Advice please: 19 year old with inheritance money in Icesave

adamt

Hi,

I put £7,000 of my inheritance money into IceSave after reading MSE recommendations a good few months ago.

Now as has been discussed here , but cant seem to find an answer to this question....

Can i withdraw all my £7,000 savings from Icesave with no problems and put it in my Natwest ISA account?
Has anyone done this or can this be done?

thank u

SeanW

Firstly, your money is 100% safe.

Unfortunately, you have no access to it now and potentially anytime in the near future.

If any of the money is in an ISA, you will be able to retain the tax free status of the cash with another provider.

You will be written to with forms from the FSCS, but how this will all be implemented in detail is not yet known.

fergusrssmith

You're likely not to see your 7 grand for at least 3months but it has been guaranteed by the government which is good news so just sit tight and you'll get it eventually.
The cash ISA deposit limit is £3600 each year unless you were thinking of taking a stocks and shares ISA too but I would imagine that to be a bad idea with the current market trends.
When you finally get your monies just deposit it into your savings account or have a look around for others available at the time. I would imagine there will be some good deals on 1 year bonds if you won't need access to the money but you will have a little while to window shop.
FRS

adamt

Thanks for the replies

Last question, as my money will still be in IceSave's ISA account, will i still recieve the 6% interest every month?

Thanks

Bromley86

No. Only up to today.

IT_nerd

Erm, just so you know. Icesave the bank has defaulted. They're no longer functioning.
This means you will get no interest past yesterday, although you should get all the interest that is owed to you from before that.

I'm in an eirily same situation as you, age, source of funds, bank account. Lol.

fergusrssmith

My knowledge of finance doest't extend much beyond Working Lunch and the Financial pages of the Guardian, but I was under the impression you are only allowed 1 ISA, so how do you have an ISA with Icesave and Nationwide?!
FRS
I'm probably wrong but curious

adamt

fergusrssmith wrote: »

My knowledge of finance doest't extend much beyond Working Lunch and the Financial pages of the Guardian, but I was under the impression you are only allowed 1 ISA, so how do you have an ISA with Icesave and Nationwide?!
FRS
I'm probably wrong but curious

LOLLLL

Where on earth did i say i had 2 ISA's ?????????


:rotfl:

IT_nerd

Its a common mistake. Both my brother and sister fell for it.
They opened multiple ISA's thinking that they were all tax free.

fergusrssmith

adamt wrote: »

LOLLLL

Where on earth did i say i had 2 ISA's ?????????


:rotfl:

"Can i withdraw all my £7,000 savings from Icesave with no problems and put it in my Natwest ISA account?"
and
"...as my money will still be in IceSave's ISA account..."

By the way, they are neither ISA's nor ISA accounts.

Eezageeza

IT_nerd wrote: »

Erm, just so you know. Icesave the bank has defaulted. They're no longer functioning.
This means you will get no interest past yesterday, although you should get all the interest that is owed to you from before that.

I haven't been keeping-up with the news in the last couple of hours, but where is the source for your info? I haven't found a guarantee that we should get interest paid too.

I'm actually grateful that at least the capital will be covered! :j