Icesave fixed bond near maturity

edda

Can anyone advise what is supposed to happen when a fixed savings with the now defunct Icesave matures?

Does the FSCS send out a cheque automatically - or do they email and ask where you want the money to go?

Money_Grabber13579

I thought the idea was that way back when the scheme started, you chose an account that you wanted the money paid to, and then ticked a box saying you wanted the bond to run its course. If that's the case, the money will automatically enter the nominated current account.

D1zzy

edda wrote: »

Can anyone advise what is supposed to happen when a fixed savings with the now defunct Icesave matures?

Does the FSCS send out a cheque automatically - or do they email and ask where you want the money to go?

I got a cheque a few days after maturity - can't remember if you needed to specify on the form they asked you to complete in December ish

Paul_Herring

You get a cheque - I've had 3 mature since October (and have 3 more to go.)

bowlesbargain

Could anyone help. I returned the forms to keep my fixed rate but had nothing back. I now need a tax certificate on the tax paid on the 2008/2009 savings. How is the interest paid at the end of the three year fix. or is the interest added each year with the tax taken off.

Paul_Herring

I now need a tax certificate on the tax paid on the 2008/2009 savings.

Do you actually *need* one? Do you not know how much interest you were given?

How is the interest paid at the end of the three year fix. or is the interest added each year with the tax taken off.

You'll receive all the interest in the last year, and all the interest is attributable to that last year, not in the interim years.

chesky369

I too am awaiting a couple of fixed accounts from ICEsave, but my problem is more what to do with the money. I seem to have lost my interest in nipping from one account to another like I used to - just want a nice, easy-access account which I can take money from without losing interest that month - oh, and a not-too-dreadful rate of interest. Any ideas, anyone?

sloughflint

chesky369 wrote: »

I too am awaiting a couple of fixed accounts from ICEsave, but my problem is more what to do with the money. I seem to have lost my interest in nipping from one account to another like I used to - just want a nice, easy-access account which I can take money from without losing interest that month - oh, and a not-too-dreadful rate of interest. Any ideas, anyone?

Depending on amounts, the irony is that some of the current accounts around offer the best rates and easy access:

LTSB Vantage: 4% on balances between 5k and 7k
A&L Premier Direct: 5% for a year on 2.5k

A bit of rotation of funds would be necessary to satisfy funding but once S/O are set up could be forgotten about.

chesky369

I'll explore those two - lots of irony here - I have a Lloyds current account already AND an A+L e-saver.

D1zzy

I have the same problem (nice one to have I guess..). Maturing fixed rate bonds and where to put the dosh. I'm already upto the limit in every dodgey bank you can think of; (still currently averaging 5%+) have done isas, and am gradually increasing my portfolio of funds. Was thinking maybe some index linked gilts and Gold based ETF - as an inflation hedge, but what to do with the rest....

scrummy

I got a cheque from a 1-year bond and seem to have been paid 6.7% interest, but I thought I was getting 7.01%. If you bank the cheque you are deemed to have accepted it as full and final settlement and the FSCS don't answer their phones! I have a much bigger bond maturing next month and need to get this looked at.

Has anyone else experienced this and is there a way of finding out what the interest rates were now that the FSCS has taken down the Icesave website?

Thanks.