IMPORTANT! FSCS Icesave payouts to start in November...

Biggles

There seem to be several phrases ongoing here, which may - or may not - be referring to the same thing.

I mean phrases such as 'Fixed Rate Bond', Fixed Term Account', 'Fixed Bond', 'Fixed Account', Term Account' etc.

Now I don't have any of those (I wasn't aware IceSave even issued Bonds as such), I have a Fixed-Rate Savings Account. As far as I recall (and the T&Cs aren't now visible on their site) this wasn't a fixed term investment - but for the fact the fixed rate ceased after 12 months - and so I was free to withdraw the money at any time, should I wish, without notice.

Are these Fixed-Rate Savings Accounts, therefore, among the bulk of accounts that are due to be settled shortly, but with interest only to 8 October, or are we to be offered the alternative of continuing till the fixed rate ends, ie as a 'Fixed rate Bond'?

shindigger

Biggles wrote: »

There seem to be several phrases ongoing here, which may - or may not - be referring to the same thing.

I mean phrases such as 'Fixed Rate Bond', Fixed Term Account', 'Fixed Bond', 'Fixed Account', Term Account' etc.

Now I don't have any of those (I wasn't aware IceSave even issued Bonds as such), I have a Fixed-Rate Savings Account. As far as I recall (and the T&Cs aren't now visible on their site) this wasn't a fixed term investment - but for the fact the fixed rate ceased after 12 months - and so I was free to withdraw the money at any time, should I wish, without notice.

Are these Fixed-Rate Savings Accounts, therefore, among the bulk of accounts that are due to be settled shortly, but with interest only to 8 October, or are we to be offered the alternative of continuing till the fixed rate ends, ie as a 'Fixed rate Bond'?

The account i had was greyed out from the day i transferred the money in. Nothing more in. Nothing out. There was no way in hell Icesave were parting with that money.
I dont know what account you had, but i was not able to access my money for a year. I knew this when i signed up btw.

endure

London05 wrote: »

So if we all get our money back by say December - what is the betting all the best fixed rate 6 month accounts will have disappeared.

There'll always be a 'best fixed rate 6 month accounts' whenever you invest.

LesU

shindigger wrote: »

.
This is not gospel, just what ive read on here and on that link to the BBC. Who have finally decided to report some ACTUAL NEWS, rather than Yachtgate.
I ask myself how much more irrelevant could that story be to ordinary people and the answer is NONE!

I couldn't agree with you more. I have been so annoyed at the BBC and the rest for plugging away at a total irrelevance, while all around them such significant events are happening (or NOT happening). The BBC these days seem only able to report what is being spoon fed to them from other sources.

LesU

Biggles wrote: »

There seem to be several phrases ongoing here, which may - or may not - be referring to the same thing.

I mean phrases such as 'Fixed Rate Bond', Fixed Term Account', 'Fixed Bond', 'Fixed Account', Term Account' etc.

Now I don't have any of those (I wasn't aware IceSave even issued Bonds as such), I have a Fixed-Rate Savings Account. As far as I recall (and the T&Cs aren't now visible on their site) this wasn't a fixed term investment - but for the fact the fixed rate ceased after 12 months - and so I was free to withdraw the money at any time, should I wish, without notice.
Are these Fixed-Rate Savings Accounts, therefore, among the bulk of accounts that are due to be settled shortly, but with interest only to 8 October, or are we to be offered the alternative of continuing till the fixed rate ends, ie as a 'Fixed rate Bond'
?

The Icesave fixed rate account was always for a set period of time i.e 6 or 12 months, part of the deal was that you were not allowed to withdraw the money at all during this period. At the end of the period it reverted back to a standard savings account. I had a 6 month account with them and when it matured, they opened a new ordinary account, transferred the money in and closed the fixed rate account.

isofa

Biggles wrote: »

There seem to be several phrases ongoing here, which may - or may not - be referring to the same thing.
I mean phrases such as 'Fixed Rate Bond', Fixed Term Account', 'Fixed Bond', 'Fixed Account', Term Account' etc.

Now I don't have any of those (I wasn't aware IceSave even issued Bonds as such), I have a Fixed-Rate Savings Account. As far as I recall (and the T&Cs aren't now visible on their site) this wasn't a fixed term investment - but for the fact the fixed rate ceased after 12 months - and so I was free to withdraw the money at any time, should I wish, without notice.

Are these Fixed-Rate Savings Accounts, therefore, among the bulk of accounts that are due to be settled shortly, but with interest only to 8 October, or are we to be offered the alternative of continuing till the fixed rate ends, ie as a 'Fixed rate Bond'?

In 99% of cases for a bank/BS to offer a fixed interest rate, they set the savings to a locked in term, so you essentially lock away your money for a period of time, usually either: 6 months, 1 year, 2 years, 3 years etc, but are guaranteed a set interest rate when opening.

Some companies offering fixed term accounts, allow access before the term ends, but only at a penalty, either 60 to 120 days interest, or some other penalty. The Icesave fixed rate accounts offered no such early access before the term ended.

'Fixed Rate Bond', Fixed Term Account', 'Fixed Bond', 'Fixed Account', Term Account' are all just names (some incorrect) for a Fixed-Rate Savings Account.

The term "bond" is misused and is really an investment product not savings, but many banks/BS offering these fixed term accounts refer to them as "fixed term/rate bonds".

The Icesave fixed rate savings account was locked when opened for the duration of the term, no withdrawals before the maturity date were allowed (I have a 1 year fixed rate account there).

According to the recent statement we'll be given a choice whether to let the fixed accounts run until maturity, or cash them in early. But I'll be waiting for more concrete details first.

homer_J123

Having read through the FSCS statement this morning (and actually being pleased that they do appear to be trying to fastrack payments) there was no mention of what will/might happen with any Interest due on Icesave ISA accounts?

Anyone care to speculate, have any ideas, thoughts etc?

hellyboo_2

We are due to move iminently, just waiting for solicitors etc. Really need icesave cash for deposit so the sooner the better! In terms of interest, anything would be a bonus but really need the capital!

dreamalittle

Just noticed these FAQs on the FSCS website: http://www.fscs.org.uk/faq/icesave_faqs/

It says 24 October, but I'm sure they weren't there the other day. Don't recall seeing them posted before, but apologies if so. No earth-shattering new information, but it clarifies a few things.

cheekynige

Hi all,

I just read on the FSCS statement and from martin's summary that they will be sending the compensation to the icesave linked accounts!?

If this is true then personally my compensation will bounce because my icesave is/was linked to a Halifax Regular Saver which has a maximum deposit of £500 a month.....

Can anyone clarify if we'll be able to specify where the money goes when they get in touch with us?

Thanks