Icesave minimum amounts

Sordice

Hi everyone,

This question has probably been asked before - apologies if it has.

Most (if not all) Icesave accounts specify a minimum opening balance (such as £1000 for the ISA or £250 for the easy access savings account).

That I can understand, but I was wondering what happens if you open an account with Icesave with at least the minimum amount, and then at a later date you need to withdraw some money for whatever reason, and this takes you below the minimum opening amount for the account?

Do Icesave just stop paying interest until you're back above the minimum? Or do they not allow you to withdraw money that'll take you below? I've tried looking on the Icesave website for answers but not been successful so far.

Thanks in advance,
Me

Paul_Herring

You cannot prematurely withdraw from the fixed rate deals.

On the normal savings account, you are paid a nominal amount of interest on the sum until it goes above the £250 level again (0.1% IIRC)

Paul_Herring

I've tried looking on the Icesave website for answers but not been successful so far.

http://www.icesave.co.uk/downloads/ICE_2008_V9_0408.pdf

11. Terms and Conditions applicable to Easy Access Savings Accounts, Fixed Rate Savings Accounts and Easy Access ISAs

11a. In the event that the balance of an account falls below the specified minimum for that type of account as specified in the Product Terms and Conditions, a fixed interest rate of 0.5%AER will be paid until such time as the account balance returns to or exceeds the minimum specified.

Sordice

Thanks for that Paul_Herring, knew the answer had to be somewhere