You only have to take a look at the Money Saving Expert forumsÂ (and the Savings & Investments forum in particular) to see how the news of Icesave’s demise has gone down with its 300,000 British savers – post after post of queries asking how much of their money is protected and how they can get their money back.
What do Icesave savers need to know?
The key info appears to be that if Icesave does go bust, which appears to be the most likely outcome, savers will have to claim back their money through the European Passport System of the Financial Services Compensation Scheme (FSCS) in the first instance, up to Â£16,200, and then the rest, up to the new maximum of Â£50,000, through the FSCS here in the UK.
As of writing, no compensation has yet been triggered to be paid, as the bank is still, in effect, operational. This could of course change at any moment.
For more information, it’s worth keeping an eye on the Money Saving Expert Kaupthing & Icesave Official Notes forum post, and also Icesave customer’s questions have been answered by BBC Radio 4’s Paul Lewis, of the Money Box programme. Of course we’ll post more here at Money Watch when we find out what’s going on.
On a related note, we should find out the details of the Government’s rescue of the banks in the morning. Interesting times, to say the least.
photo credit: Ksionic