Where Are You Transferring Your IceSave ISA's To?

~Chameleon~

I do apologise for the above post, must try and remember not to make stupidly embarrasing posts whilst wearing beer goggles

It obviously impedes my ability to read too :rotfl:

Tom_Jones

Cash for me as well :j

DX-SFX

For what it's worth, I was a week into transferring my existing cash Icesave ISA's into the NatWest ISA when Icesave imploded. I'm hoping that when the dust settles, the transfer will take place as normal. Meanwhile I took advantage of NatWest having opened the new ISA account (on paper) by putting the first of this years allowance into it which I've been assured should receive the same interest as the transferred sum, presumably on the basis that if I paid this years allowance (or part thereof) to Icesave first and then transferred it, the same interest would apply.

AbbieCadabra

bumpity bump...:D

i know we're not a great deal closer to getting any money back yet but i just wondered if anyone had any more thoughts?

i hate the thought of my ISA just 'sitting' there in limbo!

Newly_retired

Bump, now we are just a little bit closer to getting our money back. We want to be ready for the transfer.

paulboy83

I don't know if I dare to make plans to move it yet, I think i'll wait until I have a definate timescale, at the moment though i'm probably going to put mine in Natwest if the offer is still there and think about transferring out a few months before the rate drops...

SGE1

Question: for those that have already dipped into this year's allowance, surely we'll be able to transfer the full Icesave amount into a new ISA? The FSCS's press release isn't clear. It says:

The Government has guaranteed 100% of all deposits held by retail depositors of Icesave and has said that people will not lose their tax status for their ISAs.

What does not losing the tax status mean in practice?

FSCS is putting in place a system that means retail depositors of the bank should be able to receive their savings through an electronic payment into their linked accounts.

My linked account is my current account, so I'm guessing I'll have to transfer the money from my current account back into another ISA - but will that be accepted? Presumably, the new ISA provider will just be aware that I've already opened a new ISA in this tax year, and so won't let me transfer into a new one? Or will the Icesave ISA opening be voided? And if so, how the ISA limit of 3.6k still be enforced?

Questions questions questions...

Baldur

SGE1 wrote: »

.....Questions questions questions...

An FSCS spokesman on the BBC Money Box programme said that they are still working on the final details of the mechanism to preserve the tax-free status of ISAs - so any comment would be speculative at this stage.

You can listen to the comments (around 22 minutes into the programme) - http://www.bbc.co.uk/iplayer/episode/b00f25vz/Money_Box_25102008/

AbbieCadabra

my first thought was Natwest too but our Business a/c is with them too, so if the worst were to happen (their rating isn't too great), we'd be completely stuffed!

i'm veering towards Abbey or Northern Rock at the moment...

Icesaver

I had considered Nat West, but not having an account there I've had to open an e-savings or whatever they call it. I started that process over two weeks ago, got the paperwork back to fill in, and sent my cheque for £1 off to open the account. To date I've heard nothing more and my cheque hasn't been cashed.

Also after reading some of the stories on the Nat West ISA thread and delays in opening I'm having second thoughts.

Bradford and Bingley seemed another option, so I opened an Internet Saver 3 the day before it was closed! That account is now active just days after opening, so I might just go with them for my ISA though the rate is lower than Nat West's:cool: