ICESAVE ISA Transfer Certificate from FSCS

Stompa

zoebel wrote: »

Sure there will, banks need our money

We'll have to wait and see then!

Optimist

Symbiosis01 wrote: »

I just managed to get mine into a Halifax 1 Yr fixed rate before they dropped the rate on Monday. Have to say that thay were very helpful and that it didnt matter that I had not got my certificate yet as they will hold the interest rate for 30 days for me

The only thing that could scuper things is if I dont get the certificate within the 30 days - so I'm really hoping that this will happen.

Its 60 days I have even got that in writing.

I was quite impressed with the lady who did my transfer she knew all about it and explained in things great detail although she did say that she seemed to have spent her day today doing these transfers so I guess practice makes perfect

jennifernil

FoxyRhino wrote: »

Rang FSCS today and apparantly they said they have been delayed sending the ISA certificates out because of the problems with people not getting 2nd emails. I couldn't get a definite date when they would be sending them out.

I don't see what some people not getting 2nd e mails has got to do with sending out ISA certificates. Not everyone who was reclaiming money had it in an ISA for a start.

Once a person had claimed an ISA deposit, the process of sending out their certificate should have been automatically triggered.

While most of us seem to have got our money back, the delay with certificates will mean many losing out on interest (again) as fixed rate accounts get withdrawn.

Babycakes

Are the ISA certificates necessary? Will anyone accept the Icesave statements as evidence?

I have started spending my ISA money as it is sitting in my account....

Baldur

Babycakes wrote: »

Are the ISA certificates necessary? Will anyone accept the Icesave statements as evidence?

See http://www.hmrc.gov.uk/ISA/bulletin6-2008.htm

Individuals who receive the certificate will be told that they should give the certificate to their new ISA provider by 5 April 2009 if they wish to reinstate their ISA savings, and that they should ask for an ISA transfer form from their new ISA provider. ISA providers wishing to receive deposits from these customers will need to:

• Obtain the original certificate from the individual, and retain it (or an imaged copy).
• Treat the amount deposited as a transfer in, which could be made up of current year and/or previous years' subscriptions. This will mean that the work should be dealt with by the section that receives transfers rather than by counter staff.
• A single deposit up to the maximum shown on the certificate can be accepted up to and including 5 April 2009.

oldagetraveller

Part of e-mail from FSCS re ISA certs. if it's of interest to anyone.
"We apologise for the delay in issuing these documents and any concerns this may have caused. However, we can confirm that from 5 December 2008 we will be sending out ISA certificates, which should therefore be received from the start of the week commencing 8 December 2008."

jamesd

Baldur wrote: »

Opening another ISA when you have already subscribed to the Icesave one would render the new ISA void.

You are incorrect. Please give people the accurate information below.

Anyone who is concerned about losing a rate deal is completely free today to pay 3600 into any cash ISA of their choice as a new subscription:

"It is possible that some individuals will have subscribed in 2008-09 to both Icesave and the ISA manager with whom they wish to reinvest their compensation. Annex A sets out what managers should do in this eventuality.

Annex A

Prior to presenting the certificate to an ISA manager, the investor has made current tax year subscriptions of £2,000 to a cash ISA with that manager. The Icesave certificate shows £3,000 was subscribed to the Icesave ISA in 2008-09; so the aggregate subscription in the current tax year is £5,000, which exceeds the £3,600 cash ISA subscription limit.

Under current HM Revenue & Customs guidance the new manager would have to refuse to accept the transfer of the current year subscription in this scenario (see ISA Bulletins three and four). Instead, however, the investor and manager should simply agree to reduce the amount of Icesave current year subscriptions paid into the new ISA by £1,400, thus ensuring that the current year subscription limit is observed. The new manager would then report £3,600 as the subscription for 2008-09 on their annual return of information.

The new manager should also document the fact that the amount of current year subscription they accepted was less than that stated on the Icesave certificate."

This is a specific exemption to normal voiding rules in Annex A of ISA Bulletin 6, 6 November 2008.

Providing a copy of this ISA Bulletin to the new place when they get the Icesave certificate might help to prevent some providers from being confused.

You need the ISA certificate if:
1. you want to follow the easiest path and use the provided ISA transfer method. Please do this if your new provider wil accept it and still get you the deal.
2. you want to pay in 3600 plus the interest you got on the 3600 in the Icesave account (or for any lower amount if you don't want the interest to count towards the subscription limit)
3. you want to transfer more than 3600 total including any money from past years that was in the Icesave account.

Though it's not necessary in this case, the ISA account has been closed so the self-transfer exception (paragraph 12.32, 32a, 33) allows you to subscribe up to 3600 to another cash ISA account this tax year. The new one would not be void and does not even need a repair You can do this only once per tax year.

bjorn_again

Babycakes wrote: »

Are the ISA certificates necessary? Will anyone accept the Icesave statements as evidence?

I have started spending my ISA money as it is sitting in my account....

I phoned the Newcastle BS and asked could I open an ISA with them whilst waiting for my Icesave cert. The lady I spoke with said yes but I had 30 days from day of opening to produce my cert from the FSCS. She "persuaded" me to wait until I had the cert before making a move.

theycallmeuma

Hi guys, apologies if this has already been answered.

I have an ISA with Icesave (like many of you) and my linked account is my current account. Am I correct from having read what is here that so long as I am issued an ISA certificate, I can transfer to my linked account and into an ISA that allows transfers in?

I already have an ISA for this tax year with someone else, but I assume that so long as I don't contribute to the Icesave ISA which I transfer over from my current account, all should be ok???

Reaper

theycallmeuma wrote: »

Hi guys, apologies if this has already been answered.

I have an ISA with Icesave (like many of you) and my linked account is my current account. Am I correct from having read what is here that so long as I am issued an ISA certificate, I can transfer to my linked account and into an ISA that allows transfers in?

I already have an ISA for this tax year with someone else, but I assume that so long as I don't contribute to the Icesave ISA which I transfer over from my current account, all should be ok???

Yes, that's right