Completely confused about IceSave ISA's!!!

Tinks!

Ok, im not sure if i am the only one but i am completely lost about what is happening with the Icesave ISA's!

I hevent received any emails in regards to my ISA but these could of got deleated through my junk mail even though i have been looking out for emails in here.

I have seen threads about getting a certificate from FSCS????

I logged into my icesave account and requested my money and it said that my money will be transferred to my bank in 5 working days. is it that easy?
what is the certificate for?
can i open another ISA this year or do i need to wait till april and start again?

urgh, im sooo confused. please help!!!

Baldur

See http://www.fscs.org.uk/files/documents/pdfs/hwcpsfdyckkfdzm.pdf

Particularly:

33. Will I lose the tax status on my ISA?

The money you held in your ISA will not lose its tax-free status if you follow this process. An ISA certificate will follow by post to allow you to reinvest that sum in an ISA with another provider by 5 April 2009. You should receive your ISA certificate within 2 weeks of claiming compensation using the electronic process and you will have to give this certificate to your new ISA provider when you open your ISA with them. You should ask for an ISA transfer form from your new ISA provider.

34. Can I subscribe additional funds to my ISA once I've reinstated it with a new ISA Provider?

Yes, subject to the usual subscription limits for the current tax year (£3600 for cash ISAs, £7200 for stocks and shares ISAs). So, for example, if you subscribed £2000 to your Icesave cash ISA in 2008/09, you could subscribe a further £1600 to your reinstated cash ISA before 5 April 2009.

35. Must I reinvest the compensation I receive for my cash ISA into another cash ISA or, can I choose a stock and shares ISA?

All Icesave ISAs were cash ISAs. From 2008/09, individuals are able to transfer money saved in previous and current tax years from cash ISAs into stocks and shares ISAs. Therefore stocks and shares ISA managers can accept transfers from customers who have received compensation in respect of Icesave cash ISAs.
However it is up to each ISA manager whether or not they will accept transfers from customers of Icesave under these arrangements.

36. I have now received my ISA payout from the FSCS, but am unsure as to whether or not I can move it from my linked account it was transferred to, to an interest paying savings account for a short period until I receive the certificate confirming the ISA status. I do not want to lose the ISA status by moving it twice.

If you wish, you can transfer your ISA payout to an alternative account whilst you wait to receive your ISA certificate. This will not affect the tax free status of your ISA.

drsue_2

Yep - it's that easy.
You will probably get your money quicker than that - most of us have had it in 3 working days.
You will get a certificate from the FSCS stating that you have £? from an ICEsave ISA - which will enable you to put that amount of money into a new ISA which accepts transfers in.. This is so you keep the tax free wrapper of your Icesave ISA and do not lose it. You can put all the money from your Icesave ISA back into another ISA as it counts as a transfer NOT a new subscription.
You have until the end of this tax year to find a new hone for your money.
The certificates are starting to come out next Monday by all accounts and most places want to see the cert when you put your funds in.

Start looking around for ISAs that accept transfers in and go from there.
HTH.

Tinks!

thanks, i think i am starting to get it :huh:
so do i leave my money in my bank once its transfered until my certificate arrives and then transfer it to a new isa?
i took some money out of my isa earlier in the year so will this show on this certificate or will it only look like i saved what was in the account when icesave went under?

tonytsdiver

I was in the same position so this is what I did. Take a look at the Halifax 1 year 5 % fixed ISA here http://www.halifax.co.uk/isas/fixedrateisa.asp

They will accept your money from your old Icesave ISA without the certificate. Once your account is set up and funded you can simply send your certificate when it arrives. I set this up tonight over the phone in 10 minutes.Good luck.

drsue_2

Tinks! wrote: »

thanks, i think i am starting to get it :huh:
so do i leave my money in my bank once its transfered until my certificate arrives and then transfer it to a new isa?
i took some money out of my isa earlier in the year so will this show on this certificate or will it only look like i saved what was in the account when icesave went under?

You can put it where you like! until you fund the new isa. You will only be allowed to fund to the same amount as you had funded your Icesave,when they went under. UNLESS you didn't put the full year's allowance in , and then you would be able to put in £3600 minus whatever you took out.
Hope that makes sense