Where to put ICESAVE returned ISAs?

beardylondon · 6 November 2008 at 6:04PM

Please just simple short replies, where is the best equivalent account for my ICESAVE ISA when I get it back?

thanks.

neil324 · 6 November 2008 at 6:16PM

Been looking myself today. You can't open something now and wait for your money, you need to get that first plus the certificate then look what is around then.

chardir · 6 November 2008 at 6:17PM

Given today's BOE rate cut the ISA market will be completely different by the time you get your Icesave money (and certificate by post).

climbgirl · 6 November 2008 at 6:18PM

neil324 wrote: »

Been looking myself today. You can't open something now and wait for your money, you need to get that first plus the certificate then look what is around then.

I was told by Scottish Widows that you can open today and wait. They're aware of the situation and I was told to write "Icesave transfer in" on the form instead of the standard account details for your old ISA. They'll open the account, then you send them a cheque and the ISA certificate when you get it and away you go.

Ring the providers to check the procedure for each bank.

Bank saving rates will almost certainly fall in the coming weeks so it might be better to wait a bit and see which account comes out on top.

chardir · 6 November 2008 at 6:19PM

neil324 wrote: »

Been looking myself today. You can't open something now and wait for your money, you need to get that first plus the certificate then look what is around then.

You can open something now IF you haven't used your full £3600 allowance for this year, but unless you can get a fixed rate it's probably prudent to wait.

MrExample · 6 November 2008 at 6:38PM

climbgirl wrote: »

I was told by Scottish Widows that you can open today and wait. They're aware of the situation and I was told to write "Icesave transfer in" on the form instead of the standard account details for your old ISA. They'll open the account, then you send them a cheque and the ISA certificate when you get it and away you go.

Ring the providers to check the procedure for each bank.

Bank saving rates will almost certainly fall in the coming weeks so it might be better to wait a bit and see which account comes out on top.

I was considering doing this with another provider: open an account and then send in a cheque when you've got the money. B&B allow 14 days. Not sure if we'll have the money by then though. :-)