Anyone had an ICESAVE transfer accepted by a new bank without opening 07/08 ISA?

MuddledOfMiddlesex

Hello there,
I've tried doing several searches and couldn't find a thread devoted to this and I thought it might be helpful - apologies if I have missed a thread.

Like many ICESAVErs I've just been unfrozen and am waiting for the money and my ISA certificate. But I am really struggling to find a provider who will accept a transfer without opening a new subscription for this year - which I can't do as I have already opened an ISA for this tax year with First Direct (why oh why did I do that? doh!).

I know from reading other threads that in theory one can do this but I haven't yet been able to find a provider - have called NatWest and Scottish Widows and both said I couldn't do this until next April as I won't be opening a new cash ISA.

Has anyone been accepted by ISA providers on this basis? Perhaps we could have a list? Then all in this position can call and explain this has happened. I do think time is of the essence here as the deals are disappearing every day which is why I've set up this thread, hope that's OK and again, sorry if I have missed a specific thread on this.

MoM:rolleyes:

Baldur

I've had Cash ISA transfers (with no new subscription involved) accepted in the past by:

• Manchester Building Society
• Lloyds TSB
• Alliance & Leicester
• Julian Hodge Bank
• Nationwide Building Society

MuddledOfMiddlesex

Thank you, Baldur. Very useful!

Thomas_Crown

MuddledOfMiddlesex wrote: »

Like many ICESAVErs I've just been unfrozen and am waiting for the money and my ISA certificate. But I am really struggling to find a provider who will accept a transfer without opening a new subscription for this year - which I can't do as I have already opened an ISA for this tax year with First Direct (why oh why did I do that? doh!).

I know from reading other threads that in theory one can do this but I haven't yet been able to find a provider - have called NatWest and Scottish Widows and both said I couldn't do this until next April as I won't be opening a new cash ISA.

I phoned Scottish Widows early last week & they say that they accept transfers in, ie. ISA money from previous years. They require a completed application form, the FSCS ISA Certificate & your cheque.

I got my money back two weeks ago, tomorrow & still no ISA certificate. Has anyone received their certificate, yet?

Icesaver

MuddledOfMiddlesex wrote: »

Hello there,
I've tried doing several searches and couldn't find a thread devoted to this and I thought it might be helpful - apologies if I have missed a thread.

Like many ICESAVErs I've just been unfrozen and am waiting for the money and my ISA certificate. But I am really struggling to find a provider who will accept a transfer without opening a new subscription for this year - which I can't do as I have already opened an ISA for this tax year with First Direct (why oh why did I do that? doh!).

I know from reading other threads that in theory one can do this but I haven't yet been able to find a provider - have called NatWest and Scottish Widows and both said I couldn't do this until next April as I won't be opening a new cash ISA.

Has anyone been accepted by ISA providers on this basis? Perhaps we could have a list? Then all in this position can call and explain this has happened. I do think time is of the essence here as the deals are disappearing every day which is why I've set up this thread, hope that's OK and again, sorry if I have missed a specific thread on this.

MoM:rolleyes:

I phoned Northern Rock yesterday with same query they told me to send application form, transfer form quoting Icesave compensation as old ISA account ,the certificate we'll be getting fron FSCS and a personal cheque for the amount.

I asked if I could open the account with zero balance in readiness as I'm after the fixed rate account but was told I can't and that ISA could be pulled anytime.

The rep I spoke to was confident in her manner so I don't doubt what she was saying was true. I explained I'd already used this years allowance with Icesave, but she said that was OK to open a new account this tax year but it needed funding immediately, so zero balance option is no go.

Hope this helps your query.

MuddledOfMiddlesex

Thanks Icesaver and Thomas Crown. The Scottish Widows man sounded very confident when I spoke to him and I couldn't quite face trying to argue it through. The whole Icesave thing has been so exhausting...

I have a current account with Halifax and last night spoke to a helpful woman who opened me up an ISA there for transfer, with a note that as soon as the money comes into the account it will changed into a fixed rate ISA at 4.75 which I thought was a reasonable rate considering further expected interest rate cuts coming soon.

This whole experience has made me less certain about shopping around and interest rate chasing and while I appreciate that the Halifax and its other brands aren't the most secure of our banks, at least they have branches for me to go and protest outside without having to buy a ticket to Rekjavik. And of course I'm not going over £50K.

If anyone had told me this time last year that we'd be having these discussions, I'd never have believed them.

anniebeetham

Thomas_Crown wrote: »

I phoned Scottish Widows early last week & they say that they accept transfers in, ie. ISA money from previous years. They require a completed application form, the FSCS ISA Certificate & your cheque.

I got my money back two weeks ago, tomorrow & still no ISA certificate. Has anyone received their certificate, yet?

Like you - I have my Icesave ISA funds sitting in my SMILE account but as yet no FSCE certificate - heigh ho! When the time comes I don't know whether to keep pursuing the best deal or settle for old fashioned safety of building society with (probably) lower rate. :undecided

Reaper

MuddledOfMiddlesex wrote: »

have called NatWest and Scottish Widows and both said I couldn't do this until next April as I won't be opening a new cash ISA.

The person you spoke to at Nat West is wrong. I started a cash ISA transfer from Icesave to them without a new subscription. They tried to do the transfer but it failed because Icesave went belly up before it completed. They now say I just have to send them a cheque and the certificate to complete the transfer. No need to do a new subscription.

Icesaver

anniebeetham wrote: »

Like you - I have my Icesave ISA funds sitting in my SMILE account but as yet no FSCE certificate - heigh ho! When the time comes I don't know whether to keep pursuing the best deal or settle for old fashioned safety of building society with (probably) lower rate. :undecided

I'm hoping to bag a fixed rate with Northern Rock for 3 years. OK if rates go up I'll be kicking myself, but at least It'll stop me looking for the best rate every couple of months!

Pastyman_2

It's been frustrating waiting for the compensation - and now it's more of the same waiting for the certificate with the possibility of rates dropping.
I've contacted NatWest and Scottish Widows who both seemed to understand the situation and are ready and waiting in the wings. But it probablty depends on who you speak to.

j26

What a mess....my OH received his ISA credited on 17th November but no certificate to date. My money on it's way at last but not in bank account to date. Problem is does the money have to be kept in same bank as the transfer? We have moved it sideways into linked savings account which is giving no interst on some of the deposit. When my refund arrives the problem will get worse.

I'm not a taxpayer anyway so I could get more interest in a savings account somewhere else but would lose ISA status for the future if I become a tax payer.

There seems little advice and I'm sure we all want to just get on with our lives after this fiasco. How safe is HBOS if I invest with them?

Having said all that I'm extremely relieved to get the money back from Icesave.