Icesave- Martin is wrong.

Lavendyr

earlgrey wrote: »

This is getting plain daft. No, what you actually said, copied and pasted from here http://forums.moneysavingexpert.com/showpost.html?p=9863465&postcount=29 for your convenience was:

"You tout it about as a fact that there "will" be a delay but it is still just the opinion of the FSCS - who are ultimately in no better a situation to comment than anyone else, since it's never happened before."

Perhaps you could refer us to the post where you said what you now claim to have

For your convenience:

http://forums.moneysavingexpert.com/showthread.html?p=9874341#post9874341

I obviously was not specific enough with my language in the first post you mention, so I clarified later on. Clearly you did not read this second post, so I apologise for confusing you.

earlgrey_3

Good. So long as you now remember that you did say what I've quoted then that's cleared up.

rosekinross

This is Rose Bentley from the icesave press office.

Can I take this opportunity to reassure icesave customers that it is extremely unlikely that they would ever need recourse to compensation because Landsbanki enjoys high levels of financial stability. Landsbanki has one of the strongest capital and liquidity positions of all of the European banks and is extremely well placed to withstand the challenges facing the sector on liquidity (having very high ratios of customer deposits to loans and no exposure to the sub prime market) and is in a strong position to benefit when confidence in the sector begins to normalise. You may find icesave's key facts section useful and I attach a link as follows: http://www.icesave.co.uk/financial-strenght.html.

The whole issue of compensation is a red herring because at no point in the foreseeable future would account holders be requiring it. However, it is worth pointing out that, contrary to information from people who have not read the EU directive on compensation schemes,the dual Icelandic and UK scheme which protects icesave customers will be just as fast as a single scheme. Check out the following link (http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:31994L0019:EN:HTML).

I work in the icesave press office so I obviously have an interest. However, I feel it is appropriate to say something because there are so many rumours and misconceptions around at the moment. This is a shame because as a consequence, some savers are missing out on some of the best rates in the market. I have an icesave account and I have no worries about it. Given icesave is currently averaging over 1,000 new account openings a day in the lead up to 5 April, I am happily one of many.

bristolleedsfan

rose/kinross wrote: »

Given icesave is currently averaging over 1,000 new account openings a day in the lead up to 5 April, I am happily one of many.

If Icesave were to launch a market leading fixed rate ISA within next 48 hours then i would open my first ever Icesave account.

Lavendyr

earlgrey wrote: »

Good. So long as you now remember that you did say what I've quoted then that's cleared up.

I'm very glad that you're now clear on everything and that you now understand that I did also say what *I* quoted.

To the Icesave press officer, many thanks for your post. I am a very happy Icesave saver currently but it is still good to hear your comments and to take on board a range of opinions from different sources.

martyn4764

rose/kinross wrote: »

I attach a link as follows:http://www.icesave.co.uk/financial-strenght.html.

Typo there; it should be http://www.icesave.co.uk/financial-strength.html

HTH

rosekinross

rose/kinross wrote: »

You may find icesave's key facts section useful and I attach a link as follows: http://www.icesave.co.uk/financial-strenght.html.

Sorry, you are right - this is the correct link:
http://www.icesave.co.uk/financial-strength.html

OliverDog_2

gt94sss2 wrote: »

I think you should all stop worrying about Icelandic banks and read this post instead

The author is very will respected and is employed at a bank where he decides which banks 'his bank' will or will not lend money too.

Regards
Sunil

Thank you very much for this, does the original author not know how much he worries people who have all their investments actually in Iceland sat in a Bank in Krone!!

calisto

rose/kinross wrote: »

This is Rose Bentley from the icesave press office.




Can I take this opportunity to reassure icesave customers that it is extremely unlikely that they would ever need recourse to compensation because Landsbanki enjoys high levels of financial stability. Landsbanki has one of the strongest capital and liquidity positions of all of the European banks and is extremely well placed to withstand the challenges facing the sector on liquidity (having very high ratios of customer deposits to loans and no exposure to the sub prime market) and is in a strong position to benefit when confidence in the sector begins to normalise. You may find icesave's key facts section useful and I attach a link as follows: http://www.icesave.co.uk/financial-strenght.html.

The whole issue of compensation is a red herring because at no point in the foreseeable future would account holders be requiring it. However, it is worth pointing out that, contrary to information from people who have not read the EU directive on compensation schemes,the dual Icelandic and UK scheme which protects icesave customers will be just as fast as a single scheme. Check out the following link (http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:31994L0019:EN:HTML).

I work in the icesave press office so I obviously have an interest. However, I feel it is appropriate to say something because there are so many rumours and misconceptions around at the moment. This is a shame because as a consequence, some savers are missing out on some of the best rates in the market. I have an icesave account and I have no worries about it. Given icesave is currently averaging over 1,000 new account openings a day in the lead up to 5 April, I am happily one of many.

I would have given Icesave the benefit of the doubt, but having ca. 150k in there and deciding to limit my exposure, I opened a Northern Rock account last month, with the intention of keeping 35k in Icesave and transfer the balance to NR.

In order to do this, I had to add a nominated account. No problem, I have done this once before and have both Barclays and Coventry BS as nominated accounts. Simply print out a Direct Debit Mandate, fill in details, and send it off. Supposed to take 8 days.

Come the 28th March, I had a letter from Icesave dated 14th March thanking me for my application of 7th March to add a nominated account. The letter rejected my application "as you already have a nominated account with us." !!!!!!? So this was dealt with 7 days after receipt, then left for 2 weeks before getting back to me?

This letter was clearly a very bad cut and paste job as it also contained the final paragraph "Find enclosed a direct debit mandate, and freepost envelope, for you to fill in and return to us." - both of which were not included and utterly irrelevant.

On receipt of this pishtake, and the ridiculous delay, I instantly transferred my entire balance bar 1k to my Nominated Coventry a/c by BACS, then used Coventry to CHAPS the lot to my Northern Rock account.

Sorry Icesave - You do yourself no favours! I'm out of here and I suggest anyone with more than the passport amount gets out of town too!

calisto

PS. The only reason I left £1k in there was because I had a notion that was the minimum balance, anything lower and the account has to be closed - in true beuracratic and drawn out fashion. :mad:

Had heard of many people getting the run around phoning up to close the account.