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

ad44downey

Baldur wrote: »

The B&B 1 Year Fixed Rate eISA (Issue 4) @ 6.25% still appears to be available at the moment - no transfers in http://www.bradford-bingley.co.uk/savings/product/one-year-fixed-rate-eISA-issue4.asp

Funny that. Becasue they told me on the phone today that I could transfer my entire Icesave ISA balance, over £20k, into it

Baldur

ad44downey wrote: »

Funny that. Becasue they told me on the phone today that I could transfer my entire Icesave ISA balance, over £20k, into it

See their Ts & Cs - http://www.bradford-bingley.co.uk/_img/savings/eISA_Issue4_TermsConditions__B20808.pdf

4.4 Transfers In
4.4.1 Transfers in are not allowed during the Account Term.
4.4.2 After the Account Term you can request the balance of existing cash ISAs held in your name to be transferred into the Account. Such requests must be made in writing using the dedicated ‘Transfer In’ form on the web-site. Your transfer in will be managed by the Bradford & Bingley eSavings unit on your behalf.

anniebeetham

chardir wrote: »

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.

Also in the same boat - with ICESAVE compensation in my SMILE account, but I've just spoken to NatWest and they say that because the ISA account (with ICESAVE) is no longer active, it's not possible to transfer the whole amount.

Baldur

anniebeetham wrote: »

I've just spoken to NatWest and they say that because the ISA account (with ICESAVE) is no longer active, it's not possible to transfer the whole amount.

You will have to wait for the ISA certificate from the FSCS, which shows the tax-free status of your Icesave ISA funds, transfer should then be accepted by any ISA manager which accepts inward transfers.

gowgowuk

I wonder how long the FSCS ISA certificate will be valid for. Having now an EGG savings account fixed for a year at 6.3% (5.04% after tax), it could be a better deal to leave my money there rather than transferring to a new lower % ISA...

Baldur

gowgowuk wrote: »

I wonder how long the FSCS ISA certificate will be valid for....

Until 5th April 2009 - http://www.fscs.org.uk/FAQ/Icesave_FAQs/:

32. Will I lose the tax status on my ISA?
The money you held in your ISA will not lose its tax-free status if you follow this process. An ISA certificate will follow by post to allow you to reinvest that sum in an ISA with another provider by 5 April 2009. You should receive your ISA certificate within 2 weeks of claiming compensation using the electronic process and you will have to give this certificate to your new ISA provider when you open your ISA with them. You should ask for an ISA transfer form from your new ISA provider

AbbieCadabra

Norton_Blade wrote: »

I received the money back into my linked account this morning. I have all the forms ready to go back to Scottish Widows to open a new ISA but I don't know whether to wait until I get the certificate from the FSCS or just pop a letter in with my application and transfer form just explaining what the craic is and saying I'll get the certificate to them asap? I still have some ISA allowance left for this year so am I fine to now subscribe to this "new" ISA for my remainder as it will be the only ISA I have active?

I don't want to lose interest but then again, I don't want them to kick up a fuss and start losing cheques.

Advice and a friendly push would be useful

i'd queried this with Scottish Widows & was told the usual application form, transfer request & another document relevant to Icesave would be sent out to me. would be no problem opening a cash isa with them & just send the certificate when it was received later.

sounds easy eh? i'm still waiting for my application forms etc a week later...:rolleyes:

Norton_Blade

AbbieCadabra wrote: »

i'd queried this with Scottish Widows & was told the usual application form, transfer request & another document relevant to Icesave would be sent out to me. would be no problem opening a cash isa with them & just send the certificate when it was received later.

sounds easy eh? i'm still waiting for my application forms etc a week later...:rolleyes:

I rang them this dinner time and was just about to report back. The very nice chap told me a similar thing. To fill out a transfer form and write a cheque out for your ISA amount as well as the application form. He never mentioned another form but I guess they'll send that through when they've got the other stuff.

As for the application and transfer forms, I downloaded them from their site (and printed them out at work of course )

e-Cash ISA form: http://www.scottishwidows.co.uk/documents/bank/47916.pdf

Transfer form: http://www.scottishwidows.co.uk/documents/bank/47116.pdf

fullstop

Had a look on Scottish Widows web site, loads of 0845 numbers which they falsely claim to be "local rate" there is also a ring back service which says "We won't make calls to premium rate numbers or international numbers" but have a interest rate line starting with 0870.:rolleyes:

Norton_Blade

fullstop wrote: »

Had a look on Scottish Widows web site, loads of 0845 numbers which they falsely claim to be "local rate" there is also a ring back service which says "We won't make calls to premium rate numbers or international numbers" but have a interest rate line starting with 0870.:rolleyes:

Work have paid for my phone call