ICESAVE ISA Transfer Certificate from FSCS

Newly_retired

I have just rung Scottish Widows and they said the ISA rate is dropping to 3.1% next Monday, including those who have already set up accounts, not just new savers or new Icesave transfers.
Apart from that gloomy news, the guy was very helpful and confirmed they will accept a cheque from the current account + details of the Icesave ISA and we can send the certificate when it arrives.

mickW_2

Best ISA deal is the 1.75% bonus with RBS and NatWest but they will not allow you to start the account until you give them the ISA certificate by which time the offer could have been removed and certainly the basic rate reduced probably on 1st December 2008 when most banks are likely to slash interest rates. Retired people who rely on the interesdt on their dosh should have oped up fixed rate accounts before the cuts but anyone with icesave isa's are up the creek I would say. Missed the boat. I reckon Kent Reliance might be the best bet for anyone still not decided what to do with their iSA if RBS / Nat WEst have removed their offer by the time the FSA decide to send out the certificates. In the meantime I advise everyone waiting to transfer their dosh into another savings account if they have one until the cert arrives then deal with it.

Newly_retired wrote: »

I have just rung Scottish Widows and they said the ISA rate is dropping to 3.1% next Monday, including those who have already set up accounts, not just new savers or new Icesave transfers.
Apart from that gloomy news, the guy was very helpful and confirmed they will accept a cheque from the current account + details of the Icesave ISA and we can send the certificate when it arrives.

AbbieCadabra

3.1% !!

bloomin heck, i'm not doing anything about now. i've had a belly full of isa's this year & just want to forget about them.

i think perhaps us icesavers should just forget this year & look forward to grabbing a better offer in 09/10!

Baldur

AbbieCadabra wrote: »

3.1% !!

bloomin heck, i'm not doing anything about now. i've had a belly full of isa's this year & just want to forget about them.

i think perhaps us icesavers should just forget this year & look forward to grabbing a better offer in 09/10!

Probably not an option for anyone with significant ISA funds in Icesave, as they would lose the tax benefits if not subscribed to a new ISA provider before 5th April.

AbbieCadabra

yes, sorry, i didn't mean forget them completely! best to open up a new one when possible, so not to lose tax benefits. but, hunting around for a 'good deal' is over for me this tax year...sigh.

Stompa

Presumably the certificate provided will allow us to transfer to a stocks and shares ISA? I'm beginning to wonder if that might be a better bet.

surftime54

AbbieCadabra wrote: »

scottish widows - i was sent cash isa application, isa transfer request & an additional form to confirm icesave a/c info.
...

Hi I have just called Scottish Widows to Open up a new e cash isa to transfer my (hopefully about to receive) money from cash isa with Icesave.

Scot Wid said that they would not be able to accept money into the new isa account until the isa certificate was made available.

You can open the account however in the meantime - its just that you wont be able to put any money into it until you get the certificate through.

Does anybody know if any other bank is accepting cash transfers without the certificate being produced first or at same time as cheque?

Cheers

AbbieCadabra

thanks for the update

arrggghhhh! that's NOT what i was told!

i KNOW i asked about the funds being paid in before the certificate was available & i was told that would be no problem...

*gives up*

Optimist

I doubt if any bank would accept the money without the certificate of tax free status. It would just be an administrative nightmare trying to tie things up after they had taken the money.

Vectra

Surely if you have used up allowance for this year and it is in Icesave ie £3600,then it should be ok to start with another provider as a new application.Icesave gone bust Isa null and void money returned bung it in another Isa acct if you ever get a cert put that with it as well We shall not be defrauding inland revenue it is not our fault Icesave went bang