JamesH

iTrader: (21)

What is a fixed term guys??? I've no idea

I opened a new savings (not put anything in yet, I think its a deposit of atleast £1k to get started) but before putting money in I wanted to know if interest was paid monthly or anually as it did not say. I got this response:

Dear James,
Thank you for your email.
The interest is paid into your Edge Savings account on the last day of each month.
The interest is paid on your Fixed Term Deposit upon completion of the term.

Can someone say this in English please?

Mark 3D

iTrader: (29)

Looks to me like you have to leave the money in the fixed term account for the time stated for them to pay out the interest?

ie say it was a 5 year fixed savings plan then they would pay interest monthly but it would only be credited to your account after 5 years so if you drew the money out beforehand you would lose any accrued interest.

JamesH

iTrader: (21)

But I had an option to go for fixed term and said no! Cos with the fixed term you get a higher rate...

dojj

iTrader: (3)

with a fixed term, the terms are fixed for the amount of time you need to sign up for

if you want an account that lets you put in loads of money and acruue intrest on a monthly basis then you need to find an account that lets you do this

JamesH

iTrader: (21)

Sent them another email to see whats going on

rssteve

did you not read the terms and conditions before signing up? you have a cooling of period just cancel it and use a normal online savings account like icesave, icici etc, check martins money tips for the current best one.

JamesH

iTrader: (21)

I've not put any money in though mate
AFAIAA there is no fixed term on it! So I think the dim-whit that replied to my original email didn't look correctly