ICESAVE ISA - When I get my money back...

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
28 replies 3.7K views
Incredible-plodIncredible-plod Forumite
29 Posts
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
When I eventually get my £3200 back from Icesave can I invest it in another ISA even though I already have one?

i.e I had First direct ISA and Icesave ISA and invested £3000 in each, £6000 total.

Now Icesave is no more can I put my Icesave money back into another ISA with another company despite having used £6000 of my £7200 yearly allowance opening the other two?
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Replies

  • StompaStompa Forumite
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    When I eventually get my £3200 back from Icesave can I invest it in another ISA even though I already have one??

    I believe so, the email we are supposed to receive next week will hopefully explain exactly how this will work.
    i.e I had First direct ISA and Icesave ISA and invested £3000 in each, £6000 total.

    Presumably the FD ISA is a stocks & shares one?
    Stompa
  • BaldurBaldur Forumite
    6.6K Posts
    Not quite clear what you are saying here, perhaps you could clarify.

    Were your First Direct & Icesave Cash ISAs opened in different tax years?

    You don't have a £7,200 annual Cash ISA allowance - the allowance is a maximum of £3,600 into ONE Cash ISA per tax year.

    £7,200 is the maximum combined Cash ISA/Stocks & Shares ISA allowance.
  • Hi there - I have a similar question relating to an ISA I set up last year with Icesave. When the money comes back over the next few weeks can I put that (transfer) into a Natwest ISA even though I also have an HSBC e-ISA for this year?

    I assume that if it keeps its tax free status then there should be no problem?
  • BaldurBaldur Forumite
    6.6K Posts
    reidtom wrote: »
    Hi there - I have a similar question relating to an ISA I set up last year with Icesave. When the money comes back over the next few weeks can I put that (transfer) into a Natwest ISA even though I also have an HSBC e-ISA for this year? I assume that if it keeps its tax free status then there should be no problem?
    There should be no problem - hopefully the forthcoming e-mail from the FSCS will give clear information about the continuing tax-free status of former Icesave ISAs and the transfer process.
  • Thanks for that.
  • I'm starting to panic, no to rephrase been pulling my hair out over the Icesave ISA refund/compensation for weeks. I am leaving the country on a trip of a lifetime (while I can) in 2 weeks. The Cheque? is supposed to arrive in our linked bank but in what form, will it still be in a tax free wrapper? How do I sort things after 2 weeks when I'm not in the UK? I cannot pre open another Isa as I've used all my tax free allowance this year. I cannot put £1 in.:mad:
    I have asked a few ISA providers, they say the initial application becomes void if you don't put money in 30 days. If the whole fiasco is not sorted out very very soon I might be up !!!!!! creek and loose out 5 months of interest, as thats how long I will be away. The whole Iceland dealings (because I'm in KE too) has took all the pleasure out of going away and what should of been a positive change of life for me. It has filled me with worry of the financial loss of money I needed to survive during my trip.:mad:
    Someone said put someone on a power of attorney but can they sort my ISA:confused:
  • BruceyBonusBruceyBonus Forumite
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    When one ISA provider transfers money to another, they send a certificate with the cheque to confirm the money is an ISA from a specific year/s.

    I would have thought that the FSCS/HMRC will be sending something similar to this to allow people to reinvest their money.
  • bryanbbryanb Forumite
    4.9K Posts
    Transalper wrote: »
    I'm starting to panic, no to rephrase been pulling my hair out over the Icesave ISA refund/compensation for weeks. I am leaving the country on a trip of a lifetime (while I can) in 2 weeks. The Cheque? is supposed to arrive in our linked bank but in what form, will it still be in a tax free wrapper? How do I sort things after 2 weeks when I'm not in the UK? I cannot pre open another Isa as I've used all my tax free allowance this year. I cannot put £1 in.:mad:
    I have asked a few ISA providers, they say the initial application becomes void if you don't put money in 30 days. If the whole fiasco is not sorted out very very soon I might be up !!!!!! creek and loose out 5 months of interest, as thats how long I will be away. The whole Iceland dealings (because I'm in KE too) has took all the pleasure out of going away and what should of been a positive change of life for me. It has filled me with worry of the financial loss of money I needed to survive during my trip.:mad:
    Someone said put someone on a power of attorney but can they sort my ISA:confused:

    The internet is worldwide.
    This is an open forum, anyone can post and I just did !
  • ScarletBeaScarletBea Forumite
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    I was wondering the same thing, but from everything I've read, we will be allowed to put our Icesave ISA money into another ISA account without loss of the tax-free situation.

    Just to be on the safe side, I've just gone to my bank (Natwest) and opened a cash ISA with zero balance, and the customer service lady said that once I receive the instructions from the FSCS, then I'll go back and we'll see how to transfer the money properly there - since I'm not sure if the totality of our icesave money will be transferred in bulk to our nominated account.
    Being brave is going after your dreams head on
  • The internet is worldwide.


    Sorry, I should have mentioned where I'm going.
    I'm off to places that don't all have telephones let alone internet. I'm going backpacking to S E Asia. Some of the towns may now have internet cafes/shops or there may be wifi. But it's well known about the security problem with keyloggers and wifi bandits and carrying a laptop or mac would just be more potential thief fodder.

    I guess I will have to wait until the next episode of info comes via FSCS on Monday but if they don't include full details of the ISA transfer then I could be stuffed.:eek:

    The reason I'm getting impatient is, as well as the ISA, I have tried to tranfer most of my savings out of K. Edge, once on 17th, the result;- not even logged. 2nd time on 24th, result;- still waiting for my money now even after many phone calls and promises tby them to give it "special attention":mad:
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