ISA set up before certificate

jennifernil

square-eyes wrote: »

I think the dual date confusion is because this is a transfer of an existing ISA. You have set-up the account and have 30 days to prove ISA status with a certificate. You then have 30 days after verification to fund the account. I expect you will only start to acrue interest from the day they recieve funds so I would not leave it too long to get your money in there.
I'm doing the opposite. I have the funds which I am transferring immediatly to get the 5%. I have 30 days to prove it is a valid ISA with the certificate.
Hope this helps.

At present I have my and OH's funds in a fixed rate account earning 6.5%, so am not in any real hurry to transfer them to a 5.5% ISA as I am not a tax payer! However we would like to maintain the ISA status as I will become a tax payer in the future.

My main gripe is that neither of us were told that they had to have the certificates within 30 days, only that we had 60 days to fund the accounts. It was only when our daughter opened her account this weekend that this came to light.

They were aware that it was an Icesave ISA we were transferring in and that we had not at that point even received our money from the FSCS.

After we had returned the signed paperwork about 2 weeks ago, we got letters asking for the certificates, so I rang them and explained that we still did not have the money, let alone the certificates, this was noted on our accounts. At that point I checked about the 60 days to fund and was assured that this was still the case. Yet again the 30 days was not mentioned.

Vectra

I have rung Halifax myself today.This is what happens as I was told.Open account on the phone you get roll no after giving some details.You can fund this acct (currently 5% fixed for 1 year) by depositing your Isa cash at nearest branch by cheque or by bacs transfer from you bank using the roll no given.and their sort code.
They are aware of the Icesave/Fcsc situation and will look after everything from thereon giving 30 days for certificate to arrive.If not received in that time ring up whereupon another 30 days will be given

I and my wife have opened acct today and will put our returned Icesave money (less enough for a meal out and a good drink) in this week.

jennifernil

So it is just a matter of requesting a further 30 days? That sounds ok if that is the case.
The fellow my daughter spoke to was certain that it was only 30 days, he even went away and checked with someone else. Hmmmm.

Vectra

Apparently Halifax have been assured that 30 days will be more than sufficient for Isa certs to be sent to ex Icesave Isa" victims" by the fcsc

Optimist

Ref the Halifax fixed rate ISA I have it in writing that you have 60 days to fund it and get fixed rate interest

In response to your query I can confirm the following information, which I have verified with a manger from the Savings department.
You can open a Fixed Rate ISA without funding it, you then have 60 days from the day you open the account in which to fund the account with the investment amount showing on your FSCS Certificate and provide this to us. Whilst the account is not funded the interest rate will be guaranteed for 60 days, in line with our ISA Guarantee.
If you require any further information please do not hesitate to respond to me personally.
Alternatively you can visit your local branch or contact our Savings Team on 08457 26 36 46. Our lines are open Monday to Friday 8am-8pm and Saturday 9am-4pm. One of my colleagues will be happy to help.
I trust that this information helps you.
Regards

AbbieCadabra

well, that's good news from the Halifax. sorted if you want a fixed rate then!

Stompa

Does the 1 year start when the account is opened or when it is funded?

Stompa

Stompa wrote: »

Does the 1 year start when the account is opened or when it is funded?

Well having just spoken to them, he thought it was when the account was opened. I was very pleased to find that I could also transfer another ISA (from IF which just dropped to 3.1% today) into the same Halifax fixed rate with the rate similarly guaranteed for 60 days.

hyposmurf

I contacted them again today and they seemed a tiny bit less confused than yesterday.Said I had 30 days in which to fund the account and that I would need to visit my local branch,they cant make any note on my account that the funds are coming from a Icesave ISA.Guess I'll have to do this,anyway my funds cleared today from FSCS.:rotfl:.Just have my certificate to wait for.Halifax also said that I would need to return to the branch with my certificate to have the funds transfered.

Vectra

:beer: :beer: :beer: :T :T :T