Icesave Accounts Frozen

  oresome 13:07 07 Oct 2008
Locked

British savers in this market leading savings rate bank can not withdraw money today. They are likely to have to claim under one of the depositor guarantee schemes to get their money back.

  cluckinbell 13:10 07 Oct 2008

My lord, i was going to use my ISA allowance with Icebank this year because they had such a good rate, i missed the deadline though.

I believe they are not fully covered by a guarantee as UK banks are.

  newman35 13:13 07 Oct 2008

They are fully covered, just that the first (about) £17k is from Iceland and the remainder from our own FSA scheme.

  24/7 13:16 07 Oct 2008

Notice last night they (Icesave)stated "Everythings Fine" keep cool.next thing this? is ther any wonder people have NO faith in banks anymore

  newman35 13:19 07 Oct 2008

Do you really expect any business to say "We are on dodgy ground, but hey, keep trading with us" ??

  cluckinbell 13:34 07 Oct 2008

click here

'To this end, the banks effectively been taken over by the government in order to safeguard domestic savers. UK customers of Icesave, however, are not covered by this guarantee - due to the fact that Kaupthing and Landsbanki are registered in different ways in the UK.'

  GANDALF <|:-)> 14:27 07 Oct 2008

'the remainder from our own FSA scheme'...could anyone care to explain to me why my tax money is being used to fund gormless people who have no understanding of finance and who greedily scurried to put their money in a foreign bank? They should be at the mercy of the Icelandic government and if they lose their money...tough!

G

  newman35 14:57 07 Oct 2008

Fortunately none of my 'pile' is with Icesave, as some time ago I arranged my cash deposits spread over six accounts (all but one British) with £30k in each, so I suppose I'm OK(??) - but I find your reference to people who had put their money into Icesave as 'gormless' just a tad gormless in itself.
Until the sudden financial crisis hit I did not hear people like yourself (those with 20-20 hindsight!) warning of these matters. Or have I just not seen your treatise on Icelandic Banks, in the last couple of years?
Easy to pontificate afterwards.

  JanetO 15:07 07 Oct 2008

I agree with newman35, and it's not only 'cos he's got lots of money. He's handsome too ;o)

  newman35 15:17 07 Oct 2008

Do I presume we are now engaged?

  cluckinbell 15:23 07 Oct 2008

Well said.

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