ICE SAVE has gone bust

[portlock seagull]

Are you kidding Tim? F'ing hell mate. Fingers crossed it'll shortly be unfrozen. That's serious money indeed. You and I need to steer clear of going into business, what with me and XL, you and Ice Save. These are are worrying times indeed.

 

[Chicken Runner61]

Well I would be happy to get back alive just what I put in there and asap too but I suspect if you got it back ISA dosh you could transfer it to another scheme so long as you can prove it came from an existing ISA

 

[eastlondonseagull]

Are you kidding Tim? F'ing hell mate. Fingers crossed it'll shortly be unfrozen. That's serious money indeed. You and I need to steer clear of going into business, what with me and XL, you and Ice Save. These are are worrying times indeed.

No, I'm not joking mate. Bit of confusion this morning about what's happening. According to Alistair Darling, the Icelandic government has said it's NOT going to give UK savers their money back. So Darling has said he'll do it instead. But quite how, he didn't say. Under the 'passport' scheme, Iceland gives savers the first £16K back (so I'm in that bracket) and the UK's FCS pays the remainder up to £50,000. But now the Icelandic govt have given us the bird, what's gonna happen?!

Some reports say the British govt will SUE the Icelandic govt to get the money back, but according to other reports, the entire COUNTRY of Iceland is on the ropes and may go bankrupt itself!

Scary times mate

.

 

[Lush]

I thought the whole point of ISAs (as opposed to savings in a bank) is that "the value of your investment can go down as well as up" so no compensation would actually be due?

 

[eastlondonseagull]

I thought the whole point of ISAs (as opposed to savings in a bank) is that "the value of your investment can go down as well as up" so no compensation would actually be due?

Not cash ISAs, as far as I'm aware. It's a simple savings plan, that happens to be tax-free. Other ISAs are stockmarket dependent, so they can (and probably are right now!) going up and down.

.

 

[London Calling]

Thanks ELS, that is actually quite interesting, but before all these troubles, would you have gone to the effort of finding out where your money really was, if you invested in one of these accounts ? I know I wouldn't have.

we did or try our best, we try to us "ethical banking" including our ISA's etc.

 

[Tricky Dicky]

we did or try our best, we try to us "ethical banking" including our ISA's etc.

Fair play to you, as ELS says, people just look at the interest rates paid, nobody would think of the banks going to the wall. My parents have 20k with Ice Save, so they may have a little difficulty getting at it, but it sounds like they'll get it back sometime - however, this time last year they had 250k in savings as they had just sold their house, if this mess had happened then, they could have been in BIG trouble.

 

[eastlondonseagull]

Fair play to you, as ELS says, people just look at the interest rates paid, nobody would think of the banks going to the wall. My parents have 20k with Ice Save, so they may have a little difficulty getting at it, but it sounds like they'll get it back sometime - however, this time last year they had 250k in savings as they had just sold their house, if this mess had happened then, they could have been in BIG trouble.

Lucky escape, by the sounds of it. There are a few case studies knocking around atm of people who've sold up and stuck their profits in Icesave. Squeaky bum time for them

.

 

[Tricky Dicky]

Lucky escape, by the sounds of it. There are a few case studies knocking around atm of people who've sold up and stuck their profits in Icesave. Squeaky bum time for them

.

Absolutely, for every one case like my parents who were lucky, there will be many unlucky with their timings through no fault of their own.

 

[REDLAND]

they are like a pack of cards these banking institutions !!!


Kaupthing’s UK investment bank was placed in administration on Wednesday as the last big Icelandic bank teetered on the verge of collapse.

Alistair Darling, the chancellor, placed Kaupthing Singer & Friedlander in administration as the bank attempted to sell assets and loans around the world to stay in business. In a statement, the Treasury said it was taking the action “to protect the retail depositors...[and] ensure the stability of the UK financial system”.