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

10_66

Welliesorter wrote: »

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.

I rang them this morning re interest, and I got through within a two or three minutes.

strawberrylane

I have 2 Fixed rate bonds and both have had interest added. In each case, the interest that has been added is exactly correct.

You need to calculate interest from the date when the initial payment into the account was made, which is not necessarily the same as the date the account was opened (i.e. not the same as the account anniversay/maturity date). They appear to have calculated interest up to and including 7/10/08.

For example, I opened a 2year Fixed Rate Bond at a rate of 6.60% gross (5.28% net) on 24/10/07 and funded it with £15K by BACS transfer, which was processed into the account on 29/10/07.

They have credited interest of £748.61 effectively on 10/10/08. This figure is correct, it is calculated as follows: £15,000 x 0.0528 x 345/365.

In my case, the £15,000 was in the account earning interest for 345 days, i.e. from 29/10/07 to 07/10/08. (including 29 days in Feb 08).

Hope that helps.

LGG_2

intrest added to my parents easy access and my E.A aswell. no intrest added yet to the ISA

Tibbledom

greigster wrote: »

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

You are welcome.

To state the obvious and from a practical perspective, we are both aware that if the interest added is vaguely close to what it should be, then there is a big danger in querying it with the FSCS and causing a delay in the payment and a consequently much larger sum in lost interest through that delay.

But most interest....ing as you say!

MILLWALLFC

Hi

Just seen this post to say interest is being paid so I log into my icesave to take a look. Is there a reason why interest is only paid upto the 10th, will they be paying it again ?

LGG_2

you only get intrest upto when the bank went under which was the 7th. i prresume there wont be anymore paid

Biggles

ScarletBea wrote: »

Oh all that is happening is great!

Well, not ALL, Bea. Don't get too carried away.

Recovery from the scenario of many thousands of possible personal financial disasters and getting the money back with only a moderate delay, despite likely loss of some interest, is OK, if not 'great'. The collapse of Icelandic banks in particular and the western financial system in general, I would only see as a slightly mixed blessing.

nrsql

EalingSaver wrote: »

...
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.
...

I would have expected to lose all the interest as it is not added until the end of the year (a benefit of monthly I thought).
I also wouldn't have been surprised if the ISA had lost it's status.
Together with expecting it all to take at least a few months it seems I was being very pessimistic.

But then this was one of four accounts I used for short term money so could afford to be pessimistic. Only need my current account to work to not have big problems - if that stopped then my direct debits go and doesn't really matter that I have money in other accounts.

If it all works out as suggested then I think we should all consider ourselves lucky.

bjorn_again

Biggles wrote: »

Well, not ALL, Bea. Don't get too carried away.

Recovery from the scenario of many thousands of possible personal financial disasters and getting the money back with only a moderate delay, despite likely loss of some interest, is OK, if not 'great'. The collapse of Icelandic banks in particular and the western financial system in general, I would only see as a slightly mixed blessing.

The "collapse of the western financial system in general". Sorry, did I miss some recent news?

ScarletBea

Biggles wrote: »

Well, not ALL, Bea. Don't get too carried away.

Recovery from the scenario of many thousands of possible personal financial disasters and getting the money back with only a moderate delay, despite likely loss of some interest, is OK, if not 'great'.

Hmmm sorry for being happy at getting my money back
Everyone has their own scale of ok-great at any given moment, right? hehe

And like bjorn_again said, you fell on the wrong side of the exaggeration scale as well, talking about "the collapse of the western financial system in general"