Icesave: how safe are your savings? Facts and myths

Meltdown_2

Replay wrote: »

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!!!

That will be the Post Office accounts operated by the Bank of Ireland, an EU passported institution as regards FSCS.

Meltdown_2

Posted by drondo :

Martin says that Icesave is an EU bank, but Iceland isn't in the EU. I'm confused.

Posted by fellas1990 :

It's in the EEA (european economic area) which allows it to adopt certain EU rulings and legislation.

Actually Icesave isn't a bank at all. Its a trading name of the Icelandic bank Landsbanki hf.
As fellas1990 says, Iceland is in the EEA. In addition to the 27 EU members, it includes Norway and Liechtenstein, as well as Iceland.

Vectra

I tried to open acct since 13th march they promised to send user ID in post nothing ever received up to now
tried ringing customer service just music playing and
apology message so I gave up in disgust.
They are still advertising their Isa accts in today's paper
WHY when they cannot cope quickly and efficiently with
new applicants,, if this is the way they are running their Bank it might be an idea to go elsewhere.

StanDerMan

I transferred my ISA to Icesave in Feb this year, and the whole process took less time than I expected and I had access to my account well before the funds were transferred from lloyds. Never any hassle logging in.

The only small issue I had was over the length of time it took for them to acknowledge my request to change the account from annual interest to monthly. It took over a month ... however, it was during their busiest period of the year.

Curiously they have to pass the request to the "technical department" to complete ... isn't this what computers are for? You'd think this sort of change would be completed by a click of a mouse, and preferrably via the user interface on the website! Progress!

PS oh, yes, I've paid this year's allowance in too.

rmcelduff

a quick query:

I put my isa in as yearly interest. What is the benefit in changing to monthly? Im presuming to allow for drops in interest but does this mean that i only get the rate at end of year rather than ongoing interest based on current rate?

neals

I've just transferred out of Abbey to Ice.

Initially the transfer failed because Abbey did not complete the transfer form properly and Ice were duty bound to reject it.

Getting information out of Abbey has been a nightmare. They keep you on hold, they put you through to overflow call centres who have no ability to answer your questions and have no authority. They don't call back when they say they will. Their service is basically diabolical and I am glad I've moved my money away from them.

Ice, by start contrast, are EXCELLLENT. Really helpful, knowledgeable staff and an excellent system where they can call up on screen all the paperwork. They were able to prove to me that the Abbey call centre lied to me about the dates of their letters. Ice so far have provided a thoroughly efficient and reassuring service.

I know that that is not really relevant to whether or not any particular bank is likley to go belly up, but what I am saying is if you are considering going to Ice I would recommend them from the small experience I have had so far. Also the online access is fine, I don't know what the other people above are talking about. Both myself and my wife can easily get into our accounts and they were both set up promptly.

ABBEY = POOR
ICE = THE WAY FORWARD!

happy_gardener_3

I have opened an icesave account. To transfer the money by chaps, my bank insisted that the receiving branch identify themselves. Reluctantly they did as Barclays Icesave. So, have I got an Islandic savings account or not?

Optimist

happy_gardener wrote: »

I have opened an icesave account. To transfer the money by chaps, my bank insisted that the receiving branch identify themselves. Reluctantly they did as Barclays Icesave. So, have I got an Islandic savings account or not?

Nothing sinister they are just using the infrastructure of another bank, its pretty standard

ukamericano

Have been an Icesave Easy Access account holder for more than a year now - with no problems - easy access indeed. Have not needed to contact customer service. Also today sought to shift a few £££ over from one acct to Icesave's new fixed-rate savings account at great rates (£1000 min dep). Awaiting approval.

dwhill

I just have a question about getting out (just in case my fear takes hold).

I have an ISA at Icesave with last years allowance in (plus interest). When I took it out I (probably naively) opted for interest paid annually; going for the seemingly higher rate. Was I wrong to think this? Exactly what is the difference and should I change to monthly interest?

Also, what would happen to my interest if I were to transfer the ISA allowance to another bank? Would they give me interest owed up to the transfer?

Lots of questions, I know but I am confused. Any advice would be appreciated!

David.