Where Are You Transferring Your IceSave ISA's To?

Io07

shaz77 wrote: »

I did a little research and standard life at 4.6% seems to be the best ISA to transfer into, can anyone suggest any better before I take the plunge?

sorry I'm not much help; i came on to post the exact same question too! Only wondering whether scottish widows or std life is the safer bet??
feeling v jittery after icesave...

cottager

KingL wrote: »

Tis nonsensical, to be sure.

KingL: like Nala, realaledrinker and others, I'm having problems as well... or at least perceived problems.

OH and I 'reserved' our Halifax FRISAs last week over the phone. The people we spoke to knew all about the Icesave situation, opened the accounts, gave us the roll numbers etc there and then, and we made it clear it was 2007/08 money (with interest) we'd be transferring in, not 2008/09 -- which they apparently understood. We also gave them the precise amounts involved, which as far as I know were entered into the system.

In fact in my call I was also opening another FRISA for my current year's contribution (OH didn't need to, as he'd already got one), and the guy I dealt with certainly understood it was two different lots of money and two years' FRISAs we were talking about in my case.

All three applications turned up yesterday for signature. No problem with my current year's account and I can return that one (already funded, as I had to 'catch' the rate last Thursday).

But the other two for last year's Icesave money are the identical form, i.e. both refer to 2008/09 as well! We can't sign these or fund the accounts, or we'd be breaking the rules... paying more than our allowances for the current year, which would be a pretty mess to sort out.

As standard applications for opening a 'normal' new FRISA, they bear no relation at all to the tailored Icesave letter and accompanying form which you have kindly uploaded for us to see.

Later on I'll call the number on the letter you had, and attempt to explain all this! In view of others' experiences so far, not a conversation I'm looking forward to with any great confidence. But I'm very reluctant to fund till being certain both accounts reflect the fact that these will be transfers of 2007/08 money. Just hope they'll be clued up about it. Will also try to get the Icesave letter and form sent out.

I'm also concerned about that deadline of 10 days in your letter, to send in the certificate. We're really not expecting ours to be in the first wave as we didn't receive compensation till 2nd/3rd Dec respectively. I'm thinking it could be getting on for, or even in, Christmas week, so if Halifax specify the same notice period we could have a problem meeting it. Either FSCS to us, or us to Halifax (or both), could be delayed in the pre-holiday mail rush or not going anywhere over the holiday itself.

Have you had your certificate now, and been able to send it within the 10 days?

Nala

cottager - I phoned Halifax when I received my 10 day letter and they said it was a mis-print and should say 30 days.

Just remember another gem of a quote from the lady in the branch. I asked her when the interest would be dated from thinking it would be yesterday if I paid it in.....you'd think? Well she read the notes she'd printed and it said something like 'payments will be backdated to the date of transfer'.

Now to me that means to the date the money is paid into the ISA. Well silly me, according to her.......it's the date the money left Isesave! Anyone else read it that way and am it's just me going very very mad??

margaretlouise

I have received my Icesave money back via the FSCS and don't know where to put £3100. Any suggestions? Also, where interest rates are shown as Gross, AER and Net, I thought the point of an ISA was that there was no tax liability so why publish the three rates?

Baldur

margaretlouise wrote: »

I have received my Icesave money back via the FSCS and don't know where to put £3100. Any suggestions? Also, where interest rates are shown as Gross, AER and Net, I thought the point of an ISA was that there was no tax liability so why publish the three rates?

Can't say that I've ever seen a Cash ISA showing anything other than Gross & AER since they started in 1999 - an example of one which quotes Net would help.

KingL

cottager wrote: »

But the other two for last year's Icesave money are the identical form, i.e. both refer to 2008/09 as well! We can't sign these or fund the accounts, or we'd be breaking the rules... paying more than our allowances for the current year, which would be a pretty mess to sort out.

As standard applications for opening a 'normal' new FRISA, they bear no relation at all to the tailored Icesave letter and accompanying form which you have kindly uploaded for us to see.

I also received this 'inappropriate' letter for opening an empty FRISA account (into which I will transfer my Icesave ISA funds). I don't think you need be too worried about the fact it says 2008/09 on it - it is just a idiosyncracy of Halifax's internal procedures that they use the same form whether you are a new subsciber or transferring-in. I phoned them to query the required declaration that 'I have not subscribed to another ISA this year' and they said, 'yes, go ahead and sign it, even it is not true'. You won't be infringing HMRC regs by both transferring-in and opening a new ISA this year. I guess you can mark up the 'transfer' form to make it crystal clear that it is a transfer-in and maybe send any correspondence for the new ones vs the transfers in different envelopes.

cottager wrote: »

I'm also concerned about that deadline of 10 days in your letter, to send in the certificate. We're really not expecting ours to be in the first wave as we didn't receive compensation till 2nd/3rd Dec respectively. I'm thinking it could be getting on for, or even in, Christmas week, so if Halifax specify the same notice period we could have a problem meeting it. Either FSCS to us, or us to Halifax (or both), could be delayed in the pre-holiday mail rush or not going anywhere over the holiday itself.

Have you had your certificate now, and been able to send it within the 10 days?

Yer, the letter and the first part of the form says 10 days and the second half of the form says 30 days. I have had assurance from a senior in their 'business centre' (phone helpline) that they recognise the delays with FSCS certificates and they will accept certificates in more-or-less any reasonable timeframe.

They're pretty clueless in branches, but have so far been OK on the telephone. I doubt that will change for the better.

I haven't received my certificate yet (and don't expect to in the near future) and haven't sent anything at all back to Halifax yet. FWIW, I am cautiously optimistic that it will all work out OK in the end.

It'd be interesting to hear how you get on today

drsue_2

Took my Icesave cert into branch today. They checked their info about what to do. Photocopied the cert - gave the copy to me and kept the original. Checked their system and said that both our FRISAs are all set up. DH just has to post or drop in his original cert when it arrives.
Thank goodness this is all sorted out now.

KingL

Good for you

I might just have to make the pilgrimage to Fleet:rudolf:

Stompa

Since Halifax hadn't sent me an Icesave specific transfer form, I thought I'd pop into a branch to see if they had one.

They told me I'd need to complete three different forms:

1. "Icesave Customer Authority (ISATF)" [the Icesave specific ISA transfer form]

2. "Cash ISA Saver Account Transfer Form - Customer Authority" [the standard ISA transfer form]

3. "Icesave ISA Reinstatement Certificate"

The don't half make this complicated!

cottager

KingL wrote: »

It'd be interesting to hear how you get on today

Well, I've been told we should return the declarations as you suggested, but indicate on them (or in an accompanying letter) that this is an Icesave transfer in; and we will then receive your 'special letter' and form.

So that's what we'll do and hope for the best, and be sure to keep copies to cover ourselves. In line with Stompa's experience I'll also pick up a couple of standard transfer forms from the branch tomorrow.

Nala wrote: »

she read the notes she'd printed and it said something like 'payments will be backdated to the date of transfer'. ... Anyone else read it that way and it's just me going very very mad??

Wouldn't that be great??? -- but won't bank on it! Like you, I'd have thought it would be from when funded.

Thanks so much to all for chipping in with these bits of help.