ICE SAVE - 2nd E Mail Received

tweet

Has anyone with an Icesave bond (fixed-rate 1yr in our case) had interest paid 10th Oct on their account?
I've not had the second email but logged in to check the balance, and wouldn't have expected the bond to have had any interest (opened March 08) yet I've seemingly been credited with interest up to the 10th (Icesave default date) - is this normal?

I was following this thread but at 30 pages long I can't wade through it all to see if anyone else has this.
[note: my icesave non-bond account had interest paid the same date, 10th oct)

NonGeographicalMan

tweet wrote: »

I've not had the second email but logged in to check the balance, and wouldn't have expected the bond to have had any interest (opened March 08) yet I've seemingly been credited with interest up to the 10th (Icesave default date) - is this normal?

As an Instant Access account holder my interest up to Oct 7th is shown as being added on the online account on Oct 10th.

Perhaps they are separating liabilities here in terms of Icesave/Iceland being liable for and sued by the British government for the interest due up to October 7th but the FSCS being liable for the interest from Oct 8th onwards on the fixed term, fixed rate bonds.

~Chameleon~

tweet wrote: »

I've not had the second email but logged in to check the balance, and wouldn't have expected the bond to have had any interest (opened March 08) yet I've seemingly been credited with interest up to the 10th (Icesave default date) - is this normal?

Yes. Interest was calculated and paid up until 7th Oct for all accounts when the bank defaulted, as per the rules, and was credited to accounts on the 10th October. If you close this account and withdraw the funds once you've received the 2nd email no further interest will be payable. However, if you decide to leave it until maturity FSCS will pay the rest of the interest owed at date of maturity at whichever rate was applicable under Icesave.

jaybee

My second e-mail arrived today and I should receive the money into my nominated account within 5 days. I'm really pleased with the way it as happened - exactly as they said it would.

NonGeographicalMan

jaybee wrote: »

My second e-mail arrived today and I should receive the money into my nominated account within 5 days. I'm really pleased with the way it as happened - exactly as they said it would.

And you don't mind losing 6 weeks interest even though Alistair Darling said Icesave depositors would be fully protected and not lose out financially due to the collapse of the bank.

It seems that you are easily pleased then.

Norman-B

NonGeographicalMan wrote: »

And you don't mind losing 6 weeks interest even though Alistair Darling said Icesave depositors would be fully protected and not lose out financially due to the collapse of the bank.

It seems that you are easily pleased then.

Please add my name to: 'The easily pleased' list! Five minutes ago, I had lost my savings. Five days time, it should be back in my account. Pleased? You bet.

altocumulus

Losing 6 weeks of interest is nothing compared to the potential loss of all of the money.....

NonGeographicalMan

altocumulus wrote: »

Losing 6 weeks of interest is nothing compared to the potential loss of all of the money.....

Of course but the point of the scheme was to protect people from all monetary losses resulting from the depositor failing.

Now it turns out people are suffer ing an unpredictable loss that depends on how efficient the FSCS is or isn't in paying out and the random order in which the FSCS has decided to pay out to different investors over a period of up to 3 or 4 weeks. Surely no one designing a fair compensation scheme would design it this way?

~Chameleon~

jaybee wrote: »

My second e-mail arrived today ....

So they are sending out emails today too!!! :j :j

That has really lifted my spirits

Congratulations! :T

NonGeographicalMan

~Chameleon~ wrote: »

So they are sending out emails today too!!! :j
:j

Computers have been known to work 24/7 you know.:rolleyes: