Savers with money in failed Icelandic bank Icesave will receive an e-mail later this week from the Financial Services Compensation Scheme (FSCS) outlining how they will get their money back.
The compensation will be paid via the existing Icesave website which will be available next week, and will use the same logging in process as usual. Payments will be made into each customer’s nominated accounts.
This will be a phased process, and Icesave savers will be sent a second follow-up e-mail inviting them to start the transfer in the next three to four weeks. Savers who have not nominated an account do not have to do anything, and will be sent application forms from mid-November onwards.
If you are an Icesave customer but have not received an e-mail by the end of Friday 7 November, contact the FSCS on 0845 7300 131
Kaupthing Edge compensation update
In related news, ING bank which took over Kaupthing Edge’s accounts, has confirmed that all outstanding transactions have now been completed and savers should be able to access their money. ING also confirmed that interest on accounts for the month of October would be paid in full.
If you want to know more about how to protect your savings and how we are updating our Which? Best Buy criteria following the collapse of Icesave, see our advice page on protecting your savings
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