Welcome Landsbanki!

KTF

A (daft) question but does opening lots of savings accounts harm your credit score as I have a Nationwide e-saver and ICICI that I opened recently but havent used yet and will probably open this account if the rate is good as well.

As its not someone lending you money I guess it doesnt make any difference as they wont check your history?

ReportInvestor

If I was lending you money, I'd like you have loads of savings accounts .

What did they used to say about banks - something like they only lend to those who don't need the money?

So - and you've worked it out already in your own answer - the answer is that it won't harm your credit score.

[Deleted User]

At least the Service Desk has an 0800 number.

Has anyone rung it yet?

**See later post. Savings Dept. is actually an 0845 number.

lisyloo

As its not someone lending you money I guess it doesnt make any difference as they wont check your history?

You are right.
It's not credit so it doesn't show up as a "credit account".

They may well do a check on you for identity or money laundering purposes.
However this is a different check to the ones done for lending and won't count against you, so there is nothing to worry about.

RubyBish

http://www.icesave.co.uk/

I wonder if the website will cope!

5.2%

ReportInvestor

It's probably going to get my vote. I like the look of that 0.25% above base rate guarantee until October 2009.

Here's a direct link to the online savings account - IceSave

lswwong

THANKS MSE-ers!

Love this site! (Sorry something wrong with my browser at work and unable to use thanks button.)

Am looking at their webstie now.

Edited: they are regulated by the FSA under ref no. 207250

Looks good! Min deposit of £250 is a bit high but still worth thinking about.

KTF

If the AER is the same then is there no difference in taking the monthly or the Annual interest option?

Mr_Mumble

KTF wrote:

If the AER is the same then is there no difference in taking the monthly or the Annual interest option?

None if you're a non-taxpayer. For taxpayers there'll be a few pennies difference because Gordon will benefit from the monthly compounding of tax with the monthly option.

Some of the downsides to the account:
£250 minimum initial deposit

According to the tariffs page:
http://www.icesave.co.uk/media/tariff_form.pdf

0.5% interest if the sum falls below £100
4 day BACS (3 if before 11am) - a day longer than most
£30 Chaps and generally slightly higher tariffs than others

A quick skimming of the t&cs:
http://www.icesave.co.uk/media/terms_and_conditions.pdf

Shows up to 7 days for cheques to clear (though they say elsewhere they don't generally take 'em.)
Talk of an Icesave fixed rate bond

[Deleted User]

Further to my earlier post (no 15) the contact number for the Savings Dept. is actually an 0845 number.

0845 605 6050

e-mail [EMAIL="customerservice@savings.icesave.co.uk"]customerservice@savings.icesave.co.uk[/EMAIL]

Accompanied by a possibly rash statement to the effect that e-mail will be answered within 1 working day.