Icesave Fixed Rate Accounts - Poll

soulsaver

isofa wrote: »

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

That's why I said I can't answer the poll yet...:cool:

isofa

I'm surprised to see a small number of people with accounts not maturing until 2010 are going to take the money now. When they opened the account they must have been happy to tie it the money up, and with many between 6.5% and 7%, where else are you going to find a rate like that at the moment? And unlikely for the next year or so at least... any reasons: not trusting the process, thinking their money may be at risk, or just deciding they want their money back now it's on offer, or..?

Veryunique_2

soulsaver wrote: »

That's why I said I can't answer the poll yet...:cool:

I am in the same position with a bond maturing first week 2009.

I am praying for 2nd email within next few days as I would prefer to cash in now and have mentally committed the money already to various fixed rate deals where I can top up.

Re the paper route I saw on another site this morning that caller to FSCS got definite impression that no forms would be sent out until electronic process over and staff less busy ,so add 6 weeks to end November, factor in Christmas hols and payout looks like mid-January with luck

Veryunique_2

isofa wrote: »

I'm surprised to see a small number of people with accounts not maturing until 2010 are going to take the money now. When they opened the account they must have been happy to tie it the money up, and with many between 6.5% and 7%, where else are you going to find a rate like that at the moment? And unlikely for the next year or so at least... any reasons: not trusting the process, thinking their money may be at risk, or just deciding they want their money back now it's on offer, or..?

Don't forget that they have lost the monthly interest option for starters

~Chameleon~

isofa wrote: »

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.

Several of us have already been told over the phone, plus the FAQ has since been amended to state that the forms will be sent out shortly after we opt to leave the fixed accounts to run (w/c 4th Dec). Payments will be made when the accounts mature. The 6 week processing will only affect those whose accounts are due to mature in Nov/Dec and possibly January.

grnglide

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?

The contents displayed on the web site during the claims process clearly states that if you wish to leave the fixed rate until its maturity the form will be sent "soon" so they can refund the money + interest when it matures.

Rtype - the website is inaccessible once you claim. Keep a record of the money in the account. Hopefully FSCS will send an acknowledgement which will also be the claim form? Remember - you have already signed your life away during the claims process:eek:

soulsaver

isofa wrote: »

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.

That's useful information - that will make a material difference in my outlook. How long would you say, exactly?

McSaver

Option 1 - I want to dump it in a another fixed rate while rates are reducing.

darude

So to clarify, if I take the money out now, I get interest paid till 7th of October? If so, I'm taking it out, if I get no interest paid at all, then I will probably leave it in.

isofa

soulsaver wrote: »

That's useful information - that will make a material difference in my outlook. How long would you say, exactly?

No idea personally, but it's obviously part of their protection scheme, you could use web archives such as the Way Back Machine, to see what the site was like years ago.