Where Are You Transferring Your IceSave ISA's To?

Stompa

OK, Halifax have got me hopelessly confused now. Having opened (or so I thought) a fixed rate ISA by phone on Wednesday, I've now received a letter saying "Thank you for applying for a Halifax ISA Saver Direct account" (which is variable rate?).

There's also a form to sign, which amongst other things says "I understand that the interest rate, which will be paid on my account, will be the gross rate applicable on the day you receive my investment".

Has anybody else had one of these?

Thanks

KingL

Stompa wrote: »

There's also a form to sign, which amongst other things says "I understand that the interest rate, which will be paid on my account, will be the gross rate applicable on the day you receive my investment".

Has anybody else had one of these?

Thanks

yep - also the A5 terms and conditions booklet says the same thing. Essentially everything they have in black and white says the rate is the one that exists on the day of funding. It's just their ISA sales desk and business centre that gives the more palatable version with the 60 day fix. Hopefully sanity will prevail.

Others have reported that the mechanism for them transferring-in is to open a variable rate account (in case multiple transfers in are coming from several sources) and then flip it over to a fixed rate when all payments have been received. My letter just says "Halifax ISA Saver Direct Account" no mention of fixed or variable.

I've asked the ISA sales people (who said about 60days) to write to me with confirmation of the fact. Seems to be the only way to go unless/until the message propagates through the branches....

Stompa

KingL wrote: »

yep - also the A5 terms and conditions booklet says the same thing. Essentially everything they have in black and white says the rate is the one that exists on the day of funding. It's just their ISA sales desk and business centre that gives the more palatable version with the 60 day fix. Hopefully sanity will prevail.

Did you sign the form and return it? Having just spoken to another person at Halifax they again assured me that the rate would be fixed at the time of application. They suggested I might like to make a note of this on the form.

I'm also a bit concerned that the form asks you to declare that "I have not subscribed and will not subscribe to another cash ISA in the same tax year that I subscribe to this Cash ISA" - when in fact I have already subscribed to one this tax year.

KingL wrote: »

Others have reported that the mechanism for them transferring-in is to open a variable rate account (in case multiple transfers in are coming from several sources) and then flip it over to a fixed rate when all payments have been received. My letter just says "Halifax ISA Saver Direct Account" no mention of fixed or variable.

That's what mine says too, but:

http://www.halifax.co.uk/isas/taxfreesavings.asp

seems to indicate that an "ISA Saver Direct" is variable rate.

Thanks

KingL

Just called them

1) yep, rate is fixed for 60 days for transfers in (but not for new subscriptions, he was suggesting that this may be the cause of confusion elsewhere)
2) Yes "ISA Saver Direct" is variable rate, but it's just a temporary holding state, as described in post #73 above. Actual account will be fixed.
3) the declaration is intended to cover new subscriptions, so it's fine to make an inauthenic declaration if you are just transferring in and comply with the HMRC regulations

I haven't signed anything yet. Hanging on until I get my letter proving 60 days fixed, then I'll probably take it all into a branch. No hurry.

MuddledOfMiddlesex

Well, after being promised that my rate would be fixed from the date of investment (full amount was in my Halifax current account by Wednesday of this week), but being unable to pay the money across from my Halifax current account, I called this afternoon and was told what you've been told, that it's from the time the money goes into my account, not the original conversation on the 26 November.

Luckily I have a note of the name of the woman, and exactly what was discussed, and so have told them it's unacceptable to change this, and have raised a complaint about it. Will keep you informed - this is the saga that goes on and on. They tell me there will be a recording of the phone call and as far as I'm concerned that constitutes a verbal contract, so let's see how we go...

Tibbledom

See

http://www.fscs.org.uk/industry/publications/press_releases/

"The sending of some ISA certificates has been delayed after scheduled pre print testing identified an issue in relation to certificate data. This issue was relevant to a small proportion of the certificates and has now been resolved. For some people this has resulted in their ISA certificates arriving later than FSCS originally planned and FSCS apologises for any inconvenience. FSCS is sending out ISA certificates to more than 9,000 Icesave customers this week and more than 50,000 certificates in the next week. UK Icesave customers will be able to use the certificates to open new ISAs by 5 April 2009 without losing their tax status."

KingL

I have just received a standard letter and form from Halifax which (sometimes tacitly) supports the views that

- you can pay Icesave transfer funds in before you receive the certificate
. (& they will pay interest on the funds from the date they receive them)
- Halifax will accept part-transfers in from Icesave
- there is some kind of rate guarantee from the point of opening the account
- a variable rate account is used (temporarily) as part of the account opening procedure

They still seem confused about what period you have to provide the certificate.

I'll scan it in later on.

---

edit: here they are

Letter

Form

.

drsue_2

Have just spoken again - according to this chap it is an ISA promise (from any provider) for transfers that you get the rate for 60 days after you open it!
Confirmed 60 days for cert and funds.
He also confirmed branch staff don't know what they're doing!

Stompa

drsue wrote: »

...according to this chap it is an ISA promise...

Thanks for that. Thought I'd try a quick Google for "ISA Promise" and discovered this:

http://www.hbosplc.com/media/pressreleases/articles/halifax/2008-08-27-TheHalifax.asp?section=Halifax

Good to see it in writing at last!

KingL

Nice ......