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IMPORTANT! FSCS Icesave payouts to start in November...
Comments
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Interest up to 10th Oct added to my fixed rate bond due to mature on 30th June 2009. I was under the impression that we were going to get the option to let our account mature? Not complaining though, if we have to go elsewhere for a lower rate now, I'll take that as I'm just grateful to get our money back
With all due respect, why aren't you complaining? You will lose a month or two's interest and almost certainly have to accept a lower rate wherever you deposit the money now.
Assuming your fixed rate deposit was below 50K (if not, beggars can't be choosers), you had a black and white guarantee from the FSCS that "fixed term accounts will be paid at the maturity date with the interest that would have been paid by the bank at maturity date."
Personally, I cannot see on what grounds the FSCS could fail to honour that guarantee. I assume that the updating of the Icesave balances with interest to 7 October is to show account holders the amount they would receive IF they CHOSE to terminate their fixed rate deposits early.0 -
You just can't please some people eh?0
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You just can't please some people eh?
I take your point, and I accept that many people (particularly those who deposited more than 50K) will just be pleased to get their money back. But I think that this is a principle worth fighting for. After all, how are we supposed to make prudent financial decisions if we cannot trust the authorities to honour clear, unambiguous guarantees?
That said, I don't think any fight will be necessary. I expect that the FSCS will allow the deposits to run to maturity, as stated in their guidelines, if the account holder wishes them to do so. Additionally, I expect that the FSCS will offer holders the option of early termination, which is beyond the call of duty, very nice of them and no doubt of great relief to those relying on monthly interest. All will become clear very shortly!0 -
Have just spoken to someone at the FSCS. I asked for clarification on when we might expect to receive the emails/letters and was told that it would be the middle to end of next week. I mentioned that I thought it was supposed to be from today, but was told that it's been put back.0
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Hello
many thanks to 10_66 above, I was about to phone the FSCS myself about how this will actually happen.
Something else: since we have now had interest added to our accounts it may be a good idea to print out / screen-grab the new, updated balance as well. Just in case...after all, you never know.
Also, I keep checking the FSCS website's FAQ on Icesave refunds about the status of ISA's and they are somewhat...ahem...imprecise about it. Here's the quote (http://fscs.org.uk/faq/icesave_faqs/):
"15. Will I lose the tax status on my ISA?
No, the Government has given an assurance that you will not lose your status on your ISA. HM Treasury and HM Revenue and Customs are working on the issue and will make a further announcement in due course."
If anyone hears about this "further announcement" please let us know, thank you!0 -
Have just spoken to someone at the FSCS. I asked for clarification on when we might expect to receive the emails/letters and was told that it would be the middle to end of next week. I mentioned that I thought it was supposed to be from today, but was told that it's been put back.
Which is different from what they told working lunch!
On today's programme they spoke about Icesave and the lady said she had just spoken to them and been told that the letters would be going out early this week and that people would be starting to get at their cash by the end of the second week in November? 0 -
With all due respect, why aren't you complaining? You will lose a month or two's interest and almost certainly have to accept a lower rate wherever you deposit the money now.
Assuming your fixed rate deposit was below 50K (if not, beggars can't be choosers), you had a black and white guarantee from the FSCS that "fixed term accounts will be paid at the maturity date with the interest that would have been paid by the bank at maturity date."
Personally, I cannot see on what grounds the FSCS could fail to honour that guarantee. I assume that the updating of the Icesave balances with interest to 7 October is to show account holders the amount they would receive IF they CHOSE to terminate their fixed rate deposits early.
You do have a point which I respect and understand but as I posted, I am grateful for things to be sorted out to a relatively (to me) happy conclusion. The worry of this Icesave/KE scenario has been awful for myself, being off work due to stress etc anyhow. The information/help posted in these forums has been a great help to us, we are grateful to those who have rung up FSCS etc and posted info online which has eased things for me.0 -
With all due respect, why aren't you complaining? You will lose a month or two's interest and almost certainly have to accept a lower rate wherever you deposit the money now.
I am happy to be getting my cash back, of course I would like the interest but I shall just be relieved to end all the worry about my savings deposit.
I don't think there is any proof that they will not allow Fixed savings to mature ATM, people are only basing this on the fact that interest has been added to accounts, which might not signify anything.Personally, I cannot see on what grounds the FSCS could fail to honour that guarantee. I assume that the updating of the Icesave balances with interest to 7 October is to show account holders the amount they would receive IF they CHOSE to terminate their fixed rate deposits early. 0 -
These people have lost their money. What should they be pleased about?
Of course we are not pleased to lose any money, but I think a lot of us are so relieved to be getting our deposits back that we are not so worried about the interest.
Less than 3 weeks ago many of us though we had lost the lot or a large part of our deposits. 0 -
That's ok for YOU if YOU don't rely on the interest for income. I think too many people just assume that cos they're ok then so is everyone else. Maybe that person didn't think the situation quite merited a smiley face :mad:
There is no need to SHout, in actual fact I live entirely on monthly interest from my savings, a large proportion of which are tied up in Icesave, ATM my monthly income is down by about 1/3 of it's normal value.
I am merely saying that many people who saved with Icesave are relieved to be getting their capital back, this was a general comment not aimed at any one person and frankly I see no reason for your angry smiley or 'SHouting':eek:0
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