Some savers had hundreds of thousands of pounds in Icesave accounts and thought they had lost all but the compensation limit of £50,000. They also faced claiming the first £16,000 from the Icelandic compensation scheme before it emerged that the money wasn't there. Under the terms of the compensation scheme, savers will get their savings plus interest due up to the day the bank was declared in default, October 8. The FSCS has already stepped in to help more than 2.7 million UK consumers as a result of the recent problems at Bradford & Bingley, Heritable and Kaupthing Singer & Friedlander. Savers who had money in the Icelandic banks through offshore accounts have not fared so well. More than 2,000 customers with Landsbanki Guernsey have been told they will receive just 30% of their savings back from the failed bank. Those who had accounts with Kaupthing Isle of Man face a long wait to get their money back.