Ice Save Fixed Rate Bond problem

Ypsilanti

I opened an IceSave Easy Instant Access savings account (as a joint account with my husband) and put in 70K as it was my understanding that we would both receive the 35K compensation.

I then, a month later, opened (what I thought) was a jointly owned Fixed Rate Bond account and asked for 60K to be transferred from the our joint savings to the bond. When I access the bond account online it only appears under my name and now I am worried that this is totally credited to me alone and should anything happen I will only get the 35K compensation and the other 25K will go down the tube! Anyone else had this problem? And am I right in assuming that if both our names are on the bond we are both individually eligible for the up to 35K compensation.

I do also realise that IceSave operates the 'passport compensation' scheme.

And one more question (thanks for your patience). If this fixed rate bond account turns out to be only in my name I would want to take 35K out of it - but the rules state no withdrawals. What can I / should I do in this case.

Many thanks for your help.

Nomad25

If you read the blurb it tells you the bond cannot be held jointly [even if funded from a joint a/c], so it would appear you have a bond of £60K. No withdrawals for a year. Martin covered the compensation thing in detail in one of his recent weekly e-mails, have a look [sorry can't do links]. Guess it might be worth contacting them and explaining. You could ask them to spilt it into 2 bonds - one each, it's not like their losing out on the dosh. Good luck!

Lavendyr

That's incorrect according to Icesave, Nomad:

http://www.icesave.co.uk/fixed-rate-savings-questions.html

"[URL="javascript:toggle_visibility(1);"]Who can open a Fixed Rate Savings Account?[/URL]

To open an Icesave Fixed Rate Savings Account you must:

• Be aged 18 or over and a UK resident (excluding Channel Islands and Isle of Man)
• Have regular access to a PC with internet connection and a personal email address
• Have a personal bank or building society current account with Direct Debit facilities
• Have £1000 to open an account with

You can open a Fixed Rate Savings Account in sole or joint names"

planemad

Thats correct, on my recent bond that I opened with ICESAVE it did ask me if I wanted it sole or joint names.

Nomad25

My apologies OP and Lavendyr - you are quite correct Lavendyr. However in my defence I will say I opened one of these last month and was quite annoyed because at the time it quite specifically stated it had to be in one name only, even if funded from a joint a/c. They now appear to have changed their regs, this has happened before on other non-user friendly rules. I suppose credit should be given to them for amending their products to customer needs and input. In light of this, I am going to contact them to convert my sole to a joint.

nilrem_2

Nomad25 wrote: »

I opened one of these last month and was quite annoyed because at the time it quite specifically stated it had to be in one name only, even if funded from a joint a/c. They now appear to have changed their regs,

In fairness to Icesave I don't believe that they have changed their rules , I opened a joint Fixed account with them on 10th Dec 2007 and it was clearly stated that it could be held as a joint account.
I can only assume that they had a temporary problem when you applied?

Ypsilanti

Many thanks for all your comments. I was sure that I had specified a joint account so not sure what's gone wrong. However, I will try to contact them tomorrow and see if they will either make it a joint bond or split it into two - here's hoping! I'll let you know how I get on.

Primrose

We also have a couple of jointly held bonds with Icesave and in fact, because it was me who accessed our account under my own identity and transferred the money from their Easy Access account to the bonds, the online screen only shows my name as being the holder.
But if you requested jointly held bonds, you should have received confirmation that they are in joint names when you get the written letters from them (as we did) confirming the transaction, which were addressed to us jointly.
It may be that their computer screen only has the facility for one name. I agree this is confusing and I have in fact e-mailed them about it.

It takes a few days after making the transaction online before the confirmation letter arrives so I would wait for this when you may find that you have nothing to worry about and the bond is actually in joint names. If it isn't, I would write to them and point out that it was the intention for it to be joint and request that either part of the money be transferred into your husband's name or his name be added to the bond. You may find though that he will have to contact them separately to make the request, or you could telephone them and speak to them together so that they know both parties are in agreement. Come back and post so we know what's happened.

Ypsilanti

Rang Icesave today and apparently I didn't apply in joint names (I was sure I had) but they have said that I can add another name to the account by downloading and sending in a form. Thanks again for everyone's advice.