Icesave interest question

converse

If you elected to have your standard Icesave account to pay interest yearly, is it paid on the anniversary of the account opening or on some other specified date, couldn't seem to locate it in the T+Cs?

Also can you change accounts from yearly to monthly interest with Icesave or not?

DeepSporran

From the T&Cs:

3i. If you have asked for annual interest to be paid to a nominated personal UK bank account, this will be done on the anniversary of the account opening date unless this falls on a day that is not a business day, in which case it will be paid on the next business day.



3k. Where you choose to have annual or monthly interest added to an Icesave account, this will be added on the due date, irrespective of whether this is a business day.


Don't know about changing from annual to monthly.

converse

Thank's DeepSporran, can't believe I missed that one!

martyn4764

converse wrote: »

Also can you change accounts from yearly to monthly interest with Icesave or not?

Yes, you can; we did it the other way round, but I can't remember if you can do it on the site or whether you have to contact Customer Services.

HTH

Optimist

Yes you can change from yearly to monthly. In your account go to Change details/Account details/change interest instructions

converse

Great!! So if I switched it today to monthly would I get one interest payment for the preceeding x months and then just normal monthly interest thereafter?

martyn4764

converse wrote: »

Great!! So if I switched it today to monthly would I get one interest payment for the preceeding x months and then just normal monthly interest thereafter?

Sorry, I misread your earlier post and thought you were switching monthly->annual...

we switched from annual to monthly and you're exactly right; they bring you up to date in the first month's payment, rather than make you wait until the anniversary or anything like that.

bandraoi

Anyone know how to do the same thing with an Egg ISA?

Lokolo

You can't. I have already asked.

You can only change the regular savings account with Egg.