Icesave Fixed Rate Account FSCS Option

briskly_2

It would be very helpful if someone could post up a blank form for claiming interest from fixed term deposits as soon as they get it - not only will this give us all some idea of the timescales but, presumably, unless there are unique extra reference numbers on each form, those of us still waiting could save a bit of time by printing this off, filling it in and sending it back ASAP. This may help a lot of people whose term deposits are set to finish between now and around Jan 18th - the point at which I calculated that the interest loss will be minimised.

isofa

I've recently set-up a poll asking people with Fixed Rate Icesave Accounts, what they are going to do: let them mature or take the money now - depending on the original maturity date.

You can find it here.

bryanb

isofa wrote: »

I've recently set-up a poll asking people with Fixed Rate Icesave Accounts, what they are going to do: let them mature or take the money now - depending on the original maturity date.

You can find it here.

I've got 3 fixed accounts maturing different times, but only one vote, however I'm letting them all run as I reckon it should be safe with the FSCS

2little2late

How about this, I received my second e mail yesterday 14th Nov and it ran me through the proceedure part of which informed me I had a month to reply. I have 3 accounts, one of which is a fixed rate account due to end, wait for it, on December 15th a month and a day from the date of the second e mail. If it had been sent a day or two later the choice would have been simple but now I am left to interpret when the paper form would be sent out if I opt for that option. If it is at maturity, although I will get all the interest( 9 weeks worth), I could have another six weeks to wait with no interest. If however they send it out when I tick the box (like now) to opt to wait for maturity, it would only be two weeks with no interest. Have I got it right guys and does anybody think, as I do that the timing of my second e mail versus the date of the end of my fixed term is a sinister plot!

KingL

If however they send it out when I tick the box (like now) to opt to wait for maturity, it would only be two weeks with no interest

I read somewhere around here that they aren't sending out any forms until 5th December.

Nervous_Norvus

FWIW my reading of the FSCS web site and the emails is that you get the form sent to you as soon as you check that option on the Icesave website. But when you return the form it may take 6 weeks to process. I have yet to receive my copy of the second email, though I have seen it posted on the web.

I have two bonds, one matures Dec 08 and one Dec 09. I am inclined to opt for immediate pay out on the first bond and paper procedure on the second. What I expect is that I will get the form quite quickly, it will take around six weeks to process, after which I should get an acknowledgement, then on maturity in Dec 09, and with little delay then, I should receive the cheque.

Anyone have a different interpretation?

grnglide

Nervous_Norvus wrote: »

FWIW my reading of the FSCS web site and the emails is that you get the form sent to you as soon as you check that option on the Icesave website. But when you return the form it may take 6 weeks to process. I have yet to receive my copy of the second email, though I have seen it posted on the web.

I have two bonds, one matures Dec 08 and one Dec 09. I am inclined to opt for immediate pay out on the first bond and paper procedure on the second. What I expect is that I will get the form quite quickly, it will take around six weeks to process, after which I should get an acknowledgement, then on maturity in Dec 09, and with little delay then, I should receive the cheque.

Anyone have a different interpretation?

The web site clearly said that the form would be sent out "soon". With a maturity of Dec 09 I would defintely leave it in the Bank of FSCS!

Veryunique_2

Nervous_Norvus wrote: »

FWIW my reading of the FSCS web site and the emails is that you get the form sent to you as soon as you check that option on the Icesave website. But when you return the form it may take 6 weeks to process. I have yet to receive my copy of the second email, though I have seen it posted on the web.

I have two bonds, one matures Dec 08 and one Dec 09. I am inclined to opt for immediate pay out on the first bond and paper procedure on the second. What I expect is that I will get the form quite quickly, it will take around six weeks to process, after which I should get an acknowledgement, then on maturity in Dec 09, and with little delay then, I should receive the cheque.

Anyone have a different interpretation?

It is anyone's guess how soon you will get the form as the FSCS has so far been economical with the truth about the whole process, e.g. they are patting themselves on the back today in the press for sending out 10,000 emails in one week when they need to send 10,000/day to meet their stated target. Their idea of "soon" may be very different from ours.

Interestingly, the Telegraph reports that FSCS said majority of people last week with fixed term accounts opted for immediate payout. They are obviously keeping an eye on this one. Perhaps they need to give printers an idea of the print run for the form or make sure they have enough people to process the applications.

My own opinion, for what it's worth, is that they will not start on paper applications until the electronic payouts are done with.

d-b_2

I presume that if we leave fixed rate bonds in until maturity this is as secure as anything going?

KingL

That's the general view, yes.