Opened Icesave 6.76% fixed, now 6.86%... anything I can do?

t_i_g_e_rr

I opened a fixed rate 6 month term account at icesave on 6/4/08 at 6.76% interest rate. I have just noticed that this went up to 6.86% on 12/4/08 (it was actually first announced on this board on 9/4/08, well done an usual). I currently have a zero balance since money will not be direct debited from my linked account until 17/4/08.

I assume I will get the 6.76% interest rate. That's life I suppose. But, does anyone know if there is anything I can do? Causing the Direct Debit to fail due to insufficient funds seems a bit wrong, and probably more costly than the extra interest I would get anyway. I don't think there is a cooling off period.(?) I've emailed to ask if there is anything that can be done, but I've found from past experience, asking for help from these forums is always worth doing.

Many thanks,
t_i_g_e_rr

chesky369

You contracted for 6.76 and that is what you will get; if you want the higher rate, I think you will have to open a second account - you can have as many as you want.

kingmonkey

i think there is a cooling off period -check the T&C

or at least a withdraw money before end of term and loose your interest kind of clause.

Speculator

If you invested £1000, you would be 50p worst off assuming you're a non taxpayer. I would stick with the 6.76% bond.

oldagetraveller

I did the same. In my opinion not worth the trouble of trying to swap, which will not be possible anyway, for the sake of 0.1%.
Some you win, some you lose. 6.76% is still not half bad anyway.

spalding

Same as above i opened thought the rate was going to drop, doh. But losing out on only 50p some you win some you lose, its still much better than others are offering

t_i_g_e_rr

Thanks everyone.

I have had no reply from my email, except to say it might take 5 working days to respond. That will be too late. :rolleyes:

I did actually think of a way to not incur penalties on my current account - I could cancel the direct debit agreement. It would then bounce due to being cancelled, not due to insufficient funds, thus no cost. But regardless of whether it is possible, it just seems wrong to go back on my agreement, and it is only a few pounds lost.

Ho hum. I win far more than I ever (slightly) lose with the moneysavingexpert website!!

t_i_g_e_rr

Just for the record.

It took customer services 13 [working] days to reply to my email, not 5 as they promised. The reply I got was...

"Please accept my apologies however as your account is now open you are
unable to close this account as per the terms and conditions."

I told them I knew that, but I had asked them to confirm my interest rate, would they kindly do this. 2 days it took to reply this time. But I got no apology for the delay in replying the first time, just an equally short email to confirm I was on the lower interest rate. Makes me wonder what time limits might have elapsed during the 13 days it took for them to reply the first time, but maybe I'm just overly suspicious.

I'd have been happy if they had just said quickly said ‘sorry but you are on the old rate’, but the service I have had is poor. In 6 months I may put my money somewhere else. Has anyone else had bad customer service? (I have read on other posts that customer service has been good).

Moggles_2

Originally Posted by t_i_g_e_rr
Has anyone else had bad customer service? (I have read on other posts that customer service has been good).

I opened my first IceSave a/c in November 2006 and customer service has been excellent.

If you need to contact IceSave quickly, why not give them a call. You can avoid the dreaded 0845 number by ringing 0191 255 8377

chesky369

Agree with Moggles - had my account since they first opened over here and absolutely no problems. And Tigger, you're probably even more p---d off to see that their latest 1-year saver is 7.01%.

prudentsaving42

You could have just called them and told them to cancel the account and then you could have deleted your direct debit and created a new account.