Icesave: how safe are your savings? Facts and myths

ManAtHome

Around 159 Iceland Krona to the quid - troosers and badger would be over the moon if the UK trade deficit was that small...

[edit] just a couple of Krona (ISK) numbers to get things in perspective:
The UK has been running a 600 billion to over a trillion per month trade deficit for a few years
UK plc had to borrow 430 billion to fund the 10p tax fiasco

ebyard

This is new on the Icesave website:

"
IMPORTANT INFORMATION

Following the recent turmoil in the global financial markets, Icesave wants to reassure our savers about the financial strength of Landsbanki.
Landsbanki has no significant exposure to Lehman Brothers and there will be no significant impact to profit. It also has no exposure to the US mortgage market and no loss is anticipated from lending to XL Leisure.
Visit About Icesave to find out even more about our financial strength or Financial Protection for details of the compensation scheme protecting your deposits.
"


I don't know about you....but when I see companies saying how things will be OK....it's time to worry!

ProTrack

Thanks Martin for ISA guidance,
Today I have taken a decision on Martins's excellent providings to:
Use the latest NatWest deal & transfer in two cash ISA's, thus merging two ISA accounts into one and ditching the uncertainty with the IceSave e-ISA.
I can rest easy now, but only until this time next year when I will look to Martin for the next best transfer deal. The NatWest offer is only for 12 months so for only 12 months they will have my well earned dosh!
:T

jm0221

I decided to pull out all bar £50 from my Icesave account (£5565) today. I've been saving for a new car for a while and I'll move it to an institution that is fully FSA tied in (just opened an account with Kaupthing). Be a better rate too slightly..........

Dancingcat100

Hi. I have opened an Icesave savings account, but I am concerned when I read that 'Icesave hasn't chosen to be completely protected under the UK's Financial Services Compensation Scheme, and thus if, in the unlikely event that it were to go bust, getting the money back could be more difficult? '. I wrote to Icesave and this is the reply they sent me:
Icesave deposits are protected by the deposit guarantee scheme. The maximum compensation is limited to 100% of the first ??35,000 of each account holder???s total deposits held with Icesave (the same as every FSA regulated bank and building society in the UK). Any compensation would be payable within three months, in accordance with EU legislation.??????
Do you think I still need to be worried about my money with them?

Nervous_Norvus

I have some money in Icesave bonds. I think I will get it back when they mature. Icelandic government has shown with its purchase of Glitnir that it is willing to dig deep to keep Iceland's banks in business. Consequence for Iceland if it did not do so would be catastrophic. If you are really, really worried, put your money into National Savings. I have put some of my money there.

jack111

I donot think any western european banks are going to be allowed to go bust by the government.
The first country to do so is going to see all investors take their money out of their banks with castostrophic consequences.
http://news.bbc.co.uk/1/hi/northern_ireland/7643572.stm
http://news.bbc.co.uk/1/hi/business/7643638.stm

colthecodman

thanks for the article on ice save martin i see its about 6 months old has anything changed

wend33

With today's change in the limit to £50k, are there any changes to the E20k limit for Icesave? I still have my ISA with Icesave and it's getting close to £35k...

Pancakes

Does anyone know why the Icesave website is down? Mass transference of funds out perhaps??