Rosiefan
Well-Known Member
As title. Apparently it's guaranteed (I haven't got tens of thousands in there) but I've no idea how to apply to get it back.
Anyone else got money in IceSave?
- Thread starter Rosiefan
- Start date
Mrs_Wishkabibble
Well-Known Member
No, not in Icesave, we did debate it before but I wouldnt have an online only account so went with the Abbey, now having to split it and put some somewhere else as they will only guarantee £100k in a joint account (50k each)
Surely something has to be done, otherwise everybody will be shoving their money under their mattress. The government try to get you to save but wont guarantee the money
There will be somewhere online or in the papers I would say that will tell you how to go on and it is big news at the moment so they usually release a helpline number.
Good luck, hope you get sorted.
Surely something has to be done, otherwise everybody will be shoving their money under their mattress. The government try to get you to save but wont guarantee the money
There will be somewhere online or in the papers I would say that will tell you how to go on and it is big news at the moment so they usually release a helpline number.
Good luck, hope you get sorted.
Rosiefan
Well-Known Member
Where will you move it to though? Under the mattress sounds good to me atm. The worst thing is that it was supposedly instant access and now I can't get at it at all.
Looking on the bright side though, I'm lucky to have any savings at all I suppose but I am a pensioner and I worked b***y hard for them
Looking on the bright side though, I'm lucky to have any savings at all I suppose but I am a pensioner and I worked b***y hard for them
Aliwalig
Well-Known Member
AFAIK they are in recievership not administration (but it changes minute by minute).. I'd keep an eye on Martin Lewis and do what he says. Here is to hoping that when they do go under (reasonably inevitable I Think) it isn;t too complicated getting money back!
LynneB
Well-Known Member
I had not heard of them before today, it is worrying though. I just went to look at Coutts bank website but my webpage threw me out as the certificates on the site were dodgy! is there no one we can trust these days? I feel sure they won't lose the Queen's savings though.
Like you the mattress sounds better each day, course having horses I don't have any savings. Scary stuff though. I hope you get your money out soon, for info Sky News are covering it this afternoon and offering advice re getting your money back.
Like you the mattress sounds better each day, course having horses I don't have any savings. Scary stuff though. I hope you get your money out soon, for info Sky News are covering it this afternoon and offering advice re getting your money back.
Rosiefan
Well-Known Member
Thanks for being so supportive peeps.
We don't have Sky but I've been watching BBC 24 all afternoon and I'm sure it will all become clear sooner or later
We don't have Sky but I've been watching BBC 24 all afternoon and I'm sure it will all become clear sooner or later
SpottedCat
Well-Known Member
Fingers crossed RosieFan.
As for Coutts - the majority of people will not be 'invited' to open an account with them - if you could afford an account with them you'd know.
As for Coutts - the majority of people will not be 'invited' to open an account with them - if you could afford an account with them you'd know.
Flibble
Well-Known Member
God I so nearly invested with them. I dont have tons of money but I have all my redundancy money spread out to keep undr the 35k barrier and was going to put a lump there until Iread theMartin Lewis forum that indicated it was not guaranteed in the same way as uk banks. From what I have read you should be ok to get your money but it make take a little while. My knees are knocking as I cant live on my reduced pension so I use my savings to suport my horse.
Rambo
Well-Known Member
As i understand it, the FSA will manage the whole process of compensation on your behalf. They have a slightly different arrangement than 'proper' UK banks in that the first £12k or so is guaranteed by the Icelandic government (for what that's worth
) and the remainder is covered by the FSA in this country. The FSA have suggested that they will manage the whole compensation package on your behalf though.
As to where to put your money now......well.....these state 'guarantees' are only as good as the state that is offering them. Clearly countries can go bankrupt in the same way that businesses can.
Currently Ireland are offering 100% protection of depositers funds...but then how big is Ireland'sconomy when compared to the global problem ? Bigger than Iceland's...but only slightly
Unless you have £££millions in the bank, i'd seriously look at spreading my savings around as many individual UK based banks in chunks no greater than £50k as possible. Our economy is as strong as anyone's at the moment....but that ain't sayng much
As to where to put your money now......well.....these state 'guarantees' are only as good as the state that is offering them. Clearly countries can go bankrupt in the same way that businesses can.
