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

Moomin

I am still confused. I have found a decent fixed rate ISA which accepts isa transfers. I have just received my Icesave 2nd email.
Do I initiate the process to put the funds into my current account?
or will the transfer process for the new isa move the funds from Icesave to the new ISA???
As I understand it, the ISA transfer process requires details of the ISA account - do I provide the Icesave account details, or my current account details?

Bit confused here!

Or do all claims have to be processed and funds put into the specified linked accounts, before anything can move forward?

Baldur

Moomin wrote: »

Do I initiate the process to put the funds into my current account?

Yes - then wait for the ISA Certificate from the FSCS.

As I understand it, the ISA transfer process requires details of the ISA account - do I provide the Icesave account details, or my current account details?

The Icesave Cash ISA account details.

Or do all claims have to be processed and funds put into the specified linked accounts, before anything can move forward?

As above.

cottager

Just thinking about what seems to be widespread confusion among banks/BS about these Icesave ISA transfers, and the conflicting things people are being told.

In particular the notion of producing your own transfer certificate and the money coming from a personal account instead of another provider seems to be a stumbling block they can't get their heads around. Many are also telling us it will be fine to open an account with zero funds and send the certificate/cheque on later, while others are being told something completely different (even from the same institution).

It seems to be especially difficult as in many cases we're trying to establish 'at a distance' what the procedure will be and what we must do, such as with an online provider.

So here's what may be a nonsensical and impractical thought -- feel free to pick holes!

Could it be simpler in the long run, in the first place, to open an account with the best of the bunch in our nearest town -- a branch ISA -- where we can physically take in the application, the all-important certificate, ID required and our cheque, and open it in person.

For branch staff, in terms of the FSCS certificate we will have, seeing would surely have to be believing, and they would have to accept and deal with it there and then?? -- possibly after a few phone calls to HQ for advice when, faced with the physical evidence, if they know nothing about it!

For our part, the object of the exercise would only be to get the funds back into the ISA 'system', safely in the tax-free wrapper, as quickly as possible.

Once that's achieved everyone (we and they) are back on familiar territory and the normal rules of transferring ISAs apply.

So, once the account is open and the funds are back in the ISA vehicle, we smartly move them on again to whatever final destination we had in mind.

There are problems:
(a) a period when we'd quite likely have a lower rate of interest till the funds reached the ultimate destination choice.
(b) the hassle of transferring on again, and we'd have to be on the ball with that, not to lose out.
(c) the risk that rates would not be as attractive by the time we could move the money on. What could it be by the time the cheque had cleared etc -- maybe 2 or 3 weeks?
Oh, and maybe Icesavers queueing at local branch offices trying to do something similar!

It's obviously less than ideal, but in view of the apparent confusion I just wonder if in some respects this route could be worth considering??

dennison7

I'm 2 1/2 months into attempts to get my ISA transfer into Llloyds TSB. Three branch visits, two phone calls and two letters - and they still don't understand what happened to Icesave (including the Branch Manager).

They've had my Reinstatement Certificate since 2 April, together with an authortity to transfer the money from my current account, and all I get is ' we are waiting for your current provider to transfer', or 'hopefully, it will be resolved within the next week'.

In the meantime, I've lost around £150 in interest!

What the hell can I do????

Paul_Herring

dennison7 wrote: »

I'm 2 1/2 months into attempts to get my ISA transfer into Llloyds TSB. Three branch visits, two phone calls and two letters - and they still don't understand what happened to Icesave (including the Branch Manager).

They've had my Reinstatement Certificate since 2 April, together with an authortity to transfer the money from my current account, and all I get is ' we are waiting for your current provider to transfer', or 'hopefully, it will be resolved within the next week'.

In the meantime, I've lost around £150 in interest!

What the hell can I do????

Hmm - complain. I had no problem whatsoever getting my IceSave ISA into LTSB. That said I used a city branch, where they probably have some clue.