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Icesave Interest
Options
ffacoffipawb
Posts: 3,593 Forumite
Opened account in October. Not sure what date but selected monthly interest.
First deposit hit the account on October 31st.
However, this is over a month ago, no monthly interest has been paid out to my linked account (nor added to the account either, though I did ask for it to paid into the linked account).
Where is my interest I wonder? Anyone else actually received a payment yet?
First deposit hit the account on October 31st.
However, this is over a month ago, no monthly interest has been paid out to my linked account (nor added to the account either, though I did ask for it to paid into the linked account).
Where is my interest I wonder? Anyone else actually received a payment yet?
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Comments
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My initial deposit hit the account on the 8th November and I also selected monthly interest. Nothing yet, I'll let you know on Friday / Saturday if anything is paid.0
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Just thought,
When you select monthly interest doesn't the interest payment get paid into your nominated bank account and not into the icesave account. Have you checked you nominated account? It would also take 3-4 working days to transfer back to your nominated account.
{edit}
You can change the interest to be paid into the icesave account - Log on and go into Change Details - Account Details - Change Interest Instructions.0 -
I opened my account on 2 November and received my first interest payment on 2 December. It might be worth a call to Customer services.0
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ffacoffipawb - did you definitley pick the monthly option?This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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It could well be another day if its paid at the end of the day - eg if interest is paid after cop on 30/11/2006 then the bacs payment will made on 1/12/06. 3/4 day transfer time means paid tuesday or wednesday into linked account.0
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I have opened my account 13/10/06 and also choose monthly option. First interest paid on my ICESAVE account 13/11/06. Hope this helps.0
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Look at paragraph 3j in the T & C's which states when interest should be paid.0
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HertsSaver wrote:ffacoffipawb - did you definitley pick the monthly option?
Account Name Account Number Account Balance View Statement
EASY ACCESS ACCOUNT (MONTHLY) xxxxxxxxxxx £10,250.00 View
Date Status Description Money In Money Out Balance
Opening Balance as at 31/10/06 £0.00
31/10/06 Processed DD 000vvvvvv95 £250.00 £250.00
05/12/06 Processed DD 000vvvvvv95 £10,000.00 £10,250.00
Processed Balance as at 06/12/06 £10,250.00
Nothing in the linked / nominated account either!
Monthly interest account, no interest!
On hold on the phone now, 12 minutes and counting.
Got through after 22 minutes. Agree I should have received interest and will invsetigate why I haven't. Promised to call me back before 5pm.
EDIT: Fair play, they rang me back at 4:59, apparently they don't BACS the interest earned when it is less than £1 (£250 for a month is probably 90p net of tax). The payment is deferred until such time as it exceeds £1 at the end of a month. So that's why nothing was paid at the end of November!
So now we know, should really be in the T&C's somewhere.
Interestingly I have £100.32 with Chelsea ClickNSave30 and they pay me monthly interest by BACS of under 40p so it can be done.0
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