ICESAVE ISA Transfer Certificate from FSCS

lewianbra

Am I right that as long as I don't want to put more than 3600£ into an ISA before April (or when precisely?) I don't have to wait for the certificate, can ignore my Icesave history and just open a new ISA with 3600£ somewhere?
Actually with having had only a tiny amount above 3600£ in the Icesave ISA, it seems to be a good option to act quickly and to put a few hundreds of excess pounds into a good internet non-ISA account, right?

Baldur

lewianbra wrote: »

Am I right that as long as I don't want to put more than 3600£ into an ISA before April (or when precisely?) I don't have to wait for the certificate, can ignore my Icesave history and just open a new ISA with 3600£ somewhere?

You can't simply ignore it if you have paid anything into the Icesave Cash ISA this tax year. Opening another ISA when you have already subscribed to the Icesave one would render the new ISA void.

lewianbra

Thanks... hmmm... so whatever I pay in now is added officially to the 3600£ already paid into Icesave this year even though it's the very same money?
This seems a bit strange... it seems to imply that they know that I have already paid 3600£ into Icesave without the FSCS document, but they need the FSCS document to find out that Icesave went bust??

Baldur

lewianbra wrote: »

Thanks... hmmm... so whatever I pay in now is added officially to the 3600£ already paid into Icesave this year even though it's the very same money?
This seems a bit strange... it seems to imply that they know that I have already paid 3600£ into Icesave without the FSCS document, but they need the FSCS document to find out that Icesave went bust??

The HMRC, who audit ISA providers, track them via your National Insurance Number, so will know and will void the new ISA.

dtaylor84

lewianbra wrote: »

Thanks... hmmm... so whatever I pay in now is added officially to the 3600£ already paid into Icesave this year even though it's the very same money?
This seems a bit strange... it seems to imply that they know that I have already paid 3600£ into Icesave without the FSCS document, but they need the FSCS document to find out that Icesave went bust??

It's not the very same money though. If you open a new ISA and pay in £3600 without a certificate, what would stop you from then transferring in another £3600 from this year at Icesave when you got the certificate?

tommyt11

dtaylor84 wrote: »

It's not the very same money though. If you open a new ISA and pay in £3600 without a certificate, what would stop you from then transferring in another £3600 from this year at Icesave when you got the certificate?

Mmm maybe this is why they're being very picky about the transfer-in of funds. The crux is the fact that the transfer-in of funds is not directly from another ISA, but via an intermediate current/savings account. Presumably without this 'iron-clad' bit of paper from the FSCS stating the end balance in your old Icesave ISA, the banks just won't play ball because of risks of fraud etc (there must be people out there devising sneaky ways of scamming from this particular 'unique' situation as we speak)

cwcw

laurel01 wrote: »

Yes me too but they said it could take up to 2 weeks for the certificate to arrive.

I initiated my claims and closed my account 2 weeks ago, but still no certificate.

cwcw

tommyt11 wrote: »

Opened an Alliance & Leicester EasyISA about a month ago in anticipation of my compensation, which finally landed in my current account today. But same story as everyone else - they told me only 3600 could be transferred in from my current account; my explanation about 'what about when I receive a certificate from my now defunct ISA provider, etc' seemed to fall on deaf/dumb ears. It's only been one of the biggest news stories of the past 6 weeks and she didn't seem to know what I was on about. And these people work FOR A BANK...
I can't understand why the wheels were not put in motion for the paperwork side of things by the FSCS weeks ago - why do we have to wait until December for our certificates?!
Fingers/toes crossed...

Bank clerks simply won't understand the situation. I'm not even going to bother trying until I get my certificate so they can see for themselves. It's more trouble than it's worth. As much as it was a big story when there was the doom/gloom angle of people losing money, it quickly became a non-story when it was clear everyone would get their money back, so I doubt people outside of our "Veterans Association" will be aware of the finer details, although people working in banks *should* be, really.

jennifernil

Optimist wrote: »

After reading your post I have just been talking to the Halifax about their their fixed rate ISA. The first girl I spoke to seemed to not even to know who Icesafe were and had to ask a supervisor. Who then said that it couldn't be done DOH!

I then said it could as I knew of someone who had opened one. They put me through to someone in sales who effectively gave me the same information as above. You can open the account but until the certificate come you can not fund it but the rate would remain fixed

So we are going to pop into the Halifax tomorrow and sort it. Whats the betting they dont know anything about it

The moral is to persist I guess !

We have opened Halifax fixed rate ISAs and were told we had 60 days to fund them, which we thought should allow time for the ISA certificate to arrive. We got our money yesterday.

Today I helped my daughter to open the same account, although at a slightly lower interest rate, and she was told she had 60 days to fund, but only 30 days to submit an Icesave ISA Certificate .

When she said we had not been given a 30 day deadline, he checked, but came back and said it was definately 30 days max.

Anyone else had this?

cwcw

Has anyone actually GOT the certificate yet??