Icesave

I can view my fixed term bond (matures August 2009), and have also had interest added to 10/10.

It seems they've used a slightly lower rate than the normal rate applicable to the bond to calculate this interest.

Chris

In my case it's accurate if you treat the first and last days as excluded. I have a bond for which the opening balance was 'processed' on 22/8. They've added exactly 47 days of interest; the 47th day after

22/8 is 8/10.

I had interest credited on 9/10/08. There is now a correction dated

10/10/08. Interest for one day has been taken back (assuming 30 days from 10/9/08 to 09/10/08 and dividing the interest credited on 9/10/08 by 30. I can't be bothered to do the compound calculation on a daily basis :-) ).

Perhaps I'm not calculating it correctly.

My monthly interest used to be either £259.32 or £267.93, depending on whether there were 30 or 31 days in the month, and it was normally paid on the 15th of each month. The amount credited on 10th October was £172.87. I reckoned that paying on 10th was 5 days shorter than a normal month, so would have expected it to be around £216.

Chris

I agree that doesn't seem to make a whole lot of sense - you seem to have lost 10 days of the month rather than 5.

Based on what happened with brightside S9 and with me, I think they've really calculated interest up to 8/10, which is the day they went into administration. Why they're not showing that interest being credited until 10/10 I'm not sure - maybe to make sure the administrators can't get their hands on it?

I'm not too concerned about it as I wasn't expecting to receive any more interest from them anyway.

I wonder who is actually funding these interest payments, the Icelandic authorities or the UK government? If it's coming from Iceland perhaps we're now in danger of being charged with receiving money from terrorists. ;-)

Chris