Icesave 'enters administration'
Savers with Icesave are likely to have to claim their money back through deposit insurance, after the provider entered administration.Reykjavik-based Landsbanki, Icesave's parent company, went to the wall due to the worsening credit crunch conditions.It has now been nationalised by the Icelandic government.British savers attempting to take their money out of the bank have been met with a terse message on its website's homepage."We are not currently processing any deposits or any withdrawal requests through our Icesave internet accounts," the statement reads. "We apologise for any inconvenience this may cause our customers. We hope to provide you with more information shortly."Because of the way in which Icesave is registered in the UK, savers will likely have to claim the first £15,000 of their compensation through Iceland's own deposit insurance service.Then, if they need it, they claim the remainder of Britain's £50,000 savings limit through the UK equivalent.However, all savings above £50,000 are likely to be lost.
Share this..
Related stories
Eric Daniels forecasts profit for Lloyds bank in 2010
There is welcome relief for UK taxpayers, who hold a significant stake in Lloyds bank, as the company's chief executive Eric Daniels has today confirmed that he believes the company will be profitable on a combined business bases in 2010. This comes after a smaller than expected £6.3 billion pre-tax loss for the last year at a time when loan impairments have impacted the bottom line although the...
Read MoreIs eBay the largest recycling machine of all time?
As each and every government around the world continues to encourage consumers to increase their recycling of waste, eBay has emerged as potentially the largest recycling machine of all time. This is an online arena where literally anything goes and anybody can sell anything they like for a price. As they say, one man's waste is another man's gold, something which is very apt for eBay. So how does...
Read MoreCredit card companies trying to wriggle out of compensation
While the vast majority of credit card holders in the UK are fully aware of their rights under section 75 of the credit card law, it would appear that some credit card companies are trying to wriggle out of their responsibilities. Section 75 effectively ensures that where goods over £100 in value, and less than £30,000, acquired using a credit card are not delivered, the credit card company is l...
Read MoreRecession Watch : Business confidence
A number of business confidence surveys over the last few weeks have shown that concerns for the short to medium term appear to be subduing although there is no sign of excess hope for the future. However, the fact that business confidence appears to have "bottomed out" is a significant move at a time when business leader after business leader was stepping forward with very depressing forecasts fo...
Read MoreHigh earners need to review their pension arrangements
As the dust settles on the latest UK budget there are many high earners in the UK who will be looking closely at how tax changes and pension changes will affect their wealth and their future. Many experts expect a deluge of customers to be knocking on the door of their accountants and financial advisers to find out exactly what is going on.
The situation is fairly straightforward in...