Icesave

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I'm a bit confused- looking into this it appears all chaps / tt transfers have a charge levied of £30.... is there no way to transfer money in an out of an icesave account without being charged?

Seems a bit of a false economy :confused:
 
Just read that Icesave do not comply with UK banking regulations completely- basically if claiming loss of funds the first €20,000 has to be claimed through Iceland??

Is this a big problem- should Icesave be avoided?
 
According to their website :

"If we cannot pay any amount we owe you on your savings accounts, you will be able to claim compensation. The maximum compensation is limited to 100% of the first £35,000 of your total deposits held with us (the same as every FSA regulated bank and building society in the UK). In the unlikely event of a claim, any compensation is payable within three months. "

You have the same protection with them as you do with a UK bank. They are regulationed by the FSA.

I have an account with them. No problems for me...yet :)
 
I believe the first €20,000 has to be claimed back from Iceland , but if they can't recover from there the full £35,000 from UK , so you still have the same amoutn of protection just might take a bit longer if things do happen to go **** up!
 
You need to head over to moneysavingexpert and read up about Icesave. It seems a safe banking system now that Iceland operates now after seeing off attacks from hedge funds.
 
Right, so i've taken the plunge on an icesave isa (and considering a savings account with them too). Just noticed however that they state that cheque / bacs should only be used for the initial payment into the account- so how do I go about transferring more money in at a later date? Be it savings or Isa?

I do not want to be charged by my bank (Lloyds Tsb) everytime I move some money... :o
 
Are you filling the ISA for this tax year?

They let me make a payment via cheque after initial payment , but I think only when you are filling your allowance for that year.
 
whoever said Icesave are regulated by the FSA, they are not, you are protected by icelandic regulation, and it seems they're offering some promise of compensation as well, but they are not regulated, for icelandic rates but with FSA regulation look to kaupthing edge
 
They are regulated by the FSA, but they are relying on the Icelandic deposit protection scheme for any losses up to Eur20k as others have said. A condition of their FSA regulation is that they contribute to the UK banks deposit protection scheme if it was ever called upon, such that up to £35k is covered just like any other UK bank.

Your risk though is how long it might take to claim the first Eur20k off Iceland, and how much bigger the deposits are relative to the size of the country. Iceland as a whole only has a population of a small-medium sized city in the UK!
 
Abraham said:
whoever said Icesave are regulated by the FSA, they are not, you are protected by icelandic regulation, and it seems they're offering some promise of compensation as well, but they are not regulated, for icelandic rates but with FSA regulation look to kaupthing edge
Click to expand...


Please get your facts right before posting.

Icesave IS regulated by the FSA.

Go here to view all FSA regulated banks :

http://www.fsa.gov.uk/register/firmSearchForm.do

Type in 207250 (The icesave reference number).

You will see they have been affiliated since Novemver 2001.
 
On an easy access account- whats the best way to transfer money in from a Lloyds TSB account? If I setup a direct debit (as icesave seem to want), will every tranfer I do be free? Seems that there is a hefty charge of £30 for chaps/bacs.... Also with a direct debit setup- do I have to transfer money reguarly (i.e. monthy) or only when I choose?

Cheers
 
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