Transfer your Icesave savings online now

Not all savers with collapsed Icelandic internet bank, Icesave, have yet claimed their savings. The repayment process was started in November by the Financial Services Compensation Scheme (FSCS), but of the 198,000 savers around 24,000 people have still to claim their money back.

As many of the savers are over 50, it is important to get the message across to people to check where their savings have been held.

The reclaim process invited people to transfer their Icesave funds online to another bank account, and so far 174,000 have done so. The FSCS is encouraging the rest to do so before the end of the year, as after that time they will have to apply to reclaim their money by filling in a paper application form, which could take another six weeks to deal with.

FSCS director of claims, Jonathan Clark, urged people to use the online process, starting by logging onto their Icesave accounts and following the process shown on the FSCS website. It involves no further paperwork. Some 17,000 savers could not access their accounts and were sent paperwork anyway.

Customers who have so far not activated the online transfer process have been sent reminder letters recently. Those who have not done so, many of whom may be elderly savers, are urged to action straight away.

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