Icesave Fixed Rate Account FSCS Option

KingL

Thanks. The bit "Shortly after the maturity of the account, you will receive the principal sum and interest ...." clarifies it more.

The rest seems to be a (their) copy-paste from the first email and faq.

thanks for the info

bf206

I'm in a slightly different situation, I think. My Icesave bond (1 year, monthly interest) matured on 31/10/08.

I received my monthly interest paid into a linked bank a/c as usual on 1/9/08 but then nothing (unsurprisingly) on 1/10/08. However, as with everyone else, my Icesave account has now been credited with interest up until 7/10/08.

I'm clearly still entitled to interest from 8/10/08 to 31/10/08 therefore. But how do I get it?! I don't want to go down the paper based application that will take at least six weeks...

bryanb

KingL wrote: »

Thanks. The bit "Shortly after the maturity of the account, you will receive the principal sum and interest ...." clarifies it more.

The rest seems to be a (their) copy-paste from the first email and faq.

thanks for the info

Yes but a slight clarification of when they will send the form as well.
They are saying "We will then send" whereas their previous email was not so clear on that point.

KenC_3

bf206 wrote: »

I'm in a slightly different situation, I think. My Icesave bond (1 year, monthly interest) matured on 31/10/08.

I received my monthly interest paid into a linked bank a/c as usual on 1/9/08 but then nothing (unsurprisingly) on 1/10/08. However, as with everyone else, my Icesave account has now been credited with interest up until 7/10/08.

I'm clearly still entitled to interest from 8/10/08 to 31/10/08 therefore. But how do I get it?! I don't want to go down the paper based application that will take at least six weeks...

I am in exactly the same position and it is a straight choice between the automated route, foregoing the interest from 8/10 to 31/10, or the paper route, receiving that interest (but not from 1/11 onwards) but getting the money some 6 weeks later.

bryanb

KenC wrote: »

I am in exactly the same position and it is a straight choice between the automated route, foregoing the interest from 8/10 to 31/10, or the paper route, receiving that interest (but not from 1/11 onwards) but getting the money some 6 weeks later.

I see your point, I asked for clarification from the point of view of someone (me) who's fixed accounts expire next year onwards.
Why not email them with your dilemma? they replied to me in 4 days.

KenC_3

bryanb wrote: »

I see your point, I asked for clarification from the point of view of someone (me) who's fixed accounts expire next year onwards.
Why not email them with your dilemma? they replied to me in 4 days.

No need really. If they are not paying interest from 8/10 for normal accounts I don't expect them to pay interest after a fixed account matures. All communications talk about interest being paid to maturity, not after.

isofa

bryanb wrote: »

Shortly after the maturity of the account, you will receive the principal sum and interest you were contractually entitled to receive from Icesave.

That bit is a very good clarification and on that basis, I'll be happy to let mine run at 7%.

So when do we declare the interest for tax purposes? Do we ignore the interest payment they made to fixed term accounts on 10-10-08 (calculated up until7-10-08), and just wait for the full sum at maturity. Or do we declare the interest in the fixed term account as of 5/4/2009? (Obviously for those who's accounts run over the tax year date bracket).

sloughflint

isofa wrote: »

That bit is a very good clarification and on that basis, I'll be happy to let mine run at 7%.

So when do we declare the interest for tax purposes?

When it is paid.....so the 10/10 counts as this financial year and the rest would be for the financial year that you receive the rest.

bryanb

KenC wrote: »

No need really. If they are not paying interest from 8/10 for normal accounts I don't expect them to pay interest after a fixed account matures. All communications talk about interest being paid to maturity, not after.

But your account matures 31/10 so you could get interest till then if you used the paper application, or have I misunderstood? I was suggesting you ask them if it would take 6 weeks in your situation.

isofa

sloughflint wrote: »

When it is paid.....so the 10/10 counts as this financial year and the rest would be for the financial year that you receive the rest.

That's what I would have thought normally... but these aren't normal circumstances, if you are letting the term account run to maturity, you cannot benefit from the partial interest paid (which we didn't request) on 10-10-08, as you cannot access it early...