Icesave Fixed Rate Account FSCS Option

ed123_2

...the key thing in my view is when this paper form is sent out ie immediately following selection of taking the paper form route (on the second e mail) or after maturity of the fixed term. I rang the fscs twice this morning and they could not give an answer.

qamwc1

I wouldn't be surprised if the people at the end of the phone at the FSCS haven't got a updated script and/or haven't fully digested it. I wouldn't believe anything I'm told on the phone - need to see in it writing as part of some formal document.

2little2late

ed123 wrote: »

...the key thing in my view is when this paper form is sent out ie immediately following selection of taking the paper form route (on the second e mail) or after maturity of the fixed term. I rang the fscs twice this morning and they could not give an answer.

Good point

The extract from the FAQ page on the FSCS website regarding Icesave says the following. For me my highlighted "then" is crucial, does it refer to the day you tick the box to opt to wait for maturity or on the date the account matures? For people whose fixed term accounts end this year it is crucial, the longer they have to run diminishes it's importance the longer the term has to run.

32. If I decide to keep my Fixed Rate Savings Account open, will I need to make my paper application now or just before my account would normally mature?
If you prefer to wait until the end of the fixed term, and receive interest which would have been due at maturity, the electronic process option is not available to you. However, you should still log on to the website and tick the appropriate box to confirm that this is your wish. At that time, we will be notified that you wish to wait until the end of the fixed term and we will then send you an application form to complete and return to the FSCS as soon as possible. This process will be slower, although we aim to complete this process so far as possible within 6 weeks of receipt of a completed application form, with payment following the maturity date of the account. You should also be aware that if you hold a fixed rate savings account that pays interest on a monthly, quarterly, or annual basis, and you decide to hold that account until maturity, you will not be paid any interest prior to maturity.

ashm1

That 6 weeks is a target / aim turnaround time

noh

I read it as saying the form will be sent out now and may take up to six weeks to process. So if your fixed rate maturity is more than six weeks away it will be beneficial to select paper process and take the compensation at maturity.

Nigel

Implicateorder

I agree, noh.

If you have several fixed rate accounts I wonder if will be possible to opt for the electronic process and immediate repay for some bonds (those that will mature soon), and the paper process and maturity payout for others (those that have ages to go)? Has anyone had an answer form the FSCS to this?

Hopefully all will be clearer in the second email!

noh

Implicateorder wrote: »

I agree, noh.

If you have several fixed rate accounts I wonder if will be possible to opt for the electronic process and immediate repay for some bonds (those that will mature soon), and the paper process and maturity payout for others (those that have ages to go)? Has anyone had an answer form the FSCS to this?

Hopefully all will be clearer in the second email!

From the FAQ

"24. Will I get all of my money back at once, or will this be in instalments?
You will receive your funds in one instalment for each account you hold with Icesave. If you had more than one account you will receive one payment for each account. "

As each account is being dealt with seperately I assume the option must be available for each seperate account.

Nigel

harold123

my fix rate ends on 16th November.... what you think i should do? i may not even have my second email by then but thought i would ask everyone's opinion anyway!

Thanks

it'smeinit

Hi

I have three accounts with Icesave but have only received two emails
Any ideas?
Do I need an email for each account?

masonic

harold123 wrote: »

my fix rate ends on 16th November.... what you think i should do? i may not even have my second email by then but thought i would ask everyone's opinion anyway!

I think you are unlikely to gain by waiting and filling out a paper form. Mine ends on the 19th November and I figure I probably wouldn't see my money before Christmas if I waited. I'd rather lose a months interest and then have my money than wait until maturity and then lose a months interest.