Icesave Fixed Rate Accounts - Poll

isofa

This is just a poll, to see what people plan to do with their fixed rate accounts at Icesave, now they know what the options are:

1. "Be paid the principal sum plus interest on that sum up to and including 7 October 2008". (i.e. taking the money now)

or

2. "Wait until the end of the fixed term, and receive interest which would have been due at maturity" (i.e. letting it run until maturity.)

If you have multiple fixed rate accounts maturing at different times, I suggest you vote based on the one you opened first, or the one that is maturing first - it's up to you - unfortunately I ran out of poll options!

Obviously you choose the option closest to, but before your maturity date. If you have an account which matures in June 2009, you choose one of the before 1/7/09 options, not any ones later than this (i.e. not before 1/7/10 options etc!)

It's worth noting that this isn't a special arrangement solely for Icesave fixed term account holders - the FSCS will always give the option of letting fixed term accounts run to maturity and honouring the rate for any banks in default, that they are paying compensation for (and under the FSCS scheme), see here (thanks KingL).

In fact conversely the special arrangement for those with Icesave fixed term accounts is to allow them to take the money now, with interest up to 7-10-08 rather than wait until the maturity date.

London05

Option 1 for me - take the money and runnnnnnnnnnnnnnn

ScarletBea

I have one for May and another for October next year, I'm letting them stay there.

isofa

ScarletBea wrote: »

I have one for May and another for October next year, I'm letting them stay there.

I ran out of options with the poll! So I'll update the starting text in a minute, if you have multiple accounts, perhaps just vote for the one you opened first?

Primrose

Still confused about when we're going to receive the paper compensation forms for Fixed Term accounts - shortly or whether we'll have to wait until the accounts are about to mature? Can anybody clarify please?

KingL

Primrose wrote: »

Still confused about when we're going to receive the paper compensation forms for Fixed Term accounts - shortly or whether we'll have to wait until the accounts are about to mature? Can anybody clarify please?

Different people have been told different things by the FSCS. I am satisfied that it is "shortly". See these threads :

This thread post 17 onwards http://forums.moneysavingexpert.com/showthread.html?p=15655561#post15655561

and this one post 89 onwards http://forums.moneysavingexpert.com/showthread.html?p=15730761#post15730761



.

Rtype

Can somebody please tell me what i have to do if i want to leave my fixed rate account till maturity, i've closed the easy access and the isa but am unsure as to what i am supposed to be doing with the other??

Also, how will it work when it comes to maturity? Will the website still be active so that we can log on and close the account or will it be automatically transfered to our nominated account??

Many thanks

soulsaver

Primrose wrote: »

Still confused about when we're going to receive the paper compensation forms for Fixed Term accounts - shortly or whether we'll have to wait until the accounts are about to mature? Can anybody clarify please?

I'd suggest you ask the FCSC - by email; others' answer will be speculation.
Someone else already has, but got the text from FSCS cut & pasted by 'yoof' answering. So it looks like a long winded explicit question for 'yoof' appointed to realise the FSCS text is ambiguous..:rolleyes:

soulsaver

isofa wrote: »

It's worth noting that this isn't a special arrangement solely for Icesave fixed term account holders - the FSCS will always give the option of letting fixed term accounts run to maturity and honouring the rate for any banks in default, that they are paying compensation for (and under the FSCS scheme).

Not that I doubt the validity of that statement, I'd like to see it made by the FSCS/FSA/Govt formally. Is there an official link saying that will be the case going forward?

grnglide

Let me see - leave the money in the safest "bank" in the country until August next year at 7.2% and then use the paper claim process or take it now, lose interest from 7/10 until I get the 2nd email and get considerably lower rate?

Hmm - easy choice. The only thing to consider (assuming you are not getting interest paid out) is what interest rates will be then.

I will stick with the known and leave it in the bank of FSCS!

cundall

leaving it but taken all my other cash.