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IceSave not accepting partial transfers out

jimclark1967
jimclark1967 Posts: 499 Forumite
in ISAs & tax-free savings
Hi all,

I've been attempting to transfer most of my cash ISA from Icesave to Lloyds TSB to take advantage of the 6.5% fixed rate offer.

First of all they failed to action anything for almost 2 months despite my prompting (bad enough) but then today I got a letter saying they were unable to accept a partial transfer and it had to be all or nothing.

Does anyone know if they are allowed to refuse partial transfers? If so, they should make it MUCH clearer before you sign up :o

Thanks
JC
«1

Comments

  • bristolleedsfan
    bristolleedsfan Posts: 12,680 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    jimclark1967 wrote: »
    Hi all,

    I've been attempting to transfer most of my cash ISA from Icesave to Lloyds TSB to take advantage of the 6.5% fixed rate offer.

    First of all they failed to action anything for almost 2 months despite my prompting (bad enough) but then today I got a letter saying they were unable to accept a partial transfer and it had to be all or nothing.

    Does anyone know if they are allowed to refuse partial transfers? If so, they should make it MUCH clearer before you sign up :o

    Thanks
    JC


    Many providers wont do partial transfers out, in those instances it is all or nothing. ;)
  • Baldur
    Baldur Posts: 6,565 Forumite
    I wanted to transfer partial previous years' Cash ISA funds into the Icesave ISA in February and made a online enquiry - the reply was that they could not accept partial transfers.

    I responded, saying that this appeared to be at variance with HMCE guidlines, quoting the relevant Chapter & section of the HMCE Guidance Notes for ISA Managers, and received a reply saying that the first response was incorrect - they *preferred* whole funds to be transferred but would accept partial transfers.

    The partial inward transfer was subsequently completed successfully.
  • LeonW
    LeonW Posts: 37 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    I too had a letter from ICSAVE today saying that "we are not permitted to partial transfers." I looked through their terms and conditions and there is nothing about partial transfers - are they allowed to do this. I want to reduce my funds with them to £35K but it looks as if I will have to transfer the lot to be able to do that with another provider - their loss !
  • redcar_2
    redcar_2 Posts: 631 Forumite
    Just replied to this on a different thread but its probably better in a thread of its own. I'm probably in the same boat but have not heard anything yet. Anyone know about whether this should have been clear up-front?

    Is anyone planning to put a more official complaint in about this?
  • jimclark1967
    jimclark1967 Posts: 499 Forumite
    redcar wrote: »

    Is anyone planning to put a more official complaint in about this?

    They took about 5 weeks to respond to my first complaint (sent by email) so I'm tempted to cut my losses and get out sooner rather than later.

    I could understand if it was a fixed rate account that didn't allow withdrawals but it makes no sense at all to me that an 'easy access' ISA shouldn't allow you to transfer some and leave some.
  • bristolleedsfan
    bristolleedsfan Posts: 12,680 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Baldur wrote: »
    I
    I responded, saying that this appeared to be at variance with HMCE guidlines, quoting the relevant Chapter & section of the HMCE Guidance Notes for ISA Managers, quote]


    Would be nice if u could quote it here as well please. :j
  • Baldur
    Baldur Posts: 6,565 Forumite
    bristolleedsfan wrote: »
    Would be nice if u could quote it here as well please.
    As I said in my original post, the transfer took place in February - I quoted the previous version of the HMCE guidance notes, which are no longer applicable or available on the HMCE website, having been replaced by the current version (which was published in April 2008).

    The relevant Chapter & section merely indicated that partial transfers of previous year's/years' ISA funds were permissible - it did not impose any mandatory requirement upon ISA managers.
  • bristolleedsfan
    bristolleedsfan Posts: 12,680 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Baldur wrote: »
    The relevant Chapter & section merely indicated that partial transfers of previous year's/years' ISA funds were permissible - it did not impose any mandatory requirement upon ISA managers.


    I know Leek BS allow partial transfers in but not partial transfers out. I did put a list on this subforum gleaned from elsewhere showing which Building Societies were known to allow partial transfers in/out and which ones dont.
    I realise Icesave arent a Building Society merely continuing the conversation so that people can see that their was nothing unusual about Icesaves initial response.

    http://forums.moneysavingexpert.com/showthread.html?t=733151&highlight=part+isa+transfers
  • Baldur
    Baldur Posts: 6,565 Forumite
    Hi BLF,
    bristolleedsfan wrote: »
    I know Leek BS allow partial transfers in but not partial transfers out
    That appears to conflict with the info given in your list?

    "Leek United Transfers IN: Full YES Partial YES. Transfers OUT:Full YES Partial YES"
  • bristolleedsfan
    bristolleedsfan Posts: 12,680 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Baldur wrote: »
    Hi BLF,


    That appears to conflict with the info given in your list?

    "Leek United Transfers IN: Full YES Partial YES. Transfers OUT:Full YES Partial YES"


    yep u are correct, :T I did say that I got the list from elsewhere ( Not my list) they were collated from peoples stated experiences and stated knowledge.( source R-Points mutual forum) As u have evidenced u have been allowed to part transfer after others were told no. ;)

    Last year I part transferred 250.00 into Leek BS ISA as i didnt want to look like an apparent carpetbagger. :o Following recent base rate decreases i thought i would transfer 150.00 out to a fixed rate, i looked on Leek webpage which stated no partial transfers out this was the reason I was interested in seeing the HMRC quote that u provided to icesave. ;)

    Also some providers change their rules from time to time, e.g Icesave may decide in the future to allow part transfers in and out.

    http://www.leekunited.co.uk/savings/regular-savings/terms-conditions-tax-free-isa.shtml

    "If you wish to transfer your ISA to another provider then the whole balance must be transferred - no part transfers are allowed."
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