Icesave: how safe are your savings? Facts and myths

luv_my_brass

FatalSaviour wrote: »

I'm not sure if this has been answered elsewhere, but if the worst were to happen, and you manage to lodge a compensation claim for a (i.e. £10k) ISA successfully, do you receive all capital, plus interest up to that day?

Also, what happens with regards to your ISA allowance? Would one be able to invest the money received from a compensation claim (all the £10k) into another ISA?

Best Regards,

FatalSaviour

Yes I too have been wondering this, also, if one had to fight for one's savings due to a bank going down, and it taking some time to recover the funds, how would that affect the interest?
Have heard on the news, that Iceland have suspended all trading on the stock exchange.
I'm trying to avoid a knee jerk reaction along with protecting my savings but very tempted to shift my savings from Icesave to a UK Company.

pep27871

If the worst happened and Icesave/Landsbanki went bust PLUS the Icelanic Compensation Scheme could not cope with the initial payment of 20887 Euros would the FSCS/FSA pay the full compensation of £35000 (£50000 from midnight)?

chris1

pep27871 wrote: »

If the worst happened and Icesave/Landsbanki went bust PLUS the Icelanic Compensation Scheme could not cope with the initial payment of 20887 Euros would the FSCS/FSA pay the full compensation of £35000 (£50000 from midnight)?

No, they would only pay compensation for the amount over 20887 Euros.

parist

i've done the deed, closed the account 5 mins ago. dont wanna go thru the hassle of getting my ca£h back if it goes belly up with Landsbanki, saw the anouncement that the icelandic prime minister was gonna guarantee all icelandic savings (does that include us Brits).... the banking laws and regs are on shifting sands and changing by the day/hour.

I aint hanging around, for the ice to melt ;-)

avonlea_2

Did anybody see the Channel 4 news this evening? My understanding was that deposits in Kaupthing were protected but that Icesave could not necessarily guarantee savings of overseas investors. Am I right?? Been searching to see if Martin could give us his thoughts on this situation but can't find anything up to date.:huh:

McElais

This might give some reassurance:

http://www.curioweb.is/webs/tryggingasjodur.is/modules/files/file_group_26/DIGF%20Information.pdf

RoxyK

If Icesave had 100% FSA protection like Kaupthing I'd have no trouble leaving my money there. I'm not closing my account but will move some it elsewhere for a while. Maybe even into Kauthing once things settle a bit. Hoping they do settle.....

wadeall

I can't believe that Martin hasn't updated his advice re Icesave. Any saver needs to get his/her money out of this bank ASAP. The Passport scheme puts this bank in a very differen position from kaupthing. If it goes but, which seems quite possible, then you will be relying on the Icelandic deposit protection scheme for the first £20k or so. Given that Iceland hasa population the size of Croydon, a bank crisis may lead to a national default. Iceland has announced that it will protect all domestic depositors, but not those saving with overseas branches of Icelandic banks. If this happens you wil be reliant on either the other Nordic countries comming to Iceland's recue, or the UK Governmnet stepping in to cober any amount the Icelaners default on. Gien the political environmnet, by guess is that Brown would bale people out, but it would be foolish to take the risk for the sake of a few basis points of extra yield. Get out while you can.

£uckless

I've just emailed Martin team as I have £100k with Icesave fixed term savings and can't get it out. I tookhis advice to put money into Icesave. I'm not blaming him but I think it shabby that there is nothing on the site to update and advise where posible. I am 60 and I'll loose my life savings if the bank goes down. Its still not clear how much is really protected by Iceland. Please would you let me know if you hear anything? £uckless (just thought up the name two days ago - I didn't think it would be an omen!)

Dan_66

I've just read the highly ambiguous Icelandic Guarantee Statement at www.tryggingarsjodur.is Also the less than clear statements made on its Website by the managing director Simsey-Durrant http://www.icesave.co.uk/important-information.html

Given that the Icelandic Government are not going to 100% guarantee the savings of non-Icelandic depositors in its banks (it simply cannot afford to), and the fact that the whole country is teetering on bankruptcy I'm moving my ISA out to the UK (Nat-west) tomorrow!