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sleepless

Icesave Fixed Rate Bond Matures

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I put £10,000 in Icesave 1-year Fixed Rate Bond in June 2008. After it went kaput, I elected to leave it invested until maturity.

Reading FCSC notes I expected to get all interest paid (less tax) ie what I would have received from Icesave.

As the bond interest rate was at 7.02% I expected £702 less 20% tax ie £560 at maturity.

However the figure quoted is about £460.

Can anyone with the bond maturing about now explain the difference?

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I put £10,000 in Icesave 1-year Fixed Rate Bond in June 2008. After it went kaput, I elected to leave it invested until maturity.

Reading FCSC notes I expected to get all interest paid (less tax) ie what I would have received from Icesave.

As the bond interest rate was at 7.02% I expected £702 less 20% tax ie £560 at maturity.

However the figure quoted is about £460.

Can anyone with the bond maturing about now explain the difference?

You don't get paid any interest after the bank crashed??? Possibly a lower rate.

Try here

http://chat.ksfiomdepositors.org/forum

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I agree you should be compensated £10560. They did add interest to the account at the point Icesave defaulted so maybe the £ 460 figure is the balance of the rest of the interest ? My wife has a one year bond maturing at the end of August so I'll check what they've done with the interset calculation on that. Also I suggest you try the same post on moneysavingexpert.com, there seem to be some people who know the answers to this kind of thing there.

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I agree you should be compensated £10560. They did add interest to the account at the point Icesave defaulted so maybe the £ 460 figure is the balance of the rest of the interest ? My wife has a one year bond maturing at the end of August so I'll check what they've done with the interset calculation on that. Also I suggest you try the same post on moneysavingexpert.com, there seem to be some people who know the answers to this kind of thing there.

Wrote to FSCS. Seems like I got my facts wrong. I thought I invested £10,000, but Icesave said it was £9,900. Stupidly I can't find original investment receipt but I can't see Icesave getting it wrong. Anyway that would be the missing £100. I still got 7.2% gross for the year ( on £9,900 ) so in the end a good investment.

Thanks for your reply.

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