Icesave customers were beginning to panic today after the internet bank stopped savers withdrawing their cash.
Steve, 48, a self-employed textile management agent from Derby, tried to transfer a total of £12,000 from two Icesave accounts to another bank account this morning after learning of the nationalisation, and was worried the transfer would not go through.
His wife had £10,500 in an Easy Savings account and £1,500 in an ISA at Icesave. He said: "My wife and I need to pay up to £12,000 for renovations on our bungalow next week and I have no idea if we'll be able to access our money to do so.
"I've been panicking this morning and I can't concentrate on my work. I just keep checking all the websites and forums to try and find out the latest.
"I'm worried we'll lose all the money if the Icelandic government doesn't have enough in its coffers to guarantee everyone's savings."
Another customer, a 28-year-old woman with ISA savings of £6,300 in Icesave, was also concerned she would be unable to access her money if she needed to. She said: "I decided to put my savings there because it offered the best deal - the best interest rate.
"It never crossed my mind that anything like this would happen.
"I've had all my ISA savings there for about a year and nothing like this financial turmoil was on the cards then.
"I'm not too worried though, just worried that if I need to get hold of the cash in an emergency I can't get hold of it."
Other customers were trying to put on a brave face. Andy Bloice, 42, from Northamptonshire, who works in management at a supermarket chain, has between £3,000 and £4,000 across two Icesave accounts.
He said: "I know I'll get my money back but I'm spreading my money around between different banks. I'm not desperately worried because I don't urgently need my cash at the moment.
"But I am concerned about the culture of panic that leads people to rush to withdraw all their funds."
Helen Kember, 53, a businesswoman from Crawley, West Sussex, has £6,700 in an Icesave ISA but is confident she will not lose it.
She said: "I don't think I'm panicking because it does look like I will get my money back at some point. Hopefully it's guaranteed. The only annoying thing is waiting for it to come through.
"I'm not losing that money - no-one can afford to lose that much."
She said Icesave had failed to keep customers fully informed about what was happening.
"I think the problem is people are panicking - and who blames them?," she added. "People are taking their money out because they'd rather keep it under their bed at the moment than in a bank."