Icesave Fixed Rate Accounts - Poll

KingL

soulsaver wrote:

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?

FSCS faq:

8. Will you compensate me for any interest I have earned on my account?

Interest owed to the depositor as at the date the bank is declared "in default" by FSCS will be paid as part of the compensation amount. Notice accounts will be paid as if notice had been served on the day the account was frozen and payment will be made, including interest, at the end of the notice period. Fixed term accounts will be paid at the maturity date with the interest that would have been paid by the bank at maturity date.

http://www.fscs.org.uk/consumer/FAQs/Deposit_claims_FAQs/

soulsaver

BTW My bond matures early 2009 - so I find I can't answer the poll yet - until I get my 2nd email. At that point I can judge what I'd lose in interest from Oct7th if I elect ronic vs what good ftb are left available and hopefully we'd have the point about the 6 week potential dwell before or after maturity clarifed by then. If its 'before' & I have to wait another coupla weeks for a 2nd 'e' and best fixes have gone its pretty well a no brainer to let it run. On the other hand, if I get the 2nde tonight ...

isofa

Rtype wrote: »

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??
Many thanks

It's as per the first FSCS email. You can elect to cash fixed rates in "now" and have the balance paid out electronically to your nominated account, or you can elect to let the account run to maturity, when instead you'll have to fill in a form, to then get the final amount (deposit with interest) paid out - which will take up to 6 weeks after the maturity date.

You have to decide whether you want to take the money with interest accrued up to 7-10-08 now, or leave it in until maturity, which is what this poll thread is asking.

isofa

soulsaver wrote: »

BTW My bond matures early 2009 - so I find I can't answer the poll yet - until I get my 2nd email. At that point I can judge what I'd lose in interest from Oct7th if I elect ronic vs what good ftb are left available and hopefully we'd have the point about the 6 week potential dwell before or after maturity clarifed by then. If its 'before' & I have to wait another coupla weeks for a 2nd 'e' and best fixes have gone its pretty well a no brainer to let it run. On the other hand, if I get the 2nde tonight ...

That's why the poll is open until 15th December

Rtype

Thanks, i realise that but when i log into the fixed account it does not give me the option to tick?

soulsaver

isofa wrote: »

It's as per the first FSCS email. You can elect to cash fixed rates in "now" and have the balance paid out electronically to your nominated account, or you can elect to let the account run to maturity, when instead you'll have to fill in a form, to then get the final amount (deposit with interest) paid out - which will take up to 6 weeks after the maturity date.

Forgive me being a stickler but where does it clarify that the 6 weeks is after the maturity date? Last clarification I remember said 'funds to be paid shortly after maturity date' implying IMO that he paper process could start if not immediately you elect to wait then some time prior to maturity.

soulsaver

KingL wrote: »

FSCS faq:

8. Will you compensate me for any interest I have earned on my account?

Interest owed to the depositor as at the date the bank is declared "in default" by FSCS will be paid as part of the compensation amount. Notice accounts will be paid as if notice had been served on the day the account was frozen and payment will be made, including interest, at the end of the notice period. Fixed term accounts will be paid at the maturity date with the interest that would have been paid by the bank at maturity date.

http://www.fscs.org.uk/consumer/FAQs/Deposit_claims_FAQs/

About time they clarifed the position. I'll read it in total when I have more time. Good stuff 'KingL :thumb:

[Deleted User]

all ours are going to maturity. 6 weeks lost interest for the first one v as long as it takes via the paper route

isofa

soulsaver wrote: »

Forgive me being a stickler but where does it clarify that the 6 weeks is after the maturity date? Last clarification I remember said 'funds to be paid shortly after maturity date' implying IMO that he paper process could start if not immediately you elect to wait then some time prior to maturity.

In the first email, and I quote:

"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 and return to the FSCS. As described above, this process will be slower, although we aim to complete this process so far as possible within 6 weeks of receipt of a completed application form, with payment following the maturity date of the account. "

Although you can argue, "when are they going to send out the application forms", personally I think it means within 6 weeks of the maturity date, especially if you compare it with the standard fixed term claim information in the FSCS FAQs fro their website, previously linked to by KingL above.

isofa

soulsaver wrote: »

About time they clarifed the position. I'll read it in total when I have more time. Good stuff 'KingL :thumb:

That text (which KingL quotes) forms the basis of the FSCS claims system, and has been on their site for ages, long before the Icesave collapse.