Welcome Landsbanki!

[Deleted User]

Stompa wrote:

No, but then again I don't recall seeing any indication of exactly when the monthly interest is paid. Perhaps it's on the monthly anniversary of account opening?

That's what I thought. I have sent an email requesting clarification of whether monthly interest is payable

Start of month?
End of month?
Related to initial deposit?

Interestingly their promised response time has already stretched to 5 days, from the original 1 day!

wannasave_2

finally found the relevant bit in the Ts&Cs. It is credited on the anniversary of the deposit of the first funds, so either 1 year later if annual interest option or in the case of monthly interest, 1 month later. HTH

liverpoolcarl

I am currently with ICICI and am going to move to Ice. I do like having my interest paid monthly by ICICI. Will I lose out on 5.2% with Ice if I get paid monthly ??

[Deleted User]

liverpoolcarl wrote:

I am currently with ICICI and am going to move to Ice. I do like having my interest paid monthly by ICICI. Will I lose out on 5.2% with Ice if I get paid monthly ??

No. IIRC the gross AER is the same for both annual and monthly interest.

liverpoolcarl

Am i reading the website wrong or just not understanding it.. Do you not get 5.20% if you opt for annual interest and 5.08% if you opt for monthly interest ?

ashcarrot

the difference is due to compound interest (and also by the money being sent to another account your not benefitting from compound interest) your essentially getting the same rate.

[Deleted User]

wannasave wrote:

finally found the relevant bit in the Ts&Cs. It is credited on the anniversary of the deposit of the first funds, so either 1 year later if annual interest option or in the case of monthly interest, 1 month later. HTH

See here, section 3j.

[Deleted User]

liverpoolcarl wrote:

Am i reading the website wrong or just not understanding it.. Do you not get 5.20% if you opt for annual interest and 5.08% if you opt for monthly interest ?

Yes, but if you leave the accrued monthly interest in the account to compound, the amount received after a year will be the same (give or take a few pence).

However if you elect to have the monthly interest paid away to an external account, the return will also depend on the interest (if any) paid on that account.

liverpoolcarl

I will be leaving the interest in my ice account. I just like to watch the interest go in every month and motivate myself to safe a little more..

climbgirl

lolly5648 wrote:

Just tried to open an account- it wouldn't accept my driving licence number or passport number. At 5th attempt got it to accept my passport number. I rang up to query this and was on hold for around 6 mins - this doesnt bode well. And now having completed the form I still have to send two forms of id, even though I have lived in the same house for 27 years.

Dont think I will bother going any further as I was very unimpressed with cs guy who kept calling me 'miss' even though he asked my name.

I had problems with the passport number (no drivers licence!) as it's not a UK passport so the number format is completely different. I rang them (answered straight away!) and that said it's fine, that putting that data in is optional. You'll get asked to send in id if you leave it out, but all I had to do was send in a copy of my non-UK passport and a UK credit card or bank statement and it was fine.