your questions answered:
fixed rate savings account
Opening a Fixed Rate Savings Account
- Who can open a Fixed Rate Savings Account?
- Be aged 18 or over and a UK resident (excluding Channel Islands and Isle of Man)
- Have regular access to a PC with internet connection and a personal email address
- Have a personal bank or building society current account with Direct Debit facilities
- Have £1000 to open an account with
- How do I open a Fixed Rate Savings Account?
- Your passport and/or driving licence
- Your bank account details
- Your National Insurance Number (if you wish to register for gross interest)
- You have asked me to send proof of my identity/address - what do you need?
- Why do I need to set up a Direct Debit between my current account and Fixed Rate Savings Account?
- How do I make my lump sum deposit?
- By transfer from your Icesave Easy Access Savings Account
- By Direct Debit from your nominated account
You will be asked to provide details of a personal UK bank or building society account in your name(s) as part of your application. Provided we can open your account immediately, you will be given the option to set up a transfer by Direct Debit as part of your application. If we ask you to provide identification documents, once we have told you your account is open, you will be able to make a transfer by Direct Debit by logging into your account, selecting “Make a Transaction” and following the on-screen instructions. - By Cheque
Please make cheques payable to your name(s) plus your application reference number (eg: Mr A Smith 00001234SMI) - By CHAPS
Please contact your bank or building society and use the following details to make the transfer:
Our Account Number: 80469947
Our Sort Code: 20-32-53
Beneficiary: Icesave
Please ensure your bank or building society correctly quotes your reference number or account number when making the transfer as any error could result in a delay in allocating the money to your account and could result in the transfer being returned.
Your bank or building society may charge you a fee for making a payment by CHAPS transfer.
To open an Icesave Fixed Rate Savings Account you must:
You can open a Fixed Rate Savings Account in sole or joint names
Existing customers:
Login and click the 'Open a Fixed Rate Savings Account' link and follow the simple instructions. Opening an account this way will take about a minute - click here to login
New customers:
Simply click apply and you are ready to start. Applying this way will take under 10 minutes. You can speed up your account opening if you have the following to hand:
We use the first two of these to validate your identity and address and to set up the nominated bank account (the account linked by Direct Debit to your Icesave account, between which you can move your savings and interest). We may need to ask you to post us certain documents to help us verify your identity and address – we will advise you if this is necessary at the end of your application.
We are legally required to verify your identity before we can open an account for you. The information you provide online will usually be sufficient to complete our requirements. However, there are circumstances in which we may have to ask you to provide documentary proof of identity and/or address. The table below shows acceptable documents to do this.
If you have been asked to supply proof of your identity you should select a document from Column A or for proof of your address, a document from Column B. Please note that you will need to supply an original document except in the case of a document marked *, which may be a copy of the original document.
If you have any queries or have difficulty in supplying the documentation required, please contact us.
| COLUMN A : PROOF OF NAME Document(s) provided must show usual forename and your surname. |
COLUMN B : PROOF OF ADDRESS Document(s) must be addressed to you, showing your surname, initials and full current address, including postcode. |
| Current signed UK passport* | Recent utility bill (excluding mobile phone) or statement - less than 3 months old. |
| Current UK driving licence - either photocard AND supporting paperwork OR full old-style licence | Council tax bill - must relate to current financial year |
| Current firearms or shotgun certificate | Current driving licence - either photocard (with supporting paperwork to show full address) or full old-style licence - if not already used as proof of name |
| EEA Member State Identity Card | Bank statement - must show full address and be less than 3 months old. |
| Northern Ireland voters card | Credit card statement - must show full address and be less than 3 months old. |
| Blue disabled drivers pass | Building society passbook or statement - must show full address. Statement must be less than 3 months old. |
| UK Benefits Agency Benefits book | Solicitor's letter confirming house purchase within past three months - must be on solicitor's printed headed paper |
| Benefits Agency notification letter | UK Benefits Agency Benefit book - if not already used as proof of name |
| HM Revenue & Customs tax notification - eg. Coding notification, tax demand - must relate to current or previous tax year only. | HM Revenue & Customs correspondence - must relate to current tax year |
When you open an Icesave Fixed Rate Savings Account you'll be asked to set up a Direct Debit to your bank account (we refer to this account as your nominated account). This will set up a link between your Icesave Fixed Rate Savings Account and your nominated account.
The link enables you to make your lump sum deposit from, and pay any interest to, your nominated account.
You are in complete control of this link and money is only ever transferred between your nominated account and Fixed Rate Savings Account when you make an online instruction. We will never have access to your nominated account without your instruction.
It is very easy to make your lump sum deposit in one of the following ways:
Managing your Fixed Rate Savings Account
- How often can I move money into my Fixed Rate Savings Account?
- How often can I move money out of my Fixed Rate Savings Account?
Once you've made your lump sum deposit you cannot make any further additions to your Fixed Rate Savings Account. If you have additional money you would like to save in a Fixed Rate Savings Account you can open a new Fixed Rate Savings Account if you choose. Subject to our minimum balance requirement in place at that time
Once you've made your lump sum deposit you cannot make any withdrawals from your Fixed Rate Savings Account until maturity.
