Icesave account ... Account holder opinions/experiences would be greatly appreciated.

former_student

jem16 wrote: »

The statement by masonic is not wrong as he explained the effect of tax on your interest.

Whether monthly or yearly the interest rate is exactly the same - 5.7% AER.

However due to tax being taken off each monthly payment as opposed to one yearly payment. there is a very slight difference in the amount of interest actually gained over the course of a year. However it's so small it's not really worth bothering about.

Point taken and my apologies to masonic.

spluff

i opened an account today and said i would transfer money through the direct debit thing on the signup screen.......

it then mentioned paying money in via chaps/bacs..... which i ignored

i thought i opened the account with my initial deposit via direct debit?

when will i need money in my bank account for this direct debit to go through for the amount i chose at setup? Its confusing

Confused!

muddyfox470

So far I am extremely impressed with ICESAVE with the access, running and opening of the account, the brightly coloured envelopes...

I wonder how long it will take for the high street banks to adjust their rates by 0.1%

One happy customer

Ian

GCH888

Interesting Thisismoney.co.uk article today (see link below):

http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=420656&in_page_id=7&ct=5

ICESAVE has taken deposits of £3bn. Interestingly enough ING Direct has lost £3bn in cash ... :rotfl:

Paul_Herring

And with 80,000 accounts opened, that averages at £37,500 per person. There must be some people with serious money in there, since there'll be people like me with only a couple of grand in there.

TIM wrote:

The bank said its combination of a 'consistently competitive interest rate',

Erm - they've been open only 8 months. I think it's somewhat disingenuous to claim that. This is what ING used to say (and probably still do, if anyone's still listening to them )

TIM wrote:

With an interest rate of 5.95%, the Icesave easy-access account pays more than any other open to anyone aged over 18.

Do you think someone should point out ICICI to this reporter?

GCH888

Also a lot of people (myself included) have money tied up with the ING Direct 6 month fixed rate savings account which will be maturing in June/July. I suspect there's going to be another mass exodus of money leaving ING Direct over the next few months.

deefadog

Hi all, any referalls or cashback on the icesave account? going to be open this today.

Cheers

blizeH

Hi guys, I've got a few questions regarding Icesave accounts, apologies if they're stupid questions, but I can't find the answers on their site for some reason!

1) How reputable is Icesave? I'm slightly sceptical since I've not heard a lot about them, I guess it's safe to invest quite a bit into their savings account?
2) What is the net interest? I know it's 5.95% AER but it doesn't mention the amount after tax.
3) I've heard other savings accounts at 6% AER or above now, do you think it's likely Icesave will follow suit?
4) It says you must open your balance with at least £250, is there anything stopping me to open it with a cheque of more than that? Say £20k for example?

Thanks

debbie42

blizeH wrote: »

1) How reputable is Icesave? I'm slightly sceptical since I've not heard a lot about them, I guess it's safe to invest quite a bit into their savings account?
2) What is the net interest? I know it's 5.95% AER but it doesn't mention the amount after tax.
3) I've heard other savings accounts at 6% AER or above now, do you think it's likely Icesave will follow suit?
4) It says you must open your balance with at least £250, is there anything stopping me to open it with a cheque of more than that? Say £20k for example?

Thanks

1: As safe as most other banks, regarding the compensation schemes.
http://www.icesave.co.uk/financial-protection.html

2: If you don't register for gross interest they will take off the standard 20% at source, like others do, I would imagine. You may be liable for more if a higher tax payer, but I think this normally gets handled by a tax return. (I don't do that myself, so am not speaking from experience.)

3: No idea

4: You can actually open an account with less than £250, in practice, though the interest rate is naff. I doubt they'd turn away a large cheque!

home_alone

Deleted_User wrote: »

Anyone got anything bad to say about the Icesave account ?!! :easter:

No but if you keep asking it will happen thats life.

gary