Icesave

[Clippy]

I have a fair wedge of cash with the muppets at Abbey.

Having reached the limits of the shoddy service and in-competence I can take from them, I've decided its time to 'vote with my feet' and move my dosh.

Icesave have been mentioned a few times before on the board due to their attractive interest rate.

Can anyone advise what they are like to deal with, is it easy to access your money at short notice etc, how long have they been about, are they kosher etc.

TIA.

[Spartacus]

Icesave have been mentioned a few times before on the board due to their attractive interest rate.

Can anyone advise what they are like to deal with, is it easy to access your money at short notice etc, how long have they been about, are they kosher etc.

TIA.

I've been with them a while now. Have had no problems. Setting up the account was exceptionally easy and painless (took about three days). Transfers in and out and via direct debit from nominated accounts.

As to access at short notice, you cannot draw on funds within seven business days of deposit, which caught me out recently. CHAPS transfers are available, albeit with a £30 fee.

[chicane]

I have a wad of cash with Icesave, no problems so far. Sign up was efficient and slick and the account does what it says on the tin.

It's an internet-only account, so you "link-up" to a current account of your choice and then transfer money between your Icesave account and that account. Transfers normally take around 3 days, but you can opt to move money by CHAPS (next day) for a £30 fee per transaction.

[TheFaQQer]

Have a look on MoneySavingExpert and see what they recommend.

[MobileCheese]

Ive got my stash with ICESAVE , had no problems with them so far, I was with ING before, only thing with ICESAVE is that it seems to take longer than ING for money to move to to and from them. If you pay in its on your balance in 3 days but you cant with draw it for another 3 or 4 days ands that 'business days', so it takes approx 2 weeks for money you paid in to be avaliable for you to withdraw, though you earning interest on it from day 3.

Some place is doing a year bond at 7.05% at mo as well, its on moneysavingexpert.com cant remeber the name

[Clippy]

Thanks for the feedback so far.

Keep it coming.

[MobileCheese]

Thanks for the feedback so far.

Keep it coming.

When I had to call them the girl I spoke to sounded pretty sexy with her Newcastle swang ....

[rootsnall]

No problems with them and I have a wad in there. But I'd limit your wad with them to 30Kish and thus covered by the 90% back scheme if they went under. Iceland and its banks have been involved big time in the easy credit that has been sloshing around for the past few years.

[Clippy]

No problems with them and I have a wad in there. But I'd limit your wad with them to 30Kish and thus covered by the 90% back scheme if they went under. Iceland and its banks have been involved big time in the easy credit that has been sloshing around for the past few years.

Hmm, according to their website (http://www.icesave.co.uk/about-us.html), which they have updated recently due to the NR fiasco, they don't:

Total assets exceeding €30 billion and liquid assets exceeding €10 billion (as at end H1 2007)

A liquidity and capital position amongst the strongest of any bank in Europe

Strong credit ratings from the leading international ratings agencies - Moody’s and Fitch

No exposure, direct or indirect, to the US sub-prime mortgage market

Based on this, not sure whether to throw in over (well above) £30k. Anyone have any thoughts?

Also, this recent article in The Guardian (http://money.guardian.co.uk/saving/d...174184,00.html) has made me think.

Reading Icesaves T&C's, I noticed they have done the same:

In very exceptional circumstances only, to enable us to comply with legal requirements and maintain appropriate liquidity levels, we may temporarily cease or limit withdrawals from accounts for up to 60 days. This limitation on withdrawals will apply even if we have already received notice of a withdrawal from your account. Money in your account will still earn interest during any such period and we will follow any instructions received during the period of suspension once this period has finished.

Would welcome any thoughts on this point as well.

[rootsnall]

Stick to 30K and you don't realy need to worry about it, you are looking at a very unlikely 3K loss at most. Spread it around if you've got more than 30K, there are quite a few with good interest rates. I've got multiple accounts on the go in the wife's name, a bit of a pain keeping on top of them all but better than having a 100K in one if banks start going down.