Icesave Fixed Rate - matures Oct/Nov

ctdctd

Hi all,

Sorry for new thread but can't see answer to this on others.

I have an Iceland fixed rate account which matures this week.
Icesave site showed interest up to the day they went bust.

Any idea how the FSCS will treat similar accounts that mature from Oct 8th to just before they start the payouts? They only seem to consider accounts that mature after the payounts in their email.

It's only a few pounds, but every little counts!

isofa

ctdctd wrote: »

Sorry for new thread but can't see answer to this on others.

http://forums.moneysavingexpert.com/showthread.html?t=1265097

Appears there is the option to cash in, or let it run to maturity, but no details of the interest rate that will be payable if you let it run.

KenC_3

I'd assume that if you opt out of the electronic method you will stop earning interest on the original maturity date. So what you need to weigh up is if losing one months interest to use the accelerated process is better than gaining the interest to maturity but taking up to six weeks to get your money rather than up to 5 days. So I'd say the breakeven point for maturities would be 37 days from 7 October, which is something like 13th November.

mjmal51

My fixed rate matures on 16th Nov and the one month's lost interest will be quite a bit, but I still intend to go the electronic route for convenience and peace of mind. I would much prefer to see the money back in the linked account, where I can then transfer it to the various new accounts I have opened over the last month or so.

masonic

KenC wrote: »

I'd assume that if you opt out of the electronic method you will stop earning interest on the original maturity date. So what you need to weigh up is if losing one months interest to use the accelerated process is better than gaining the interest to maturity but taking up to six weeks to get your money rather than up to 5 days. So I'd say the breakeven point for maturities would be 37 days from 7 October, which is something like 13th November.

It takes up to six weeks from the date the FSCS receives the paper forms. We do not know how quickly these will get sent out after the invitation to use the electronic system. It could take considerably longer than six weeks from the date you are invited to use the electronic system, so the breakeven point could be later than one might initially assume.

ctdctd

I was kind of hoping that the paper route could be avoided for accounts maturing about now.Hopefully the second email will clarify things a bit.