Icesave - New 6.86% AER Fixed Rate

aleph_0

Icesave are bringing out a new 6-Month Fixed Rate account at 6.75%/6.86% AER from 12th April.

(Source: Moneyfacts http://moneyfacts.co.uk/savings/bestbuys/short-term-fixed-rate-bonds.aspx)

planemad

I wonder why they are increasing the rate of this bond when the BOE are almost certainly going to reduce rates this week.
I hope that this is a sign that they are trying to keep customers happy and hopefully when the BOE do reduce rates this week that ICESAVE'S easy access and ISA stays the same.

bristolleedsfan

planemad wrote: »

I wonder why they are increasing the rate of this bond when the BOE are almost certainly going to reduce rates this week.
.

Same reason that Birmingham Midshires increased its one year fixed rate to 6.76% within 24 hours of its 6.45% fix going on moneyfacts.

( Because other providers e.g Bradford and Bingley and Birmingham Midshires had launched higher 6 month rates than Icesave)


http://www.moneyfacts.co.uk/savings/bestbuys/short-term-fixed-rate-bonds.aspx

wiimad

Is it possible to apply now for 12th April as the site still shows the old rates for 6 months

aleph_0

wiimad wrote: »

Is it possible to apply now for 12th April as the site still shows the old rates for 6 months

I doubt it. The only thing that you could think about doing would be to become an icesave customer by starting their normal easy access savings account, so that the direct debit etc. are already set up. This account has a minimum balance of £250 though, so it would probably be easier just to wait until the new rate comes out!

skiddy2k

This seems like a very tempting account to go for - and a juicy rate.

I dont know much about the Icesave bank - has anyone here had any previous experience with them or recommend them as a bank?

Thanks in advance.

burach

Not being an expert I can't comment on the banking side of things, but on the admin side I've had no problems at all. I opened an ISA with Icesave 3 months ago, and this week an Easy Access Account. Since the Northern Rock debacle I've been opening a few accounts to spread my cash around and compared with most Icesave's procedure is very slick indeed. All their literature and web screen layouts are models of simplicity and clarity. And after 3 months it also appears that, unlike with some of the other accounts I've opened, you don't have to watch their interest rates like a hawk for sneaky cuts as soon as you're hooked.

skiddy2k

burach wrote: »

Not being an expert I can't comment on the banking side of things, but on the admin side I've had no problems at all. I opened an ISA with Icesave 3 months ago, and this week an Easy Access Account. Since the Northern Rock debacle I've been opening a few accounts to spread my cash around and compared with most Icesave's procedure is very slick indeed. All their literature and web screen layouts are models of simplicity and clarity. And after 3 months it also appears that, unlike with some of the other accounts I've opened, you don't have to watch their interest rates like a hawk for sneaky cuts as soon as you're hooked.

Thanks burach - and welcome to the world of mse

Meltdown_2

skiddy2k wrote: »

I dont know much about the Icesave bank - has anyone here had any previous experience with them or recommend them as a bank?

No, I don't think I've seen them discussed here before ... :rotfl::rotfl::rotfl::rotfl:

Sorry, couldn't resist it ...

skiddy,
there are numerous threads about Icesave on this forum (either singly or in tandem with the other Icelandic bank, Kaupthing). If you use the search facility (top of page) you will get more than enough info.
Martin Lewis has also done a blog specifically on Icesave.

skiddy2k

Meltdown wrote: »

No, I don't think I've seen them discussed here before ... :rotfl::rotfl::rotfl::rotfl:

Sorry, couldn't resist it ...

skiddy,
there are numerous threads about Icesave on this forum (either singly or in tandem with the other Icelandic bank, Kaupthing). If you use the search facility (top of page) you will get more than enough info.
Martin Lewis has also done a blog specifically on Icesave.

Cheers Meltdown....mustve had a meltdown when i wrote the message!