Icesave ISAs

jangor_2

I know my query is similar to the previous question but here goes. I understand that my ISA (£2000) is to be refunded back into my bank account and I assumed I could then apply for another ISA but I have been told I am not allowed to do this (by EGG) and must wait until the next tax year. If this is correct, what can I do with this money (apart from spending it!)

Thankyou.

climbgirl

I think this is true in Egg's case - their ISA doesn't allow transfers in. So you can't open their ISA until the next year (assuming you've funded one this year already).

You need to find a provider that allows transfers in and use their normal transfer form. I was told this morning by Scottish Widows that I could open an account and just write "Icesave transfer in" on the previous account details bit, wait for the money back, then send them a cheque and the ISA certificate.

However in light of the rate cut today, it's probably best to let the dust settle and see what the best rate is afterwards.