icesave and monthly interest?

manhattan

hi,
im not sure how the monthly interest thing works with icesave.
i have only transfered my savings there just under a month ago and chose the monthly payments and to automatically transfer to my linked account.

when i check my icesave it does not state how much was earnt for the month it says nothing except the balance of my account.

do they not show how much was paid to the connecting account?

kingmonkey

they add interest monthly on the date the account was opened.

manhattan

ahhhhh. that's great thanks.

looks like its the 5th of each month then.

Cypher

When opening the account and selecting monthly interest it selects that it is paid back to your nominated account.

If you log into your ICESAVE account you can change this so the interest stays in the ICESAVE account.

BTW they seem quite slow at making this change so this months would probably still go to your nominated account. There will be no sign of the interest in your ICESAVE account but it should appear in your nominated account.

oldagetraveller

kingmonkey wrote:

they add interest monthly on the date the account was opened.

Not in my case, they added interest on the date that my first deposit arrived in the account which was 10 days after the account was opened. So not exactly adhering to their own T & C. Not a massive amount but 10 days interest lost on that interest.

Madiba_2

Surely the money was somewhere else in those 10days?

Cypher

oldagetraveller wrote:

Not in my case, they added interest on the date that my first deposit arrived in the account which was 10 days after the account was opened. So not exactly adhering to their own T & C. Not a massive amount but 10 days interest lost on that interest.

but for 10 days there was no money in the account, so you wouldn't have earned any interest on it anyway.