, I've emailed them with no reply & sent a second form.
I've just recieved a letter from them advising me to delete my current nominated bank, before I can add the new one.
Reluctant to do this as the nominated bank is the only withdrwal route it seems a ludicrous suggestion.
I've emailed them to question their request & eplain my concerns (a week ago), I've had no reply.
So,
I have withdrawn my entire savings to my old current account which I am waiting to close (held up only by icesave)
Now I'm looking for a new isa to transfer my isa savings too.
I haven't been a customer with icesave very long, my main concern was not the safety but the very poor customer service and efficiency of the site itself, I would expect to be able to change my nominated bank easily online, but this is not the case.

Replay

I am pulling out of Icesave, and going to Northern Rock, yep thats right Northern Rock!! as its backed by the Government its about the safest around at the moment, also putting some in Bradford and Bingley (Up to 35000 in each) so thats it till the next scare, then sod it, its going in the Post Office!!!

Brandon_2-2

I intended to open an account with Icesave but after my daughters experience decided to go elsewhere. She opened her account and waited and waited but received no information. She emailed customer services six times all of which were ignored. Her 'secure' information was sent to two alternative addresses. On discovering this she telephoned them and was told that they had three different addresses for her and it was her fault! The on call manager basically bullied her over the phone so she closed the account and lost her interest for this month.
I have also tried emailing their customer service department and also have had no reply so I will not be opening an account with them either.
If you are thinking of trying them out I suggest a simple email to their customer service department - see if they reply and then ask yourself whether you want to deal with such poor customer relations.

VonMises

- just moved my isa to icesave: up to now no issues, they're quite efficient, the procedure was fine and everything is set up ok (although getting through by email or phone just before the end of the tax year & when their package is so popular is obviously going to be a challenge...esp if your isp is talktalk ;-)

- not surprised they're getting lots of flak: an Icelandic bank that competes head-on with the big boys of britain.
i wouldn't worry for anything under £35k. they do speak excellent english in iceland i hear :-)

rmcelduff

i have £12,500 in a 6 month bond and a £3000 ISA with Icesave. I have only been with them 2 months so no major problems thus far. I had an issue with the secuity question getting logged in but i rung the customer services and was connected to an (friendly) operator fairly quickly. She said the information would be emailed in 24hrs; i got it in about 5 mins! Still unsure if i should use my new ISA allocation here or choose somewere else?

Mike06

I made a simple email request of ICESAVE regarding new ISA limit. I now get a return email quiting both Icesave and Bradford and Bingley. In fact I get a further email address quoted at B&B. Is there any connection???

Meltdown_2

sainthalo wrote: »

can you speak read and write icelandic?

I CANT!!!!!!

Why would you feel the need to do so?
The Icelandic Finance Authorities are quite happy to communicate with you in English.
In fact, you might find that their grasp of English grammar is better than yours ...
(they know all about capitals, commas, and apostrophes).