Icesave - Waiting For Maturity

ChloeRadshaw

Hi Guys,

Just a quick question - I remember reading on this forum that people who waited for their maturity would be paid interest for the time between 7Oct ->claim time.

In other words they would not lose any interest - Is this the case?

I want to initiate the claim but am wondering whether to leave the money in Icesave or just move it somewhere else - (paying a lot less interest)

ANy thoughts?

ScarletBea

Yes, that's how we read all the instructions.
I've left my 2 fixed rates to maturity there.

cos69

ChloeRadshaw wrote: »

........ people who waited for their maturity would be paid interest for the time between 7Oct ->claim time.

In other words they would not lose any interest - Is this the case? ...

I suppose it depends on when "claim time" is, but yes its up to the date when the bond matures.

Stompa

ChloeRadshaw wrote: »

Just a quick question - I remember reading on this forum that people who waited for their maturity would be paid interest for the time between 7Oct ->claim time.

In other words they would not lose any interest - Is this the case?

Yes, you'll be paid full interest right up until maturity.

ChloeRadshaw wrote: »

I want to initiate the claim but am wondering whether to leave the money in Icesave or just move it somewhere else - (paying a lot less interest)

ANy thoughts?

It depends on when it's due to mature and what rate you're getting. If it's due to mature soon, then you would get the full interest up until maturity, but there may be a delay after maturity (with no interest) before you receive your funds. The FSCS are aiming to make payments within 6 weeks of receipt of the claim form I believe.

The other thing to think about is what you want to do with your funds when you get them back. You'll probably be able to get a better rate elsewhere now than you will in 6 months time for example.

Paul_Herring

ScarletBea wrote: »

I've left my 2 fixed rates to maturity there.

6 here, maturing between Feb and Sept '09.

SickStu

I've got one maturing in June 09 and elected to let it run to term (box ticked on 13/11). Should I have received the paper application form by now ?

soulsaver

Sorry if it seem pedantic but for clarity my understanding is there are just 2 options: Interest upto Oct 7 if claimed (anytime)for encashment before maturity - interest is then lost between Oct7 & payout; Or contracted interest accrued until maturity, payout at or 'shortly after' maturity.

KingL

SickStu wrote: »

I've got one maturing in June 09 and elected to let it run to term (box ticked on 13/11). Should I have received the paper application form by now ?

Theoretically yes, but they are running a bit behind the pace. Nobody else in your position seems to have received one yet, so you don't need to be unduly concerned just yet.

Paul_Herring

soulsaver wrote: »

Sorry if it seem pedantic but for clarity my understanding is there are just 2 options: Interest upto Oct 7 if claimed (anytime) before maturity (and interest is then lost between Oct7 & claim/payout); Or contracted interest accrued until maturity, payout at or 'shortly after' maturity.

I don't think so...

1) Interest up to October 7th if claimed online.
2) Interest up to maturity if claimed by paper.

Your interpretation would suggest that any that matured between October 7th and whenever the claim was able to be processed would get full interest; if claimed online, I'm not sure this is the case.

ScarletBea

Paul_Herring wrote: »

I don't think so...

1) Interest up to October 7th if claimed online.
2) Interest up to maturity if claimed by paper.

Your interpretation would suggest that any that matured between October 7th and whenever the claim was able to be processed would get full interest; if claimed online, I'm not sure this is the case.

Sorry Paul, you're the one getting it wrong.
We're talking about fixed rate bonds here, and whether you claimed online, or you're using a paper-base application, if you let it remain until maturity you'll receive the full interest (until maturity).

In any other account type (easy access, ISA), you only get interest until Oct 7th, again whether you claimed online or used a paper-base application.

Paul_Herring

ScarletBea wrote:

We're talking about fixed rate bonds here

As was I.

And if you 'claimed online' I took to mean you were taking the money at that point, rather than saying 'I'll take it later' which will result in you having to complete the paper-based form of compensation.

Given that clarification of my previous post, is it still wrong?