Icesave - please think before you apply

climbgirl

DocProc wrote:

Additional considerations here, once the ICESAVE account is up and running, and this takes 8 days to happen, might be that

1. You CANNOT PUSH funds into an ICESAVE account from your Nominated Account.

2. There is only one way to use the ICESAVE account and that is by doing ALL PUSHING and ALL PULLING into and out of the ICESAVE account from within the ICESAVE online account itself.

Apologies if I'm missing something here, but why is the push/pull thing an issue? Isn't it a question of just logging into a different account to move your money around?

Paul_Herring

climbgirl wrote:

Apologies if I'm missing something here, but why is the push/pull thing an issue? Isn't it a question of just logging into a different account to move your money around?

Because there are 4 ways of moving money between accounts (well - from the point of view of one of those accounts) DD or SO from your other bank or DD or SO from IceSave.

See http://forums.moneysavingexpert.com/showthread.html?p=2523267#post2523267 for an more detailed explanation of all 4 with respect to ICICI.

Replace ICICI with IceSave in that essay and only options 2 and 3 are available (DD from bank and SO from IceSave) - options 1 (SO from bank) and 4 (DD from IceSave) aren't, and people feel that, at a mimimum, option 1 should be allowed.

[Deleted User]

DocProc wrote:

...ICESAVE account is up and running, and this takes 8 days to happen..

1. You CANNOT PUSH funds into an ICESAVE account from your Nominated Account.

Notwithstanding delays due to demand and administration, both these statements are incorrect to some extent. My account was up and running within 3 days, precisely because the initial deposit (only) can be pushed into the account electronically.

Additional deposits must be of at least £100.

Paul_Herring

Deleted_User wrote:

DocProc wrote:

1. You CANNOT PUSH funds into an ICESAVE account from your Nominated Account.

Notwithstanding delays due to demand and administration, both these statements are incorrect to some extent. My account was up and running within 3 days, precisely because the initial deposit (only) can be pushed into the account electronically.

I beleive Doc's comment related to deposits other than the initial funding. Nowhere on my paperwork can I find a sort code, and my 'account number' has letters in it. I cannot push money in, unless I'm missing some paperwork with the necessary numbers on it?

Sapphire

markw5 wrote:

The Icelandic fishermen have decided to start whaling again. This means that the largest sentient creature of the seas is going to be harpooned and then targeted with a grenade to kill it.

The whale will take up to 30 minutes to die. It's taken years for the whale population to be revived from previous perilous levels - it will only take a few years for countries such as Iceland & Norway to decimate it again.

Icesave is operated by a bank in Iceland - please think before you apply for this savings account - do you want to be part of the 'revived' whaling nation.

There are many accounts available with high interest (OK just a few tenths of a point lower than they offer) so please look around and take just a little less interest but have a clear conscience.

(When you are shopping don't forget that Iceland Freezer shops are owned by an Icelandinc investment group)

Be assured I' not your regular 'bunny hugger' but in the case of whales and the methods used to hunt them I am very vociferous.

Thanks for reading this - enjoy your day.

Mark

Thanks so much for pointing this out. I had planned to open an account with Icesave after seeing what would happen with next month's projected BoE interest rate rise, but will not do this now (I'd heard about the resumption in whale hunting, but had not made the connection between Icesave and Iceland's massacres).

Nothing justifies the resumption in whale hunting - and is it not Iceland that organizes those 'jolly' dolphin massacres in which 'fun' pursuit the participants' brats also join in? (Or is this in Canada?)

DocProc

Originally Posted by Deleted_User

My account was up and running within 3 days, precisely because the initial deposit (only) can be pushed into the account electronically.

I agree with your comment that the Initial Deposit CAN be PUSHED into ICESAVE from the nominated account.

I now know that you are correct with your comment about 'up and running' within about 3 days and simply because you initially did push your initial deposit into ICESAVE with a bank transfer. It was this transaction that created the required interbanking link.

I have now looked into it and I got a bit confused about things. I will explain:

If someone sends in a cheque to open their ICESAVE account then after that initial cheque has cleared an interbank link (or Direct Debit link) obviously still needs setting up. It is this that can take up to 8 days to actually get done.

I actually did my initial deposit like you have done. Unfortunately, it hasn't yet cleared into the ICESAVE account yet. I'm sure it will have done though, by tomorrow.

Now everything is nearly set up for me and I can fully access the account online. But, as I have explained, my initial funds are still not in. It was this that caused me to ring up and ask their CS when and how to add further funds.

As to 'when', he explained that because a DD link had not yet APPARENTLY been set up, "It could take up to 8 days."

As to 'how', other than the initial deposit, all transactions have to be done online and pushed and pulled through ICESAVE.

Tomorrow, I would hope that for me, my initial funds are in and cleared, my banking link is therefore set up and I can start adding further funds without having to wait 8 days.

Sapphire

ginger_nuts wrote:

Do you eat cow beef ,lamb, pig ,chicken,turkey or cod in my book there is no difference.
What has whaling got to do with banking

The apologists can attempt to 'justify' their lack of action in any way they want (they always do, for any issue, including genocide). Fact is, boycotting a country in the way the OP suggested is one effective way of taking action against something you strongly disagree with.

Gordon_the_Moron

If you are worried about the ethical issues of opening an Icesave account (I'm not and I'm a vegetarian, don't eat meat, fish or slaughterhouse by-products nor do I wear anything from an animal, even wool) then ICICI Hi-save pays 5.15% compared to 5.2% from Icesave, that is a difference of 0.05%

If you want to boycott Iceland for that, why not boycott every other country where people eat meat?

Sapphire

pksaraf wrote:

if we take the same view point as the whaling issue, then whoever amongst us does not support the war in iraq, shouldnt support anything in UK as the uk govt supported it, which in turns means all the businesses in uk support it, including all the residents of uk. does this mean we should stop working/living supporting our country?... please dont flame, its just a thought / opinion...

I'm afraid I feel much more strongly about the issue of whale hunting than a war in Iraq. As someone else pointed out, the human species is not in danger of extinction - on the contrary.

[Deleted User]

Paul_Herring wrote:

I beleive Doc's comment related to deposits other than the initial funding. Nowhere on my paperwork can I find a sort code, and my 'account number' has letters in it. I cannot push money in, unless I'm missing some paperwork with the necessary numbers on it?

Hence my use of the word 'only' in parentheses.

After the initial deposit I agree with DP - it would appear that funds can not be pushed in. It would also appear that further deposits can not be made by cheque either. Anyone?