Currently Ireland are offering 100% protection of depositers funds...but then how big is Ireland'sconomy when compared to the global problem ? Bigger than Iceland's...but only slightly
Unless you have £££millions in the bank, i'd seriously look at spreading my savings around as many individual UK based banks in chunks no greater than £50k as possible. Our economy is as strong as anyone's at the moment....but that ain't sayng much
burtondog
Well-Known Member
This year I transferred ALL my cash ISAs into Icesave (about 10 years worth) - Ughhhh!!! Total is still under the protected threshold so will probably be okay eventually but right now am totally stressing about it. No more new rugs for dobbin this winter ! Spent my last bit of cash on a huge bar of chocolate and am planning to ride out the recession under my duvet - wake me up when it's over !
burtondog
Well-Known Member
Rosiefan
Well-Known Member
Brilliant - thanks for that, it's looking as if it will get sorted but heavens knows how long it will take.
My commiserations to you
. I only have 1 year's worth of ISA with them + a fairly modest amount in an instant access saver. I had been thinking about moving my other ISA stash from an english BS to Icesave but luckily hadn't got round to actually doing anything about it.
My commiserations to you
perfect11s
Well-Known Member
Hope you guys dont lose anything with icesave but its funny in a way and shows how sick this banking thing is ..iceland tiny nation population about the size of a small UKcity with little or no resourses was suddenly being considered a major player in world banking !!! the problem is everbody has lent and borrowed non existant money with each other!!!! now the spinning plates are falling..
Twiglet
Well-Known Member
You would have to apply initially to the Icelandic guarantee system (via the FSA?), then I believe above around 16k to the Financial Services Compensation Scheme if the money in Icesave is definitely lost (and this hasn't been confirmed yet).
Incidentally, even though Ireland's economy is 'only slightly bigger than Iceland's', Ireland is a much safer bet. Iceland has got a ton of foreign debt as a legacy of the last few years in which Icelandic companies and the government invested very very heavily abroad. As a country, I think they are struggling more than most at the moment (hence the Russian bailout!).
My poor sister has been very sensible and diversified her savings risk by spreading around numerous accounts - namely Bradford and Bingley, Northern Rock, Icesave and RBS! Poor thing, even though she hasn't actually lost any money, she seems to be the kiss of death for banks!
Coutts is owned by RBS, so they're only as safe as their parent......whose stock dropped 39% in one day yesterday.
Incidentally, even though Ireland's economy is 'only slightly bigger than Iceland's', Ireland is a much safer bet. Iceland has got a ton of foreign debt as a legacy of the last few years in which Icelandic companies and the government invested very very heavily abroad. As a country, I think they are struggling more than most at the moment (hence the Russian bailout!).
My poor sister has been very sensible and diversified her savings risk by spreading around numerous accounts - namely Bradford and Bingley, Northern Rock, Icesave and RBS! Poor thing, even though she hasn't actually lost any money, she seems to be the kiss of death for banks!
Coutts is owned by RBS, so they're only as safe as their parent......whose stock dropped 39% in one day yesterday.
burtondog
Well-Known Member
TequilaMist
Well-Known Member
Yep!!My lorry funds in there!!!!And wouldn't you believe it saw a lorry worth looking at but can't get at the money!!!!!!!!!!!!!!!!!!!!!!!!!!!
TarrSteps
Well-Known Member
Twiglet, could you perhaps let us know where your sister puts her money next?
Totally off topic, but can I ask why Iceland was such an attractive investment port to so many people in the UK? Interest rates? Growth? Congenial banking laws? I know nothing about European banking so just curious.
The problem is the "safest" nations for investment also have the most stringent laws and conservative interest rates. Which might be what's making them slightly more stable now. Same with high taxation rates aimed at spreading wealth - unattractive when things are going well, looking like a smarter plan when things get rocky.
Honestly, I don't want to turn the tv on anymore. I know we'll all get through but it's hardly inspiring to hear non-stop doom and gloom.
Totally off topic, but can I ask why Iceland was such an attractive investment port to so many people in the UK? Interest rates? Growth? Congenial banking laws? I know nothing about European banking so just curious.
The problem is the "safest" nations for investment also have the most stringent laws and conservative interest rates. Which might be what's making them slightly more stable now. Same with high taxation rates aimed at spreading wealth - unattractive when things are going well, looking like a smarter plan when things get rocky.
Honestly, I don't want to turn the tv on anymore. I know we'll all get through but it's hardly inspiring to hear non-stop doom and gloom.