Welcome Landsbanki!

4listair

With a dismal lack of response after emailing the IceSave customer services, I escalated to the Head of Investor Relations at the International Banking section of Landbanki. She was kind enough to respond in person, indicating that "Heritable Bank are responsible for the ICESAVE savings product on behalf of Landsbanki"

She gave Heritable a boot in the pants and they responded immediately! ;-)

BTW, if you have not registered a separate current account for ingress or egress DD transactions during the registration process, you can use the BACS 'push' transfer (that they offer for an initial deposit) repeatedly. I have confirmed this and their details are:
ref: [<your sign-up ref>|<your a/c number>]
Their Account number: 80469947
Their Sort Code: 20-32-53

The transfer takes 2~3 days.

Daniel_B

Hello all,
interested in making a large deposit as will be selling our house shortly, and due to the place we want to move not being available will be living in rented for 3 months or more.

I am a little confused about setting up the Direct debit though, as I will not want to make monthly payments at present - is this a pre-requisite of the account?

Dan

Stompa

Daniel_B wrote:

I am a little confused about setting up the Direct debit though, as I will not want to make monthly payments at present - is this a pre-requisite of the account?

Yes, but the DD is just a mechanism for getting funds into and out of the account. They can just be one-off fund transfers, they don't have to be monthly.

justaquickie

Was this issue of "when the money to be invested into Icesave by DD actually has to be in the linked account" clarified? If the transfer arrival date is some point in the future do I need to have the money languishing in the linked account 3 working days prior? or if not, when? Seems very woolly but consequences might be painful if you get it wrong. Anyone know/help please?

DocProc wrote:

Once the Icesave account is opened and has got its initial balance and is up and running, Icesave say:

Important Notes: Transfers in

· Please ensure that you have sufficient cleared funds in your nominated account before requesting a transfer into your Icesave Account.
· You will start to earn interest on money transferred into your Icesave account from the day we receive the money. Until your money becomes available for withdrawal it will be shown under the processed balance.

Now when you top up the Icesave account, since the funds are PULLED into Icesave from the Nominated Account, one wouldn't expect to see them leave the Nominated Account until about the third day.

If the Nominated Account is with, say Lloyds TSB, well this bank has a switchable Online Saver account for surplus current account funds.

I was wondering as to whether the proposed amount of funds under potential transfer to Icesave can be left in the Lloyds TSB Online Saver account for an extra couple of days instead of immediately putting it rather 'interest wastefully' into the current account, where it doesn't earn any interest, as Icesave suggest? It would thereby be earning a couple more days worth of interest at Lloyds TSB Online Saver rates.

Does anyone know anything about this?

On DAY ONE, when you PULL from into an Online Saver, do the funds need to be immediately available and fully cleared in the Nominated Account also on DAY ONE?

Or can the availability of cleared funds in the Nominated Account wait until DAY THREE?

ie, Can you squeeze an extra couple of days interest out of this?

ericpode

BTW, if you have not registered a separate current account for ingress or egress DD transactions during the registration process, you can use the BACS 'push' transfer (that they offer for an initial deposit) repeatedly. I have confirmed this

I have savings in another account which I'd like to transfer to directly (BACS) into my Icesave account to avoid having to have a two stage hop (first to my registered current account by BACS, then a DD to the Icesave account).

There have been posts here saying that you can only use a direct payment into Icesave as your first ever payment, and after that you MUST use the D/D method otherwise you may have your payment returned.

It's interesting that the above seems to say that you can use BACS repeatedly if you have NOT registered a current account for DD transactions.

But I HAVE registered a current account with Icesave, so is it likely my future BACS payments WILL be returned?

whibbled

4listair wrote:

With a dismal lack of response after emailing the IceSave customer services, I escalated to the Head of Investor Relations at the International Banking section of Landbanki. She was kind enough to respond in person, indicating that "Heritable Bank are responsible for the ICESAVE savings product on behalf of Landsbanki"

She gave Heritable a boot in the pants and they responded immediately! ;-)

BTW, if you have not registered a separate current account for ingress or egress DD transactions during the registration process, you can use the BACS 'push' transfer (that they offer for an initial deposit) repeatedly. I have confirmed this and their details are:
ref: [<your sign-up ref>|<your a/c number>]
Their Account number: 80469947
Their Sort Code: 20-32-53

The transfer takes 2~3 days.

Interesting to see this information, particuarly as the sort code suggests that they are using Barclays for UK clearing facilities.

I was originally perturbed to note from their website, that they did not have direct clearing with our UK banks.

mary

Too lazy to read all 18 pages, however,

"5.45% gross p.a./AER is the rate payable when interest is paid annually. You can also opt to have your interest paid monthly with an interest rate of 5.32% gross p.a./5.45% AER"

Am I right in concluding that the rate is the same monthly or annual. I am about to open an account for my 19 year old daughter at uni, who would like to see her interest grow monthly. She won't be any worse off?

Riviera_Kid

mary wrote:

Too lazy to read all 18 pages, however,

"5.45% gross p.a./AER is the rate payable when interest is paid annually. You can also opt to have your interest paid monthly with an interest rate of 5.32% gross p.a./5.45% AER"

Am I right in concluding that the rate is the same monthly or annual. I am about to open an account for my 19 year old daughter at uni, who would like to see her interest grow monthly. She won't be any worse off?

Yes it's the same, assuming the monthly interest stays in the account

Dagobert

ericpode wrote:

There have been posts here saying that you can only use a direct payment into Icesave as your first ever payment, and after that you MUST use the D/D method otherwise you may have your payment returned.

It's interesting that the above seems to say that you can use BACS repeatedly if you have NOT registered a current account for DD transactions.

• Has anyone attempted further BACS payments? Were they returned?
• Is there a limit to the number of nominated accounts?
• If a DD pay-in is initiated on Monday, when is the money received and when does it start accruing interest?

[Deleted User]

Dagobert wrote:

• Has anyone attempted further BACS payments? Were they returned?
• Is there a limit to the number of nominated accounts?
• If a DD pay-in is initiated on Monday, when is the money received and when does it start accruing interest?

• Yes. No.
• Three IIRC.
• Debateable. I suspect Wednesday if initiated prior to 11am, otherwise Thursday. However I understand funds deposited, even electronically, cannot be drawn against for 7 working days. See here for a link to the T&Cs and FAQS.