Changing ICESAVE interest Option

Route490

Moneysavers,

Just a quick question, I opened an ICESAVE ISA a good few months ago, I decided to opt for annual interest. On reflection (thinking about buying a flat) I could use the money sooner. I see in the account details part of the site you can change from Annual interest to Monthly interest. Has anybody does this? I just wonder what happens to the interest I have accumulated over the last 4 months. If I wasn't so scared, I would try it myself.....

Thanks

Route490

sympatex

I'd call them to understand the process of what happens and when you can expect your accrued interest to appear in your account before you start gettng monthly payments. Mine is accumulated monthly. I would find it hard to belive swapping between the two would cost you but for peace of mind it would be worth a call.

runciblespoon

Changed a few weeks after opening the account, by pressing the button on the website... there was no charge (or loss of interest that I could see - AER for annual and monthly rates was the same).

Oops, I forgot this was in the ISA forum. The above was with their plain savings account.