Where Are You Transferring Your IceSave ISA's To?

cottager

Stompa wrote: »

It's not needed for transferring an Icesave ISA. They didn't have to search for any forms for me, they just printed them off.

Thanks. Yes, it's become apparent since that it isn't needed, and you'd also expressed doubts about it previously. As for not finding any, I think that's why he was checking a screen (which I could also see), to find it in a list of documents they could print off, but after running up and down it several times he couldn't find it listed there either!

stain3565

My Icesave ISA Reinstatement Certificate arrived so now, I am in the hunt for a new Cash ISA.

I have £15K from Icesave plus potentially another £3K from a Barclays ISA, so can invest between £15K and just over £18K.

Natwest did seem comfortably the best option until the rush to drop rates. Now I am as confused as everyone else.

Saw a couple of potentially scary bank names at MoneyExtra.com (Bank of East Asia 6% and BMW Savings 5.95%). Icesave has obviously made me wary of banks I haven't heard of.

Any ideas on where I should invest such amounts of ISA cash at this moment?

Cheers

Mark

bluegrey

stain3565 wrote: »

My Icesave ISA Reinstatement Certificate arrived so now, I am in the hunt for a new Cash ISA.

I have £15K from Icesave plus potentially another £3K from a Barclays ISA, so can invest between £15K and just over £18K.

Natwest did seem comfortably the best option until the rush to drop rates. Now I am as confused as everyone else.

Saw a couple of potentially scary bank names at MoneyExtra.com (Bank of East Asia 6% and BMW Savings 5.95%). Icesave has obviously made me wary of banks I haven't heard of.

Any ideas on where I should invest such amounts of ISA cash at this moment?

Cheers

Mark

NatWest seem to be paying 4.93% on balances from £18K - £26999. This includes a 1.75% "introductory bonus" rate.

See http://www.moneyfacts.co.uk/money/savings/default.aspx?aspxerrorpath=%2fmoney%2fsavings%2fdefault.aspx

It just depends how long they take to transfer it in - bear in mind that you have to leave the funds sitting in your current account, earning virtually nothing, as you have to transfer in by chequw AFAIK. So if they drag their feet, and the post takes a while with Xmas, and what with the extra bank holidays around Xmas, you could end up losing out on interest whilst the funds are languishing in your current account.

The current climate is new and uncharted territory for all of us; just be grateful that you have got the Icesave funds back. A loss of interest is insignificant when considered alongisde the sum which could have gone up in smoke in Icesave. Make the best of a bad situation - whichever provider you go with may or may not be the best in a few weeks or months. Take a chance and put it wherever looks best now. IMO it's not worth chasing your own tail every few weeks if rates fluctuate, especially in the current climate. For the time being, relative stability is a thing of the past. Have a quick look around and go for what looks like the best deal.
I might give NatWest a crack - already got one year's worth of ISA in this account so would be throwing in the rest of the funds from IceSave (several years' worth.)

Anyone transferred funds into NWest OK? How long did it take?

bg

dangermike

Going by the amount of confusion on this thread, and the number of people in the position of needing a new Cash ISA following the Icesave collapse, I wonder if this wouldn't be a good time for a lengthier section in the Cash ISA article on the main site - at the moment, just the Scottish Widows (incl 1 year bonus) and an account with an age restriction are listed there. I'm sure it would help a lot of people, although with the current volatility it may be hard to pin down.

Baldur

dangermike wrote: »

Going by the amount of confusion on this thread, and the number of people in the position of needing a new Cash ISA following the Icesave collapse, I wonder if this wouldn't be a good time for a lengthier section in the Cash ISA article on the main site - at the moment, just the Scottish Widows (incl 1 year bonus) and an account with an age restriction are listed there. I'm sure it would help a lot of people, although with the current volatility it may be hard to pin down.

See this post, which is continually updated (but check to confirm that rates are current) - http://forums.moneysavingexpert.com/showpost.html?p=4603369&postcount=1

KingL

cottager wrote: »

(iii) A further sheet -- another formal application/declaration headed 'Halifax ISA Saver' -- and in terms of the wording it's pretty similar to the standard declaration received first and just returned; but its 'look' is quite different.
Has the account number, my name and other info, and at the top are printed details of what seems to be the batch holding mechanism mentioned in the letter till the certificate's received. It still refers to 2008/09.
It also says 'I wish to open my account with £1.00'. This rings a bell -- someone on another thread (don't think it's this one) definitely mentioned their account being credited with £1 of Halifax's own money, but I can't trace it.
Did you get something like this, KingL?

Nope - I haven't had that one, but I remember seeing the post that you mention of the £1 opening balance. Not sure how that will square with HMRC if it means you have subscribed £3601 this year. Maybe that's why Halifax paid it?

cottager wrote: »

...instead of the usual simple receipt (like last week when funding my ISA for the current year), he then printed up and gave me a passbook????! Asked to sign 'invisibly', as you do with passbooks. Inside it's stamped with the right numbers and records it's an ISA Saver with interest due yearly. Beneath the sort code/account number on the inside front cover is 'Quote these details when setting up bank credits to this account'.
All of this -- even having a passbook at all -- seems to me inappropriate for a FRISA (is it?), but will need to take it up with them another time if necessary. There just wasn't the time to start into all that.

The A5 'terms and conditions book' Savings: Halifax ISA Saver does talk about a passbook (under the section "Deposit Account Conditions" which seems to cover everything except Telephone accounts). Page 17:

"your passbook is any book, certificate, letter or other document that we give or send to you to show that you are the holder of the account...."

plus a few paragraphs on its use in sections 10-12.


Good luck with it. I have just had my certificate and will try my luck again in a branch tomorrow....

cottager

Thanks for clearing that up.
I made a copy of my blank Icesave form before filling it in, and thought we'd take a chance sending it in for OH, as Halifax hasn't sent him one.

KingL wrote: »

I have just had my certificate and will try my luck again in a branch tomorrow....

Umm... you said that already, a couple of days ago. We've all been waiting with bated breath

KingL

Yer, it was raining. I wimped out and stayed indoors!

Nala

cottager my OH didn't get the form either. We did get it printed off in the branch though.

We've now received our certificates woo hoo, so will be telephoning them tomorrow to make an appointment for Tuesday. Wish me luck! Will report back as soon as I can!

cottager

Just so long as you don't have to trek to Fleet...
Look forward to hearing the outcome