IceSave to Nat West ISA transfer news

sly_dog_jonah

Has anyone received their icesave/FSCS ISA certificate yet? How long after receiving your ISA funds in your linked account did the certificate arrive?

I'm in same boat with the above letter, although I've already got another ISA transferred into Natwest so the bonus has already started on the account. I presume a second transfer (from icesave) won't extend the bonus beyond 12months :rolleyes: At least I will be able to invest next year's allowance in the account too.

Reaper

Nobody has got their ISA certificate yet, but you should get it within 2 weeks of receiving the money.

Lou-Lou_6

Well the FSCS website says that you should receive your ISA certificate within 2 weeks, but I received my 2nd email (and transferred my money back to my current account) 2 weeks ago and haven't received my certificate, so I phoned the FSCS and they advised me that I may not receive it until the end of December!

Reaper

End of December!! That would be about 2 weeks after the last person gets their money. Not what they have been saying up until now. I hope the person you spoke to was mistaken.

Stormy

Hmm if thats the case, is it ok to transfer my ISA cash that I get back from the FSCS to a high interest savings account and then back to my current account when I want to transfer the ISA after I get the certificate?

Baldur

Stormy wrote: »

Hmm if thats the case, is it ok to transfer my ISA cash that I get back from the FSCS to a high interest savings account and then back to my current account when I want to transfer the ISA after I get the certificate?

Why not? Presumably the amount of funds contained in the Icesave ISA will be specified in the certificate, so the limitation would be that you will only be permitted to pay that amount into your new ISA provider's account.

ywu_2

Absolute incompetence! My experience of RBS/Natwest has been so terrible of late that I'm seriously considering going elsewhere with my icesave money, despite their excellent interest rates for transfers.

I too originally went to Natwest and walked out in disgust as I waited an hour to be seen only to see a succession of staff leave for breaks and lunch with queues out the door. I went to the RBS branch down the street knowing they had the same ISA product, being from the same parent company.

I got my account sent up there, filled in the ISA transfer forms and got them back a few weeks later as I too was caught in the icesave debacle mid-flow.

Now, the thing is, my wife did the same thing with RBS a week after me. She had the whole transfer rejection too so we both just waited for the FSCS emails to arrive, which they now have. She has received the letter from RBS telling her how to deal with the certificate process and where to send everything, but I've not received anything despite having the account set up earlier. Contacting RBS' direct banking number, they say they don't know anything about it and that I should contact the branch. The branch don't know anything about it and say I should fill in ISA transfer form, and by-the-way, "who are icesave?" (I'm paraphrasing).

There's no contact number with the Central Tax Unit letter so there's nowhere to turn with this organisation!

I had forgotten how bad high street banking was having been cossetted by FD and Internet banks such as Icesave and ING over the years! And don't get me started on the whole card reader thing too....

So this is the new world, I think. Choose high interest for high-risk and poor service or low interest for safe and good service.

COCO

Natwest more like Natwaste of time, just recieved £25 compensation from them for numerous !!!! ups, they have no idea about there own products never mind knowing who Icesave are!.

I also have a ISA with them, set up ready for my compo from FSCS but I think I will deposit it elsewhere, prehaps @ Stella bank plc?.:beer:

efunc

given that it may take another month to receive this FSA ISA certificate do you think it would be a bad idea to open a 'new money' ISA now (even though I've already reached my 08/09 limit) and then when the Inland Revenue give me a grilling at the end of the year produce the Certificate and tell them it was their incompetence that caused this in the first place?

riad_2

Certificate received this morning... writing out my cheque to Natwest now.

Should be interesting to see how smooth this whole process is going to be!!

Update: Sent the cheque and certificate to the address in the previous posts (along with a covering letter with my Natwest ISA's sort code and account number)... and voia, 4 days later the money was out of my current account and in my ISA! Amazingly smooth, and hence would recommend no-one bothers battling it out with the branches, and instead send their cheques and certificates directly to the ISA Centre.