Where Are You Transferring Your IceSave ISA's To?

Baldur

I fixed this tax year's Cash ISA funds at 6.2% for 4 years in April, as that appeared to be a reasonable rate at which to fix for such a long period of time - don't think that I'd have bothered fixing at 4.25%.

KingL

KingL wrote: »

They said on the telephone yesterday afternoon about holding the rate for 60 days after application. There was a standard piece of text that she read out was along the lines that the rate you get is the higher of (a) the rate on the day you opened it or (b) the rate on the date you funded it.

Yes, there seems to be some variance between their 'telephone' postion and their 'website' position (there are some other threads where this discrepacy has been discussed).

I think that there is nothing to lose at this stage by opening one now anyway. Worse case, one day in the dim and distant future when we have our Icesave certificates one can make a judgement call about whether the rates will drop in the few days between you mailing them a cheque and them cashing it.

Following drsue's note today that Halifax are now accepting Icesave funds without sight of the certificate[ linky ], I gave Halifax a call to double-check before schlepping off to my 'local' branch, chequebook in hand. The call centre didn't know for sure but arranged for someone in-the-know to call me back and advise. While I was on the phone to them, I checked the 'fixed for 60 days' thing again and they said, 'Yes', that was all fine and dandy, fixed 60 days .

Not hearing anything from their callback team for a few hours, I headed off to the branch anyway. Branchman said "60 days rate assurance? No way, Jose. The interest rate you get is the one in-place when you fund it & that's how it is, Joe". I got them to check it with a manager. The reply was still the same. I told 'em that the ISA call centre had told several people (here) about the 60 day assurance. "No, the call centre are wrong", quoth the branch.

The best they could do was to say they'd report those nasty liars from the ISA call centre to senior management.

OK, so my next question: can I pay in my ISA (transfer) funds in to you without having received the FSCS certificate? Oh yes, sir no problem at all. Pay it in as soon as possible, before there are any more rate changes.

Given the other news (that the Saturday rate I'd been promised was no longer on the table), I decided to contemplate it overnight and get back to them.

---

On the way home from the bank, I received the callback from the earlier call. He say
1) Yes the rate is definately fixed for 60 days.
2) no you can't find the account until you get the certificate.
(i.e. precisely the opposite of what they had said in-branch).

I asked the guy to send it to me in writing, which he agreed to (although he has to do it by letter, as he only had internal email).
I asked him to send an email to my local branch, too.

So, there you go. Flip-flop, flop-flip, flip-flop, flop-flip.

I hear now that certificates are going out next week.

Not sure what all this means other than I guess we should all expect a bumpy ride in-branch when paying in the funds/showing the certificate.

Stompa

KingL wrote: »

Not sure what all this means other than I guess we should all expect a bumpy ride in-branch when paying in the funds/showing the certificate.

Thanks for the warning. Since I'm transferring another ISA as well (on the understanding that the rate is also guaranteed for 60 days) this is going to be interesting!

drsue_2

KingL wrote: »

Following drsue's note today that Halifax are now accepting Icesave funds without sight of the certificate[ linky ], I gave Halifax a call to double-check before schlepping off to my 'local' branch, chequebook in hand. The call centre didn't know for sure but arranged for someone in-the-know to call me back and advise. While I was on the phone to them, I checked the 'fixed for 60 days' thing again and they said, 'Yes', that was all fine and dandy, fixed 60 days .

Not hearing anything from their callback team for a few hours, I headed off to the branch anyway. Branchman said "60 days rate assurance? No way, Jose. The interest rate you get is the one in-place when you fund it & that's how it is, Joe". I got them to check it with a manager. The reply was still the same. I told 'em that the ISA call centre had told several people (here) about the 60 day assurance. "No, the call centre are wrong", quoth the branch.

The best they could do was to say they'd report those nasty liars from the ISA call centre to senior management.

OK, so my next question: can I pay in my ISA (transfer) funds in to you without having received the FSCS certificate? Oh yes, sir no problem at all. Pay it in as soon as possible, before there are any more rate changes.

Given the other news (that the Saturday rate I'd been promised was no longer on the table), I decided to contemplate it overnight and get back to them.

---

On the way home from the bank, I received the callback from the earlier call. He say
1) Yes the rate is definately fixed for 60 days.
2) no you can't find the account until you get the certificate.
(i.e. precisely the opposite of what they had said in-branch).

I asked the guy to send it to me in writing, which he agreed to (although he has to do it by letter, as he only had internal email).
I asked him to send an email to my local branch, too.

So, there you go. Flip-flop, flop-flip, flip-flop, flop-flip.

I hear now that certificates are going out next week.

Not sure what all this means other than I guess we should all expect a bumpy ride in-branch when paying in the funds/showing the certificate.

