Icesave Fixed Rate Account FSCS Option

masonic

dommorton wrote: »

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?

You no longer have an account, or any money. It is compensation we will be receiving, not the money we had saved. Presumably, it won't be allocated until the FSCS is ready to pay you, and what the FSCS don't pay from their own compensation funds will come from the treasury.

2little2late

david78 wrote: »

No. It says "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 ..."

So they will know your intentions straight away. But they have not made it very clear when the form will be sent out. The word "then" could match up with "at that time" or "the end of the fixed term".

My thoughts exactly, so no one knows. Punctuation rules I guess.

qamwc1

You also need to take into account what FAQ @ 16 also says.

Also seeing what the question FAQ 32 is answering does it not read that the form will come as soon as you so indicate online but don't delay in sending it back.

I agree they have failed to be explicit in answering their own question!

2little2late

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!

Thanks

Just hold off replying to the second e mail until after the 16th Nov. then use the electronic route, you will get full interest.

2little2late

masonic wrote: »

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.

That way you would not just lose a month's interest but all the interest from October when the bank crashed

cos69

Its a difficult choice for those of us with accounts maturing in November. My fix matures on the 7th November, so if I go the paper route and assuming I can make my intent known on 12th November it will take
3 days to receive form (if I'm lucky) and 2 days in post to them, so 1 week turnround say
6 weeks to process plus time to credit the linked account (but same for both routes)

So if I'm lucky looking at 31st December and loosing 7 to 8 weeks interest

If I go the online route, then I maybe loose 5 weeks interest

Is my thinking on the right tracks here - its all going to depend on exactly what your maturity date is - the closer to 31st December. the less interest you will loose

2little2late

cos69 wrote: »

Its a difficult choice for those of us with accounts maturing in November. My fix matures on the 7th November, so if I go the paper route and assuming I can make my intent known on 12th November it will take
3 days to receive form (if I'm lucky) and 2 days in post to them, so 1 week turnround say
6 weeks to process plus time to credit the linked account (but same for both routes)

So if I'm lucky looking at 31st December and loosing 7 to 8 weeks interest

If I go the online route, then I maybe loose 5 weeks interest

Is my thinking on the right tracks here - its all going to depend on exactly what your maturity date is - the closer to 31st December. the less interest you will loose

Surely if your term ends Nov 7th you will not lose any interest just the ability to reinvest (therefore gaining interest elsewhere) between Nov 7 and the date the second e mail comes through and the money transferred to you plus the time it takes to reinvest.

cos69

2little2late wrote: »

Surely if your term ends Nov 7th you will not lose any interest just the ability to reinvest (therefore gaining interest elsewhere) between Nov 7 and the date the second e mail comes through and the money transferred to you plus the time it takes to reinvest.

Exactly my point - I am loosing interest but from the reinvestment; its still a loss is it not !

rosebud666

I want a breakdown of what we will receive on maturity of the A/C.
My September interest was "lost" between banks and was for several pounds less than expected. If it's a fixed term A/C every month should have been the same, shouldn't it? Plus a smaller amount of interest has now been added but its too little for "lost" interest and too much for 7 days interest (the begining of oct before the crash)

cos69

Interest is calculated on a daily basis so, slightly less for 30 day months.