Icesave nominated accounts

Dagobert

I have always had 2 nominated accounts set up for my Icesave savings account.

Last week, I deleted one of the nominated accounts online and requested another account to be linked in writing.

To-day, I was told that they changed the T&Cs in October and that you can only have 1 nominated account now.

Strangely, in December 2007, one of my nominated accounts was changed as a result of a current account switching procedure - after the alleged change of the T&Cs above.


Can anyone confirm this change?

Baldur

Section 12h of the Terms & Conditions may apply - there's no other specific reference to only having one nominated account, as far as I can see from a quick scan.

Dagobert

The Add nominated bank account form of May 2007 states that you can have up to 3 linked accounts.

This was changed to 2 subsequently.

I am not aware of a reduction to 1 account.

Paul_Herring

I'm vaguely aware of the 1 account restriction, which is why I dare not change either of the 2 I currently have linked.

I've no idea when that change was made however.

Dagobert

It has just been confirmed to me that you can only have one linked account now.

If you have two, you can continue to use both of them. But as soon as you want to replace one of them you have to delete both existing nominated accounts and then set up the new account.

So, any change and you'll be down to one nominated account.

Sillychuckie

Yep, I can confirm this too.
See my post from December 07.

http://forums.moneysavingexpert.com/showthread.html?t=616071

They have been enforcing it from Oct. Not sure why they let you off during the 'switch', but probably just because it would have been more of a hassle for everyone involved for them to refuse.
SC.

Meltdown_2

I don't know whether it would be worthwhile, but couldn't you have two (or more) Icesave accounts - each with a different linked account?

Paul_Herring

Meltdown wrote: »

I don't know whether it would be worthwhile, but couldn't you have two (or more) Icesave accounts - each with a different linked account?

Not a lot of use unless you can easily move money between the two IceSave accounts. Not for me anyway.

What I do:

Linked Account #1: LTSB - wages get paid into this one. DD's/SO's for CC's etc get paid out of this one. What I don't expect to have been used by the end of the month gets DD'd out to Icesave at the start of the money. This is nearly always greater than the amount mentioned below (net effect: I'm usually saving)

Linked Account #2: NW - 'Pocket money' account for drinking/papers/lunch if I don't have a packed lunch etc. Each week I SO a fixed amount of money from Icesave into this account.

In 'emergencies' or when I need to buy something on debit (as opposed to credit - S&S ISA e.g.) I need to move money back into Account #1 aswell.

Two disparate Icesave accounts would not work, unless they could be linked together, which probably negates whatever change Landsbanki made in the first place.

Stompa

Dagobert wrote: »

If you have two, you can continue to use both of them. But as soon as you want to replace one of them you have to delete both existing nominated accounts and then set up the new account.

There's no way I'm tinkering with any of my three linked accounts then!