Got an account with Icesave?

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GlasgowGirl

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Jul 22, 2008
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Apparently around 300,000 British citizens have an account with Icesave, the online section of the Icelandic bank Landsbanki which has just been nationalised. It seems that these people might not be able to get access to their money just now and may have to apply for compensation.

The BBC has a Q&A page setting out what to do if you're one of the bank's customers - thought this might be useful for anyone in this situation.
 
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Tony

Tony

What Consumer Founder
Apr 7, 2008
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It transpires that we have all effectively got accounts with Ice Save as our local councils have kindly put our money into Ice Save accounts. Eggs and Basket come to mind, but who would have thought a country could go bankrupt.

Tony
 
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barbarp

Facilitator
Aug 20, 2008
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Yep and those accounts may not be covered by the rules over protecting savings etc because they're not private accounts.:eek:
The last I heard Gordon Brown was threatening to look at taking legal action.
When I heard about the council's money I was thinking more along the lines of 'whay haven't they fixed the street lights/sorted the road out/left the local playgroup in what is effectivly a nissan hut..'
 
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katealpha

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Sep 1, 2008
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I saw the adverts for Icesave but luckily never got around to doing anything about it. My ISA is still with National Savings. Probably not the best rate of interest over time but at least 100% backed by the UK gov.
 
Tony

Tony

What Consumer Founder
Apr 7, 2008
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I had never heard of Ice Save until it went bust. I believe that Martin Lewis was promoting it heavily over at moneysavingexpert.com. I was reading that some there are some Brits that will not get their money back from Icesave, because they used off-shore accounts not covered by the FSA. I'll dig out a link.
 
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GlasgowGirl

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Jul 22, 2008
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Just a wee bump for this as Icesave customers now have only three weeks left to claim compensation online. The UK Financial Services Compensation Scheme say that 24,000 accountholders have not yet made a claim. Anyone who hasn't claimed by 30 December will have to put in a claim by post, and wait up to six weeks to get their compensation.

£3.2 billion has already been paid out to UK creditors. Full instructions on how to claim are at FSCS - Consumer home page - Icesave Invitation Email    
 
Tony

Tony

What Consumer Founder
Apr 7, 2008
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Wow that is pretty shocking - I was wondering what has happened to all the local council accounts. It seems to have gone very quiet on that front - has it all been lost?
 
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