Fixed Rate Savings Account - General
- When will I start earning interest?
- By cheque
You will earn interest on a lump sum deposit made by cheque from the second business day after we receive the cheque. - By CHAPS
You will earn interest on a lump sum deposit made by CHAPS from the date we receive the deposit if received by midday. Funds received after this time will earn interest from the following business day. - By Direct Debit
You will earn interest on a lump sum deposit made by direct debit from the date we receive the deposit. Please note that when you set up a new nominated account/Direct Debit, you will need to allow eight business days from our receipt of the completed Direct Debit instruction before you can make the payment. - By transfer from another Icesave account
Transfers between Icesave accounts are instant and you will earn interest on lump sum deposit from the date of transfer. - How and when will I receive interest on my Fixed Rate Savings Account?
- To your Fixed Rate Savings Account
- To an Icesave Easy Access Savings Account
- Direct into your nominated account in your name(s)
- Will I receive a statement?
- What happens at maturity?
You can choose to have your interest paid monthly, annually or at maturity (for Fixed Rate Savings Accounts with a term of 1 year or less). Interest can be paid:
Monthly interest will be paid on the same day of each month as account opening. Annual interest will be paid on the date as account opening each year. Maturity interest will be paid on maturity.
For monthly, annual and maturity interest paid to your nominated account - if any day is not a business day interest will be paid on the following business day.
We will send you a statement once a year. You are able to check your transaction history, which you may wish to print out and keep. Simply log on to your account and go to Account Summary > View Statements > Print. We recommend that you check your account online regularly and report any anomalies to us immediately.
We will write to you shortly before maturity to advise you when your Fixed Rate Savings Account matures, what the value of your Fixed Rate Savings Account is, and the re-investment options open to you. If we do not hear from you before the maturity date we will pay your matured funds into your Icesave Easy Access Savings Account. If you do not have one, we will open one for you.
Opening an account under Power of Attorney / Receivership
- What types of Power of Attorney / Receivership Order do you accept?
- How do I open an account under Power of Attorney?
- How do I make a lump sum deposit for Power of Attorney / Receivership Order applications?
- By Cheque
Send us a cheque from a personal UK bank or building society account in the donor's name. Cheques should me made payable to Donor Name c/o Attorney / Receiver Name - By CHAPS
Once we have sent you the donor's Account Number, you can make a transfer by CHAPS by contacting the donor's bank or building society, provided you have the authority. Simply quote our details below and use the donor's Account Number as the payment reference. This option should be used for an initial investment only
Our Account Number: 80469947
Our Sort Code: 20-32-53
Beneficiary: Icesave
The donor's bank or building society may charge a fee for making a payment by CHAPS transfer.
- By transfer from the donor's account
Once the account has been opened you can log in and make a transfer by direct debit from the nominated account. - Do you accept multiple attorneys or receivers on an account?
- Can I open a Joint Account under a Power of Attorney or Receivership Order?
- My Power of Attorney / Receivership Order has specific conditions; can I still open an account?
- I have been granted Power of Attorney / a Receivership Order for someone who already holds an account with you, what do I need to do?
We accept an Enduring Power of Attorney or Receivership Order with a Court of Protection stamp on every page. The Power of Attorney or Receivership Order must authorise the attorney or receiver to manage the donor's financial affairs fully and completely without restrictions or conditions. As the account is operated online, we cannot accept an Enduring Power of Attorney or Receivership Order with multiple attorneys or receivers where attorneys or receivers are required to act jointly.
To open an account download the application form, complete it and send it to us with the original Enduring Power of Attorney or Receivership Order (or a certified copy) and identification documents for the attorney(s) or receiver(s). All you need to do then is make a lump sum deposit.
You can register up to 4 attorneys or receivers for each account. Each attorney or receiver will be given a User ID and password to enable each to log in to the account. Each attorney or receiver will be able to independently give instructions on the account, including the transfer of money. We cannot restrict access to any one named attorney or receiver and neither can we accept a Power of Attorney or Receivership Order with multiple attorneys or receivers where the attorneys or receivers are required to act jointly. Correspondence will be sent to the first named attorney or receiver.
Yes. You can open a joint account where one or both account holders are subject to an Enduring Power of Attorney or Receivership Order, provided that the Power of Attorney or Receivership Order authorises the attorney or receiver to manage the donor's financial affairs fully and completely. Simply complete one application form for each account holder.
We will accept an Enduring Power of Attorney or Receivership Order that authorises you to manage the donor's financial affairs fully and completely. If you would like to talk to us about your personal circumstances, please contact us.
If you have been granted an Enduring Power of Attorney or Receivership Order that authorises you to manage the donor's financial affairs fully and completely, we can amend the account details to enable you to operate the account on behalf of the donor. Please provide details of the account number and complete the Attorney / Receiver Details section of the Enduring Power of Attorney / Receivership Order Application Form and send it to us with the original Power of Attorney or Receivership Order (or a certified copy) and proof of identity for you. Please contact us for more information.
