Icesave Fixed Rate Account FSCS Option

masonic

it'smeinit wrote: »

Do I need an email for each account?

I have two accounts and received one e-mail. I assumed it would be one per e-mail address.

Nikko5

Sorry to be thick but I'm totally confused by this... I opened a fixed rate last Feb (£2000 deposit). Currently on the Icesave web-site they have added about £70 interest to this. Should I take this money now, or will I get even more interest added if I wait until next Feb and use the "paper method"? (I opted for annual interest initially btw...) I am happy to wait until Feb for the cash (or March if it will take 6 weeks) if it means getting more than £70 interest.

I'm confused because the FSCS e-mail says: "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."

cos69

it'smeinit wrote: »

Hi

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

FAQs
20. I had two accounts and only received an email for one, what do I do?
When you receive your email inviting you to log in and make your claim, you will be able to make your claim for all accounts held in your name.

How come you got 2 emails ?

Optimist

it'smeinit wrote: »

Hi

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

Be happy some of us haven't received one mail yet

it'smeinit

cos69 wrote: »

FAQs
20. I had two accounts and only received an email for one, what do I do?
When you receive your email inviting you to log in and make your claim, you will be able to make your claim for all accounts held in your name.

How come you got 2 emails ?

Hi
I have two accounts, the other is dh, his account runs through my email address as dh doesn't know how to use a computer:eek:
so I was just expecting 3 emails. thank you for answering my question.

masonic

Nikko5 wrote: »

Sorry to be thick but I'm totally confused by this... I opened a fixed rate last Feb (£2000 deposit). Currently on the Icesave web-site they have added about £70 interest to this. Should I take this money now, or will I get even more interest added if I wait until next Feb and use the "paper method"? (I opted for annual interest initially btw...) I am happy to wait until Feb for the cash (or March if it will take 6 weeks) if it means getting more than £70 interest.

I'm confused because the FSCS e-mail says: "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."

If you wait and use the paper system, you'll get compensation after your maturity date consisting of your original balance plus the full interest you were originally supposed to receive.

cos69

it'smeinit wrote: »

Hi
I have two accounts, the other is dh, his account runs through my email address as dh doesn't know how to use a computer:eek:
so I was just expecting 3 emails. thank you for answering my question.

Interesting, I am in the same situation but still only received 1 email, nothing for my other half. I assumed it was because the email addresses for the 2 accounts were the same.

dommorton

My fixed rate account doesn't mature for some time, so I'm happy to take the route of leaving the money in until maturity and getting the full benefit of the 7.01% rate, as I would never be able to match elsewhere now.

My only concerns however would be where my money is, and how it's being looked after. Having an account with a non-bank scares me slightly, though perhaps it will actually be in the safest hands? However surely to enable them to pay interest as high as Icesave's they'll have to invest the funds elsewhere? Or perhaps they will just give my account to another bank to manage?

I would like all this clear before I agree to leave it be.

noh

dommorton wrote: »

My fixed rate account doesn't mature for some time, so I'm happy to take the route of leaving the money in until maturity and getting the full benefit of the 7.01% rate, as I would never be able to match elsewhere now.

My only concerns however would be where my money is, and how it's being looked after. Having an account with a non-bank scares me slightly, though perhaps it will actually be in the safest hands? However surely to enable them to pay interest as high as Icesave's they'll have to invest the funds elsewhere? Or perhaps they will just give my account to another bank to manage?

I would like all this clear before I agree to leave it be.

As I see it you will no longer have an account. You will be agreeing to receive compensation equal to the capital plus accured interest on the date your Icesave fixed rate account would have matured.

Nigel

dommorton

Yeah that's my initial impression and that kind of worries me.

Almost seems too good to be true, so I want to be sure it's the right thing to do.