So, it seems that I (and much of my family) are now falling victim to the ‘credit crunch’. Yesterday it looked likely that one of the banks where we have savings accounts was going to declare themselves insolvent. Only time will tell what the outcome is. Hopefully we’ll know one way or the other today. At least if a decision has been made you can act appropriately; at the moment there is nothing we can do because all deposits and withdrawals have been stopped.
It’s really frustrating. Yes, I know we are covered for the money but it still requires getting it back, which could take months. It makes me quite angry really that this can happen with your money. It’s not like the majority of people using Icesave are playing the stock market or something risky, these are just normal savings accounts. Where else are the general public supposed to put their money except in a bank? Then the banks don’t take care of it. The final kick in the teeth of course is that most of us joined Icesave for the good interest rate, but if you get interest annually then you won’t see interest for this entire tax year. May as well have just put it in a low paying savings account, or even just buried it in a hole…!