Reclaiming My Icesave Savings – Day 1

This blog is normally focused on Internet Marketing, eBay and technology based posts, but I happened to have a savings account with the Icelandic bank – Icesave. Yesterday, Tuesday 7th October it was announced that their parent bank, Landsbanki had gone into receivership and had been nationalized. All Icesave customers were unable to deposit, or withdraw money….But on the brightside, I guess we are now all proud owners of a glacier!

Since then it’s been very unclear as to where we stand, so I thought I’d blog about how to get back savings that were held with Icesave.

To start with, let’s take a look at the deposit insurance you SHOULD have with an Icelandic bank: (Taken from the Sky news website)

If an Icelandic bank fails UK customers are protected up to £50,000

Joint accounts will be protected up to £100,000

The first £16,170 of their money is protected by Iceland

The remaining £33,830 is protected by the UK government

If Iceland goes bankrupt, the UK will not cover the first £16,170

Since then we’ve heard that the Iceland Government has no plans to honor the insurance, which this morning caused the UK Government to personally guarantee all deposits in Icesave, and take legal action against Iceland for defaulting on the guarantee. It has also frozen all UK assests of Landsbanki until more information in available.

So where are we at know, and what should we do?

Well, there’s not really anything we can do. Nobody really knows how to go about claiming, or who to make a claim to. I’m sure things will become clearer in the coming days, but for now we have to wait for more information.

What Have I Done So Far?

I’ve logged into my Icesave account and printed off a statement of my account!

That’s all for now, I’ll post again when I have more information.