I ended up seeing the FSA. He didn't have a clue. But he rang the ISA centre,as I suggested, - then got sent an email there and then ,a copy of what the isa centre are quoting from (which hadn't got down to branch level yet) There were 2 pages about what to do with an ICEsaver 1) if the certificate isn't present , and 2) what to do if they have the certificate..He then took my cheques and confirmed the rate would be that of the best of today or the day the account was opened. I took my and my DH printoffs from Icesave which he photocopied and told me to take the certs in when we get them. It was fairly painless and took about 20 mins.

As calls are recorded, legally the ISA centre can't tell porkies - as you have proof of what was said - unlike the c*** they come out with in the branches.
Good luck everyone.
I used Fleet in Hampshire - just in case anyone is nearby - they do now know what to do!

jennifernil

I have also been to speak to the Halifax today.

We opened fixed rate ISAs with them by phone on 12th November in the hope of receiving our Icesave ISA money quite soon afterwards, but in fact did not get it till November 28th. We too were told the rate was now held and that we had 60 days to fund the account. Presenting the certificate later was discussed and they knew it could take a while.

Forward now to last Saturday November 29th. Our Daughter has a fixed rate ISA with Scarborough BS, but the issue is now closed. When she got her Icesave ISA money on the 28th I rang them to ask if she could deposit it now and send the certificate later. But no, they want the certificate with the money, AND, since the issue is closed, she only has until the 15th December to make a deposit.

Having seen on here that certificates could be delayed until late December, I suggested she secure a Halifax fixed rate ISA to transfer her Icesave one into. So on the 29th she did that. She was told exactly the same as us, fixed rate, 60 days to fund, BUT that the certificate had to be sent to them WITHIN 30 DAYS.

She queried this as it differed from our information, but after checking with a manager the 30 day limit was confirmed.

As I was in our local branch today I decided to try and get this point cleared up. The teller referred me to a "banking advisor", who had heard of Icesave but.......

1. Thought they were a foreign bank and did not do ISAs.
2. Did not know that the funds were being returned by the FSCS.
3. Said they could no longer be ISAs since the money had been paid into our current account.
4. Did not know that these certificates were to be sent out by FSCS.
5. Said it was rubbish that the interest rate would be that in force on the day we opened the account.

After I had explained it all to her and asked for clarification of the 30/60 day business, she rang the ISA dept. and was pointed to the new information pages. She specifically queried the "30 days to present certificate" and was told this was definately correct. She was also given confirmation that the interest rate WOULD NOT BE HONOURED.

She then rang the FSCS to ask when certificates would be sent out. They confirmed there was a delay, but said that anyone who had claimed before 21st November would have their certificates sent out by this coming Monday Dec 8th. For those of us who claimed after this, they had no idea when certificates would be sent.

If Halifax enforce this 30 day rule, we only have 7 days left to present our certificates now, no way can we do that.

So I too am going slowly mad!

drsue_2

It really is a complete shambles. The branch staff haven't a clue.
I had the same conversation initially with the branch FSA but in fairness he did ring the isa department and check. He confirmed the 60 day rule - he knew all about that - he said it 100% definitely the rate on the day of opening OR the day of deposit - whichever is HIGHER within the 60 days..
I have had this confirmed on the phone many times ( about 5 now) - so they will be in BIG trouble if they try not to honour it. ( taped phone conversations are very useful in these cases)
If they do not give you the rate when you opened the account once you get your paperwork through I think a lot of people will be gunning for them.

drsue_2

Forgot to say - my funds are in - have the receipts. The guy just said get your certificates in pretty much as soon as you get them He never mentioned a timescale at all.
It seems a bit a*** about face to need the certificate in 30 days and the money in 60. WHY?
I don't think the left and right hand know what is going on at all.

Stompa

Let's hope these guarantees are honoured, Halifax has just dropped the fixed rate ISA by 1%.

jennifernil

drsue wrote: »

It really is a complete shambles. The branch staff haven't a clue.
I had the same conversation initially with the branch FSA but in fairness he did ring the isa department and check. He confirmed the 60 day rule - he knew all about that - he said it 100% definitely the rate on the day of opening OR the day of deposit - whichever is HIGHER within the 60 days..
I have had this confirmed on the phone many times ( about 5 now) - so they will be in BIG trouble if they try not to honour it. ( taped phone conversations are very useful in these cases)
If they do not give you the rate when you opened the account once you get your paperwork through I think a lot of people will be gunning for them.

My feelings exactly! I will not be letting them away with it , as you say, the calls are recorded. Our initial info, confirmed many times, was exactly as yours.

jennifernil

drsue wrote: »

Forgot to say - my funds are in - have the receipts. The guy just said get your certificates in pretty much as soon as you get them He never mentioned a timescale at all.
It seems a bit a*** about face to need the certificate in 30 days and the money in 60. WHY?
I don't think the left and right hand know what is going on at all.

Totally agree! I have not given them the funds yet, preferring to keep control of the money till I am sure what is happening. Plus, I have it in a fixed rate Instant Access account earning 6.5%. And if they do not sort this to my satisfaction it will be staying there!