ICESAVE - recent or imminent Fixed Rate Bond maturity

yee_har

I couldn't see this on a search (feel free to correct me).

I have a bond which is due to mature within a week.

Anybody here had a bond mature since the doors shut and prepared to share what (if anything) happened with regard to interest.
Perhaps anybody here with one maturing in the next few days would do similar.
I'll post what happens to mine.

...or is this already known to effectively be "on hold".

independent_2

My 6 month fixed rate matured on the 10th (yesterday)
As I expected no interest has been added.
I guess we'll have to wait and see.

nilrem_2

My fixed rate bond is due to mature in Dec, I have monthly interest paid into my bank account, Icesave showed my interest payment for the month as paid on 8th Oct (after the crash) but of course it never arrived in my account it's just listed as paid.

From what I have read we will be paid interest up to the date of the crash and some suggest a std rate will also be paid between the crash date and payment date but I don't think anything is known for sure.

gelato_cat

I have two which are due to mature on Tuesday 15th - I'll let you know.

I wish I'd gone for monthly interest now!!!

Suze

yee_har wrote: »

I couldn't see this on a search (feel free to correct me).

I have a bond which is due to mature within a week.

Anybody here had a bond mature since the doors shut and prepared to share what (if anything) happened with regard to interest.
Perhaps anybody here with one maturing in the next few days would do similar.
I'll post what happens to mine.

...or is this already known to effectively be "on hold".

yee_har

Thanks all.
Mine is due on 16th and, as said, I'll add my experience.

Something I could've included earlier....
Mine is marked "Credit this (i.e. the Fixed Rate) account" in respect of the interest at maturity. I believe this was the default option at inception. There still appears to be an option to have this interest paid "via BACS" into a non-ICESAVE linked account. I don't for one minute think this remains an option and on balance I'm loathe to even try to change this for fear of screwing something up/elongating the compensation process.
I assume that had ICESAVE not had these issues then the interest would've been added to the capital and the account effectively become dormant (earning no further interest).
Confusingly though, I'm sure I've seen something else from ICESAVE saying that if no specific instructions were received then the maturing balance would be paid into an ICESAVE Easy Access account. However, I may have synthesised this from a combination of sleepless nights, frantic market research, whistling winds and neat vodka!

GlasWolf

yee_har wrote: »

Confusingly though, I'm sure I've seen something else from ICESAVE saying that if no specific instructions were received then the maturing balance would be paid into an ICESAVE Easy Access account. However, I may have synthesised this from a combination of sleepless nights, frantic market research, whistling winds and neat vodka!

I'm sure your memory is correct, despite the vodka!

yee_har

O.K. - mine was due to mature today.
As expected, no interest added to it nor - for the avoidance of doubt - put into a new or existing Easy Access account.

Don't get me wrong - I'm still relieved to have the Government's promise! - but holders of recently matured/imminently maturing bonds would appear to be the only ones who will ultimately lose out (at all).

gelato_cat

No interest added to my account either.

I'm hopeful I'll get it, though, as the interest was earned, just not paid...

Suze

polyphonic99

Update from the BBC's Moneybox program 18th October.
MoneyBox presenter Paul Lewis interviewing fellow MB journalist Bob Howard


“Well Paul the good news for people with fixed term bonds is that they will get the interest paid up until the date they mature, but the bad news is, that as things stand, people who rely on monthly interest payments as income, won’t get this interest now until the bond matures. So if you recently took out a 3 year bond that could be in 3 years time and for people with ordinary savings accounts, interest stopped being payable from the 8th of this month, when Icesave was declared in default.”
http://news.bbc.co.uk/1/hi/programmes/moneybox/

The piece is about 12 minutes into the program
It would have been more reassuring if Paul Lewis had been interviewing someone directly from the FSCS, but one assumes Bob Howard was quoting what the FSCS had told him.