Clarity on ISA transfer from Icesave to another bank/building society

realaledrinker

Went into the local YBS branch today. A circular has been sent to all branches informing them that customers can BACS their Icesave ISA compo into an eISA account without a problem & should fax/send in their certificates in once received.

Seems at least one financial institution is on the ball anyway.

Baldur

realaledrinker wrote: »

Went into the local YBS branch today. A circular has been sent to all branches informing them that customers can BACS their Icesave ISA compo into an eISA account without a problem & should fax/send in their certificates in once received.

Seems at least one financial institution is on the ball anyway.

That's good to hear.

~Chameleon~

For those who managed to open the BM FRISA @ 6.15% before they withdrew it, I've spoken to their ISA dept and they are fully aware of the situation. They assure me that there will be no problem transfering the Icesave ISA as long as we send a cheque along with the certificate issued by FSCS as soon as we receive it.

What I forgot to ask is whether it would be possible to deposit additional funds either at the same time or any time afterwards. I've not yet subscribed to this year's ISA allowance so my transfer will be from previous tax year's ISA's

Baldur

~Chameleon~ wrote: »

What I forgot to ask is whether it would be possible to deposit additional funds either at the same time or any time afterwards. I've not yet subscribed to this year's ISA allowance so my transfer will be from previous tax year's ISA's

Suggest that you do so, ASAP.

If so, I suspect that they would want all of the funds either at the same time (or prior to) the the arrival of the transferred Icesave ISA funds.

~Chameleon~

Baldur wrote: »

Suggest that you do so, ASAP.

If so, I suspect that they would want all of the funds either at the same time (or prior to) the the arrival of the transferred Icesave ISA funds.

I did ask whether I needed to deposit any money prior to the transfer to open the account but was told no that wasn't necessary, just send the cheque etc. I'm undecided what to do about this year's allowance yet as the amount I have ear-marked might have to be used to clear a stooze card in March if I can't get a repeat deal or new 0% BT card, so don't want to commit it to a fixed account yet

Baldur

~Chameleon~ wrote: »

I did ask whether I needed to deposit any money prior to the transfer to open the account but was told no that wasn't necessary, just send the cheque etc. I'm undecided what to do about this year's allowance yet as the amount I have ear-marked might have to be used to clear a stooze card in March if I can't get a repeat deal or new 0% BT card, so don't want to commit it to a fixed account yet

Unusually for a fixed rate product, their Ts & Cs don't appear to specifically prohibit further deposits after the opening one but there is a 'catch all' clause:

2. We may limit the amount which may be withdrawn from or paid into your account if we think that it is necessary in order to protect our business interests as a whole, or to comply with any court order, legal requirement or request from a regulator to which we are subject.

~Chameleon~

Baldur wrote: »

Unusually for a fixed rate product, their Ts & Cs don't appear to specifically prohibit further deposits after the opening one but there is a 'catch all' clause:

I've been thinking about this and surely it wouldn't make sense to restrict deposits, at least until you'd fulfilled the maximum allowance, as you're not allowed to subscribe to more than one ISA in a single tax year

I guess they would be within their rights to refuse future deposits if no contribution had yet been made in the current tax year though. Think I will call them tomorrow to clarify this and if necessary I'll deposit the minimum £1 necessary if it will ensure I can put more money in before 05 April '09

~Chameleon~

Just spoken to BM's ISA dept and there's no restriction to depositing 2008/2009 funds in the fixed rate account right up until next April, subject to a maximum £3600 of course

Baldur

~Chameleon~ wrote: »

Just spoken to BM's ISA dept and there's no restriction to depositing 2008/2009 funds in the fixed rate account right up until next April, subject to a maximum £3600 of course

Excellent news!

chardir

Icesaver wrote: »

Had to wait a few days for my reply..they obviously needed to think about this one!

The best thing for you to do is complete an ISA application now, then when you receieve your ISA funds the transfer can be made more or less straight away.

When you receive your welcome pack from smile, there will be an ISA transfer letter included. Please complete this, then when you receive your ISA funds please send the form to us at: Once we receive this we can then transfer the funds to your smile ISA.

Should be easy???

OK Interest rate not as good as elsewhere but noticing other rates have dropped recently and NR fixed rate now only 5% So might not be that bad after all

I'd be interested to see how this turns out. I'm in the same situation with my Icesave compensation coming to my Smile current account. If it's quick and easy to get the money into a Smile ISA then I can use the normal transfer process to move to Natwest without having to negotiate clueless branch staff.