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Icesave Fixed Rate Bonds
CABINET
Posts: 8 Forumite
OK it's my first post.
I have £50,000, plus the interest until 8.10.2008(?) in a fixed rate bond which was due to mature in January 2010.
I've not yet received the second email which will enable me to get my money out if I choose to do so but before it arrives I have to decide whether to leave the money in until the maturity date. I know that the FSA is saying that they will pay interest until that date (and the rate of interest is obviously much better than can be obtained now) but I am not sure whether the FSA scheme will pay out anything over the £50,000 safe limit. I know that the chancellor said that nobody would lose out over ICESAVE and, of course, if I take the money out now that would be the case. However, if I choose to leave the money there, is his guarantee the same?
I apologize for the garbled way I have broached this question - hope that somebody can understand what I mean
I have £50,000, plus the interest until 8.10.2008(?) in a fixed rate bond which was due to mature in January 2010.
I've not yet received the second email which will enable me to get my money out if I choose to do so but before it arrives I have to decide whether to leave the money in until the maturity date. I know that the FSA is saying that they will pay interest until that date (and the rate of interest is obviously much better than can be obtained now) but I am not sure whether the FSA scheme will pay out anything over the £50,000 safe limit. I know that the chancellor said that nobody would lose out over ICESAVE and, of course, if I take the money out now that would be the case. However, if I choose to leave the money there, is his guarantee the same?
I apologize for the garbled way I have broached this question - hope that somebody can understand what I mean
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Comments
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Hi Cabinet. Yes the guarantee is the same regardless of when you take the money. In my opinion you should leave it there. The only exception I can think of is if you find a good long term fixed rate elsewhere and want to grab it before it is withdrawn.0
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I intend to leave my fixed accounts in (if I ever get the 2nd email), the only proviso is that none of us know at this stage how drawn out this form filling/repaying us by cheque malarky will be. They may well try and claw back these interest rates as they already are for those of us still waiting to be given the option.0
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No prob - we speak Garble on here... and we trust the (any) govt's word ...not a lot.OK it's my first post.
I have £50,000, plus the interest until 8.10.2008(?) in a fixed rate bond which was due to mature in January 2010.
I've not yet received the second email which will enable me to get my money out if I choose to do so but before it arrives I have to decide whether to leave the money in until the maturity date. I know that the FSA is saying that they will pay interest until that date (and the rate of interest is obviously much better than can be obtained now) but I am not sure whether the FSA scheme will pay out anything over the £50,000 safe limit. I know that the chancellor said that nobody would lose out over ICESAVE and, of course, if I take the money out now that would be the case. However, if I choose to leave the money there, is his guarantee the same?
I apologize for the garbled way I have broached this question - hope that somebody can understand what I mean
But in the absence of an alternative plan I'd leave it in. What do I mean? Well the one downside I can possibly foresee is that, subject to anybody who knows better, there is absolutely no chance of getting it before maturity if you leave it. So if you found that dream property at a bargain price...0 -
When you opt to leave in a fixed rate A/C do you just agree that the amount quoted is correct up untill the 8th October? Interest and compound interest needs to be added to make it correct.0
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I intend to leave mine in also; but in any case, it looks like it's more likely to have reached its maturity date before I ever get my second e-mail.0
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I intend to leave mine in also; but in any case, it looks like it's more likely to have reached its maturity date before I ever get my second e-mail.
The more they delay sending those emails, the truer this becomes for all of us. They just need to activate initiate process on the accounts and have done with."How could I have been so mistaken as to trust the experts" - John F Kennedy 19620 -
Does anybody know how long it takes for the claims forms to come through?
My bond matured on the 4th Dec after choosing to wait for the interest to be added to maturity but no sign of the form yet.0 -
My first one matured on nov 18th. I am holding my breath that I will get some forms soon0
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I suspect Christmas will have overtaken the situation, in that few organizations are that productive right before christmas,that coupled with the increase in post at this time of the year leads me to expect nothing before the first or second week in JanuaryDoes anybody know how long it takes for the claims forms to come through?
My bond matured on the 4th Dec after choosing to wait for the interest to be added to maturity but no sign of the form yet.Hope for the best.....Plan for the worst!
"Never in the history of the world has there been a situation so bad that the government can't make it worse." Unknown0
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