Where Are You Transferring Your IceSave ISA's To?

former_student

Despite all that IceSave put us customers through, I plan to keep the bulk of my money in a bank, I am now deciding where to transfer my ISA to.

Have any IceSave customers with an ISA made a decision on this?

mobfant

I was getting ready to move it to Natwest's ISA before Icesave went tits up. Will re-evaluate situation when I have to make a decision though, as lots could change rate-wise and safety-wise before then.

jonathancarty

Given the increased chances of further interest rate cuts I was tempted to go for a 1 year fixed deal such as Brittania. Spoke to them today however and they can't open the account without the cash and as I put in £3600 on the first day of this Tax year I'm stuck.

Shame really cos the fixed rate deals are going to start falling soon I'm sure and by the time I get the cash from Icesave and go through whatever administrative nightmare awaits me to reinvest in a Cash ISA I'll bet there'll be no fixed 6.1%'s around.

~Chameleon~

jonathancarty wrote: »

Given the increased chances of further interest rate cuts I was tempted to go for a 1 year fixed deal such as Brittania. Spoke to them today however and they can't open the account without the cash and as I put in £3600 on the first day of this Tax year I'm stuck.

Shame really cos the fixed rate deals are going to start falling soon I'm sure and by the time I get the cash from Icesave and go through whatever administrative nightmare awaits me to reinvest in a Cash ISA I'll bet there'll be no fixed 6.1%'s around.

Is the Britannia currently the best fixed deal? I'm in a position to open one as I've not yet used this year's allowance. The ones I've been looking at so far, such as PO and SW have variable rates but I guess with interest rates being cut I'd be better off with a slightly lower fixed rate

former_student

jonathancarty wrote: »

Given the increased chances of further interest rate cuts I was tempted to go for a 1 year fixed deal such as Brittania. Spoke to them today however and they can't open the account without the cash and as I put in £3600 on the first day of this Tax year I'm stuck.

Shame really cos the fixed rate deals are going to start falling soon I'm sure and by the time I get the cash from Icesave and go through whatever administrative nightmare awaits me to reinvest in a Cash ISA I'll bet there'll be no fixed 6.1%'s around.

That fixed rate ISA sounds attractive, are deposits within Bitannia protected?

Secondly is the rate guaranteed for one full year upon taking out the account or is it from a fixed starting date?

~Chameleon~

former_student wrote: »

That fixed rate ISA sounds attractive, are deposits within Bitannia protected?

Secondly is the rate guaranteed for one full year upon taking out the account or is it from a fixed starting date?

http://www.britannia.co.uk/home/c_savings/product/tax_free/frisa/prod.html

jonathancarty

Scottish BS offer a higher rate but only for larger sums (above 25K I think). Alot of the fixed deals don't allow transfers in.

Brittania is fixed until 30.11.2009. I presume they are protected up to the 50k mark but I don't know how secure they are.

Satscene

The Post Office is at 6.25% for 12 months and i assume fully covered by the Bank of Ireland is it?

http://www.postoffice.co.uk/portal/po/jump1;jsessionid=XF4YR3G0X1X3CFB2IGFEPLQUHRAYWQ2K?catId=19300232&mediaId=82300737

They`ve sent me the forms for transfer but not sure if i should fill in Icesaves ISA details or not??
Will the new provider be able to move the money or do i wait until the FSCS get things sorted?

~Chameleon~

Satscene wrote: »

The Post Office is at 6.25% for 12 months and i assume fully covered by the Bank of Ireland is it?

That's a variable rate though with a 1.50% bonus for 12mths tracking BOE base rates so could fall as rates are cut.

climbgirl

Satscene wrote: »

They`ve sent me the forms for transfer but not sure if i should fill in Icesaves ISA details or not??
Will the new provider be able to move the money or do i wait until the FSCS get things sorted?

I think we just need to wait and see what the FSCS says about keeping the ISA status on the money. They won't be able to move money out of Icesave, there's nothing there anymore! I'm assuming we'll get asked to provide details of a new ISA for the FSCS to deposit to, or they'll send us something that indicates to a new bank that it's come from the FSCS compensation claim and is to be treated as an existing ISA.

We just don't know yet, i'd wait and see what they say today and next week if I were you.

Jim_B_3

What to convert my IceSave ISA to?

Finally get the motorbike fixed up properly. As much alcohol as I can drink. Weekend trip to Venice with the first girl to put her hand up when I ask. Take my sister skydiving. Spend the damn stuff on memories as fast as I can.