Icesave ISA into HSBC e-ISA?

Fella

Hi there,

My brother is an Icesave veteran & has his ISA reinstatement certificate for approx £5,000. The money is currently in his HSBC current account.

I'm looking for the quickest simplest way he can open an ISA & transfer that £5K into it before the 5th April 2009 deadline & the HSBC e-ISA looks a reasonable candidate.

Quick questions:

- Anyone done this?

- Is it deffo allowed? I can see that the HSBC e-ISA allows transfers in but haven't found any detailed info on any limits they may have or whether transferring from an ex-Icesave account is OK.

- Any ideas what he'll need to do to get this done? I understand that the account must be opened online but obviously they need to be presented with his Icesave cert - not too certain how that occurs or whether it's going to be an issue beating the deadline?

- Finally - he'd only used up about £1800 of his 2008-2009 allowance. Can he do the above AND pay in the rest of his 2008-2009 balance to HSBC before 5th April?


very many thanks if anyone can help.

cheers
Fella

Baldur

Fella wrote: »

Quick questions:

- Is it deffo allowed? I can see that the HSBC e-ISA allows transfers in but haven't found any detailed info on any limits they may have or whether transferring from an ex-Icesave account is OK.

Thansfers from a former Icesave ISA are the same as any other transfer, except that he'll have to present the Icesave/FSCS ISA certificate and can transfer up to the amount shown on that certificate.

The HSBC rate is pretty poor - if he can make do with up to 4 withdrawals, he could open the Halifax ISA Saver Direct Reward (3% fixed for 12 months & additional deposits permitted) and carry out the transfer in branch straight away with at most a couple of pieces of ID.

- Finally - he'd only used up about £1800 of his 2008-2009 allowance. Can he do the above AND pay in the rest of his 2008-2009 balance to HSBC before 5th April?

Don't know about the HSBC one specifically but yes, the HMRC rules certainly permit this.