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

ScarletBea

Oh all that is happening is great!

They added interest to my 2 fixed rate accounts (even one for just £7 because it had started in the beginning of October - I know....), and my easy access.
And it's true what someone said about it being interest until the 7th, even though it says the 10th, because my ISA had had the automatic interest credited on the 9th and now it's corrected by £1 less (so the difference from the 9th to the 7th).

Also I had transferred some money into the easy access account 1 week before it all happened, and that amount was included as 'processed' but not 'cleared'. Now everything is ok and cleared.

I do think that this is moving really quickly, and can't understand the moaners

djc1973

isofa wrote: »

Likewise now with mine today, all my Icesave accounts now show their interest added 10-10-08.

Good to see this has happened. So far so good...

Hope everyone with problems gets them sorted out in a few days, I'm sure it's only system glitches.

Nothing added to either my ISA or Fixed rate account, typical! Surname C

10_66

djc1973 wrote: »

Nothing added to either my ISA or Fixed rate account, typical! Surname C

No interest was showing on my easy access account, so I rang this afternoon and they "refreshed" my account. I was told to wait up to 24 hrs before I'd see the interest that had been added wef 10/10. Checked about an hour ago and it's now showing on my account when I log on.

Steeve

Interest added to my Easy access account, but nothing showing in my ISA.

Surname B

So far, So good!

djc1973

10_66 wrote: »

No interest was showing on my easy access account, so I rang this afternoon and they "refreshed" my account. I was told to wait up to 24 hrs before I'd see the interest that had been added wef 10/10. Checked about an hour ago and it's now showing on my account when I log on.

Thanks will ring them on Monday if still not showing

EalingSaver

Blimey, I'd steered clear of this thread as a) I had the more immediate concern of missing KE outward bound transactions b) I didn't think there was anything to be learnt beyond the recent announcements that they were going to do it electronically, emails being sent out in November etc.

This is good news. The addition of the interest shows that the wheels are beginning to turn. I've just logged in and seen the same. Interest credited to my easy access. No interest yet added to the ISA account. Didn't have a fixed term - mine matured on 29th Sept and I used it as opportunity to reduce my exposure and spread it around.

Things are happening. And the day after my missing KE payment finally turned up in my 'home' bank account. And also found out on Friday that my car which has been in the crash repair shop SINCE END OF August thanks to some ejeet, will be ready by Monday.

PS: I'm not sure whether I opted for monthly or annual interest payments to my ISA. Not sure whether this is going to make a difference, but I would expect even on annual to get the pro rata up to 7/10. As to the post on simple or compound, I just want my money back, and my OHs. KE and Ice together was a bit too traumatic for my liking.

Must be a good news weekend !

Tibbledom

greigster wrote: »

Strange, My wife has had interest added but I think she has been short changed. £35000 in a 1 year fixed rate originally maturing June 2009 now maturing 10/10/08 but she normally receives about £201.84 (6.51 per day) in months that have 31 days (gross as she is a non tax payer) but the amount for this month is only £19 16 for 7 or is it 10 days.
Any ideas?

Surname begins G

Regards
Greigster

As guessed earlier (and later replies seem to confirm) it does seem interest is only added to 7/10/08 for everyone despite the 10/10/08 date. But you are still coming up short on interest despite this

If they have been adding interest on a simple basis rather than a compound basis this might explain it however.

It is very hard to explain simply but I'll have a go. I'll guess your interest rate at 6.8%.

If they are adding interest on a simple basis the 12 monthly interest payments would be, ignoring the complications of different length months and the leap year 198.33 each month (= 35,000 x 0.068 x 1/12) or 2,377 for the year.

However compound interest would be 192.41, 193.47, 194.53,195.60, 196.67,197.75, 198.84, 199.94, 201.03, 202.14, 203.25, 204.37 still totalling the same 2,377. The slightly increasing amount month on month reflects that interest is earned on interest. The first of these amounts is calculated as 35000 x (1.068^(1/12)-1) but don't worry about the calculation.

If you add the first 4 months together (probably what you received so far) gives £793 for the simple interest and £776 for the compound interest.

Now if you held the bond for the full term then it wouldn't really matter what the 12 payments are because they add up to the same total of £2,377 and you get paid the right amount at the end.

However if the bond ends early then you are only strictly entitled to 4 months of compound interest and not simple interest even though it is simple interest that has been added (this is not a con but just how interest works).

So you have so far been "overpaid" £17 (= 793 -766) which equates to about 3 days interest. Hence the seeming loss of about 3 days.

To be absolutely sure would need to know for definite they were applying simple interest. Somebody who has had a fixed bond running for say 11 months might be able to tell because the payments should not increase from month to month (apart from because of the different number of days in the month).

I'm not trying to explain away what could actually be a mistake and there could be a different explanation, but it is a possible explanation.

Does any of this make sense?

greigster

Thanks for your interest...ing explanation, I think I understand, you must have spent a lot of time typing.How helpful people are on this site.
Kind regards
Greigster :T

Welliesorter

amnesiacjimmy wrote: »

Phoned them adn they are in process of resetting my acct and password so fingers crossed.

How long did it take to get through? I tried a couple of weeks ago and gave up. I need to get my password reset.

10_66

djc1973 wrote: »

Thanks will ring them on Monday if still not showing

They're open Sunday between 10am - 4pm, if that's any help.