Icesave Isa

denny111

Hi,
l want to open a Natwest E Isa
l have my Icesave/ FSA letter confiming my isa amount and the money was refunded to my linked account.
Do l just fill in the e isa Natwest application form and send it of with my personal cheque and the Icesave/FSA letter?
has anyone done this please or how should l do it? Thanks

Reaper

Yes. But be sure to make a copy of the IceSave certficate first as Nat West are good at losing documents.

Best to hand it in at your local branch because then they can check they have everything they need and can set up the 2nd account you will need to open with them (if you don't already have one).

Lavendyr

I thought the Icesave ISA funds had to be transferred back into an ISA before 5th April 2009? I would check the details but I'm pretty sure that was the deadline on mine.

opinions4u

Lavendyr wrote: »

I thought the Icesave ISA funds had to be transferred back into an ISA before 5th April 2009? I would check the details but I'm pretty sure that was the deadline on mine.

The good news - you were right.

The better news - deadline extended to October linky

the extension of the time limit for Icesave ISA savers to re-invest in an ISA. The time limit has been extended from 5 April 2009 to 5 October 2009.

Toppo_2

My wife had her icesave isa (for years before 2008) returned to linked account (our joint Natwest current accout) and tried to reinstate the funds into a Natwest e-isa (opened with £3600 for 2008/09 allowance towards the end of April 09). The guy at the Natwest branch (in Potters Bar) wouldn't let her transfer the icesave funds for the previous years saying that once the money had hit our Natwest current account which is not an Isa we could not move it to an Isa despite having a reinstatement certificate. I spoke to the FSCS who told me than the Natwest man was "talking nonsense" and not to worry because the deadline had been extended to Oct 09 but couldn't help beyond that.
Any suggestions on how to proceed ?

opinions4u

Toppo wrote: »

My wife had her icesave isa (for years before 2008) returned to linked account (our joint Natwest current accout) and tried to reinstate the funds into a Natwest e-isa (opened with £3600 for 2008/09 allowance towards the end of April 09). The guy at the Natwest branch (in Potters Bar) wouldn't let her transfer the icesave funds for the previous years saying that once the money had hit our Natwest current account which is not an Isa we could not move it to an Isa despite having a reinstatement certificate. I spoke to the FSCS who told me than the Natwest man was "talking nonsense" and not to worry because the deadline had been extended to Oct 09 but couldn't help beyond that.
Any suggestions on how to proceed ?

Complain to his manager.

Reaper

Normally he would be right - once ISA money hits a non-ISA account it loses its status and can not be re-invested. However the whole point of the certificate you have been given is to say it does not apply in this case. Try again and insist he phones somebody at head office who knows what they are talking about.

opinions4u

Linky to Nat West web site on the matter.

"Icesave ISA customers Transfer your Icesave ISA to NatWest – you have until 5th October 2009 to transfer your Icesave ISA into another cash ISA or you will lose your tax-free benefit




Following Icesave's default in October 2008, the Financial Services Compensation Scheme have confirmed how you can transfer your ISA without losing your tax-free benefit.
To transfer your ISA from Icesave to us please visit your local branch where one of our advisors will help you to complete your transfer. Please note you will need to have, or set up, a current account or instant access savings account with NatWest when you set up a cash ISA with us. See our common questions for more details."

denny111

Cheers mate that was the answer l was looking for why cant people answer a question with an answer instead of going off subject? Thanks

opinions4u

denny111 wrote: »

Cheers mate that was the answer l was looking for why cant people answer a question with an answer instead of going off subject? Thanks

To be fair mate, all the replies above seem to have provided an answer to your question in one way or another.