According to the DM, 20k Icesave investors received their 'second e-mail' from the FSCS by Friday last week and £250 million has been paid out. The rest of us should receive our money before the end of this month.
Ret.
I havent had my second email one yet...got the first though.
Have you decided where to move it to (if it's an ISA)? - Natwest looks favourite at the moment - and they are separate from RBS as far as FSA registration is concerned.
I got my second email on Friday. I've just logged on and claimed the balance of my Easy Access account. Hopefully that should arrive in my linked bank account later next week.
I decided to leave the Fixed-Rate bond there until it matures next August. I hope that was the right decision. If I withdrew the money now I'd be lucky to find another account that offers that rate of interest now.
Chris
Isn't that exactly the same logic as got you into this regrettable position in the first place?
A guarantee from the British government is about as good as you are going to get.
I have not received either email yet, but the Icesave website does ask to allow until the 04 December.
In message , AndyC wrote
I guess that you should have received the first email as it was only a general letter saying what was going to happen.
If you did not receive it then you have possibly rejected it as spam. Do you reject emails based on a senders address? Is it in your junk email folders?
ICESAVE email used to come from snipped-for-privacy@savings.icesave.co.uk
It now come from snipped-for-privacy@fscs.org.uk
If you are rejecting emails from the Financial Services Compensation Scheme (FSCS) you may not see your second email and you may have to go down the paper route for compensation which the FSCS say may take another 6 weeks.
Only if you choose to continue holding savings in soft currency sterling.
Tony
In message , Alan writes
As I posted here on 14 Nov (see 'Re: New update for Icesave savers from FSCS'), I got my money on Friday. I'm now laughing all the way to another bank.
Having looked back, I did receive the first email.
While your advice concerning Spam is good, I never use Spam filters myself because there is always the risk that mail I actually want will be filtered out.
I'm not in a regrettable position, I'm in a great position. I've got a rate of interest better than anything currently available on the market, and its guaranteed by HMG until it matures.
Chris
In message , Chris Blunt writes
This is very true. I've got my money, but it's difficult to find anywhere where you can get anything like the 6.7% of Icesave - and especially so if you decide that you now want an instant access account. There are still some banks and building societies which appear to offer
6%+ for instant access accounts, but there's usually a catch. This usually includes a '1.5% bonus' for keeping your money in for at least a year. And, of course, the interest rate is likely to fall even further.Keeping your money in Icesave certainly does seem an attractive option, However, the letter from the FSCS does say that it may take some time to get your money, ie "This process will be slower, although we aim to complete this process so far as possible within 6 weeks of receipt of a completed application form, with payment following the maturity date of the account".
In message of Sun, 16 Nov 2008, BigGirlsBlouse writes
I received the 2nd email last Wednesday; the money's in my nominated Bank a/c this morning.
DF
I used to think that bonus rates were a gimmick. Now I realise there's not much difference between making use of a one-year bonus rate and a one-year bond.
"Ian Jackson" wrote
Can you send the application form in 6 weeks before maturity? ;-)
In message , Tim writes
It doesn't say that you can, so I suspect not.
In message , Bartc writes
With a 'bonus rate' account, at least you have the option of getting at your money if you need it.
I'm not sure how it really works. What if you put £1000 in the account and, 11 months later, take out £1, do you lose the bonus on the lot? Or is it just on the £1?
One of the other 'gotchas' which the high-rate interest accounts have is that you lose interest for any month when you make a withdrawal (sometimes with the exception of one particular month - say July).
"Ian Jackson" wrote
But does it say that you *can't* ?
If you can't send the app until after maturity, then why did they need to say: " ... with payment following the maturity date of the account" ?
They won't pay-out until after you've sent the app, so if the app can't be sent until maturity then the payment will necessarily be after maturity (indeed, after the app is received, which will be after it was sent, which ... ) -- in which case, there'd be no need to say that last phrase, would there?
I also noticed that when I logged on to make the claim. The confirmation message suggested that a paper claim form for the fixed-deposit account would be sent out shortly. Even if that takes several weeks to arrive, I would still be able to get it completed and returned to the FSCS well before the deposit is due to mature next August. Hopefully that will mean everything is in place for the deposit to be returned as soon as it becomes due.
For anyone with fixed deposits due to mature in the fairly near future, it may be better to go for the option of an immediate electronic refund.
Chris
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