Where Are You Transferring Your IceSave ISA's To?

~Chameleon~

Icesaver wrote: »

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:

You won't be able to transfer your Icesave ISA into the B&B as it's for new money only and, assuming you're talking about the e-ISA, you can only make one deposit into it this year (i.e. £3600 2008/2009 allowance).

mickeypops

If it's still available whenever we get our Icesave ISA savings back, I'm going to take a stab at Northern Rock's 6% fixed rate for 5 years. Guaranteed security, and I fancy the risk of base rates going lower for a few years while the economy fights off recession.

Milarky

Baldur wrote: »

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.

His name is Jonathon Clark and he was on a few week ago and when asked about why there was no officially maintained list for separately registered brands for depositor protection he just winged it and said people should look it up on the FSA site. [They could have looked it up on Martin's site of course] In other words, his high paid job - in fronting the FSCS doesn't privilege him with any more information than the 'man of the Clapham omnibus'. Thus a remark like 'working on the final details' is just obfuscatory; he is clearly like the Spanish waiter in Fawlty Towers hoping that no one notices..

But my guess is a certificate will be issued - because people have to be allowed to go to any ISA provider they chose. The HMRC are prats because they have staked their slim reputation on saying that a general certificate scheme for transferring ISAs is unworkable - when it is far simpler than leaving it to the ISA providers with the cheque-by-second-class-post arrangement. If you could go to your ISA-bank and get them to issue a cheque and a certificate and you could walk across the road to another ISA provider and give them the certificate and cheque transfers would take a fraction of the time (and probably employee fewer people in centralised warehouses, since counter staff could 'open' the account there and then) Of course old HMRC thinks he's protecting the tax revenue from the one or too silly people who would try to copy these certificates and deposit multiple times. Well if you do that you'll get caught very quickly. Once again they have designed a system to avoid liability (cf ridiculous and unevenly inplemented 'money laudering' checks) rather than service the customer.

[rant over]

~Chameleon~

mickeypops wrote: »

If it's still available whenever we get our Icesave ISA savings back, I'm going to take a stab at Northern Rock's 6% fixed rate for 5 years. Guaranteed security, and I fancy the risk of base rates going lower for a few years while the economy fights off recession.

Am I right in thinking that the 5 year fixed rate ISA is the issue 87 one?

ETA: S'ok I've found the info and yes it's the 5 year fixed one. Anyone else opting for this? It's highest on my list of contenders so far

ETA2: The only issue I have with this account is the following statement:

With our Fixed Rate Cash ISAs, as long as the issue is still available, you can add to your Cash ISA at any time with any amount from £250 up to a maximum investment of £3,600 in each tax year.
Once each issue is closed to new investors, you cannot make further deposits. The Fixed Rate Cash ISA may be withdrawn without notice and your cheque returned to you.

I take it that if they close this issue then NO deposits can be made at all during the whole 5 year period, including new financial tax years?

I have a regular saver that will mature just in time to deposit in a 2008/2009 ISA, but can I take the risk that this will still be available then?

If not I'll lose a year's ISA allowance as I need to deposit £500 to open this one and also intend to transfer in my (old) Icesave ISA when we get them back.

Icesaver

~Chameleon~ wrote: »

You won't be able to transfer your Icesave ISA into the B&B as it's for new money only and, assuming you're talking about the e-ISA, you can only make one deposit into it this year (i.e. £3600 2008/2009 allowance).

e-ISA issue 3 mportant Information:

• Interest can be paid on the last day of the month or annually (31 July), you decide.
• You can transfer in other Cash ISA's once your account has been opened.

~Chameleon~

Icesaver wrote: »

e-ISA issue 3 mportant Information:

• Interest can be paid on the last day of the month or annually (31 July), you decide.
• You can transfer in other Cash ISA's once your account has been opened.

Ahhhh, I see now that you were looking at the variable lower rate one. I was referring to the fixed rate e-ISA issue 4

Important Information:

• You can open your cash ISA with your whole 2008/2009 subscription of £3,600.
• The Fixed Rate ISA has a 1 year term.
• You get an attractive, fixed rate of interest.
• Interest is paid annually.
• You won't be able to withdraw or add to your money until the account matures.
• The account matures into an ISA Easy Saver, which pays a variable rate of tax-free interest.

Icesaver

Icesaver wrote: »

e-ISA issue 3 mportant Information:

• Interest can be paid on the last day of the month or annually (31 July), you decide.
• You can transfer in other Cash ISA's once your account has been opened.

Inassumed this to mean I can transfer in, or does once your account is open mean I have to make this years contribution (which I can't as I already made that to Icwsave) then transfer in?

~Chameleon~

Icesaver wrote: »

Inassumed this to mean I can transfer in, or does once your account is open mean I have to make this years contribution (which I can't as I already made that to Icwsave) then transfer in?

Do you need to deposit any money to open the ISA first or will it accept a transfer in to open it?

It seems you need to deposit minimum £1000 to open it ...

5 Key Requirements to open an eISA (Issue 3) Account

• You must be a UK resident (please note: this excludes the Channel Islands and Isle of Man).
• Applicants must be aged 18 or over.
• You need to be able to open your account with a minimum £1,000 balance.
• You must hold a personal bank or building society current account that offers Direct Debit payment facilities.
• To be able to access and transact on your account, you need access to a PC with internet capability and have a valid e-mail address.

Icesaver

~Chameleon~ wrote: »

Do you need to deposit any money to open the ISA first or will it accept a transfer in to open it?

It seems you need to deposit minimum £1000 to open it ...

5 Key Requirements to open an eISA (Issue 3) Account

• You must be a UK resident (please note: this excludes the Channel Islands and Isle of Man).
• Applicants must be aged 18 or over.
• You need to be able to open your account with a minimum £1,000 balance.
• You must hold a personal bank or building society current account that offers Direct Debit payment facilities.
• To be able to access and transact on your account, you need access to a PC with internet capability and have a valid e-mail address.

That's the bit that's not too clear, my transfer would be over £1000 but is that good enough for their requirements.

Mind you Northern Rock fixed rate looks tempting as I'm not planning on cashing in my ISA until retirement and I have quite a few years to go yet:rolleyes:

~Chameleon~

Icesaver wrote: »

That's the bit that's not too clear, my transfer would be over £1000 but is that good enough for their requirements.

Mind you Northern Rock fixed rate looks tempting as I'm not planning on cashing in my ISA until retirement and I have quite a few years to go yet:rolleyes:

You'll have to give them a call and ask I think as looking at these two particular statements I'd say not, but you need clarification ...

• You need to be able to open your account with a minimum £1,000 balance.
• You can transfer in other Cash ISA's once your account has been opened.