Icesave Fixed Rate Account FSCS Option

rosebud666

I may be jumping the gun and all will be explained later but I don't like the idea that while we wait for our bonds to mature we have no idea of what interest is, or isn't, being added. At the end would we be able to query what we get back. At the same time I agree, with rates, droping we seem to have little choice.

Reaper

rosebud666 wrote: »

My point was that they have credited my A/C with about £30 less than it should be

I thought that was all sorted out for you in this thread?
Also remember interest is only paid up to the 7th even if it says it was added on the 10th.

rosebud666

Reaper wrote: »

I thought that was all sorted out for you in this thread?
Also remember interest is only paid up to the 7th even if it says it was added on the 10th.

Regretably not. I now see that the "lost" September interest was less because it was a shorter month but I should have that plus another 7 days interest. Unless some one can see why this isn't the case?

MoneyMinder

Frantically trying to keep up with all the threads as off to Florida on Saturday for 3 weeks and want to make a decision re fixed rate bonds-take 'em or leave 'em? I have one due to mature next year and one with about 2½ years to run.

Has anyone managed to find out who will hold our bonds if we opt to wait and at what interest rate?

rosebud666

Birdie100 wrote: »

My understanding is that essentially all our original money is lost - the FSCS will simply shell out from its compensation scheme.

I asume we have to trust that we get full compensation when the bonds mature.

bryanb

cos69 wrote: »

Maybe even 3% :mad:

Right, I was misinformed, even worse though.

cos69

yes - no consideration for us savers - its our money that keeps the wheels of the economy turning. They obviously do not want us to save anymore but to spend it

cos69

rosebud666 wrote: »

I asume we have to trust that we get full compensation when the bonds mature.

Trust - no way, we will be entering into a contract with them. Something along the lines of they will pay us X (or the original maturity value) and we wave any rights we might ever have had over the money, and of course wave any claims against any negligence that might have taken place. They do not trust us, just as many here do not trust them.

isofa

I think we need to get clarification from the FSCS as a written statement guaranteeing that if fixed rate bonds are left to run to their original maturity date, then the original interest rate (at time of "purchase") will be honoured, and the payout at the end will be the entire deposited sum plus the correct due interest at the end, based on the original interest rate.

With the current climate, I'd be very keen to let mine run, providing a guarantee of rate and end payment.

rosebud666

Youv'e hit the nail on the head isofa.