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Last chance for Icesave customers

One week left to lodge a compensation claim


Icesave customers with cash still in their account have just one week have their claim processed by the Financial Services Compensation Scheme. According to the FSCS, 1,500 former Icesave customers still have unclaimed cash in accounts. 

The Financial Services Compensation Scheme (FSCS) confirmed that most of the 1,500 accounts hold less than £20, and may well have been abandoned by Icesave account holders. But at least one account contains more than £50,000, the maximum amount that can be claimed back through the FSCS.  

The FSCS had requested that all claims reach them by 15 October at the latest, to ensure that forms can be processed and submitted to the Bank of Iceland, although claims arriving before the end of the month may still be forwarded by the FSCS. More information on how to make a claim can be found on the FSCS website.

Claims limits

Depositors with up to £50,000 in an Icesave account should get their money back, if it is processed before the absolute deadline of 30 October. The first £16,872.99 of any claim is covered by the Icelandic Depositors’ and Investors’ Guarantee Fund. The remainder (up to a total value of £50,000) is protected by the Financial Services Compensation Scheme. 

For more details on protecting your deposits, read the Which? guide to safe savings.

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