Co-op bank

Watsy

I was going to transfer a few years worth of an existing ISA into an ISA I already have with them as it has a better rate (2.6%) but it seems this mightn't be such a good idea although I'll still be well below the FSCS limit.

I haven't a clue how the FSCS thing works but say you had £50k accumulated in an ISA and the bank/building society gets into trouble, I know your savings would be covered but would they still be tax free protected as well because they were in an ISA. ie: Does the government pay out cheques, set up temporary accounts, etc...

Southend1

Watsy wrote: »

I was going to transfer a few years worth of an existing ISA into an ISA I already have with them as it has a better rate (2.6%) but it seems this mightn't be such a good idea although I'll still be well below the FSCS limit.

I haven't a clue how the FSCS thing works but say you had £50k accumulated in an ISA and the bank/building society gets into trouble, I know your savings would be covered but would they still be tax free protected as well because they were in an ISA. ie: Does the government pay out cheques, set up temporary accounts, etc...

As I recall, when ice save went bust and took all my savings with it, I received a cheque from FSCS but it was possible to reinvest in an is a to keep the tax fee status

Watsy

Southend1 wrote: »

As I recall, when ice save went bust and took all my savings with it, I received a cheque from FSCS but it was possible to reinvest in an is a to keep the tax fee status

Thanks Southend, puts my mind a bit at rest if I do decide to transfer money in although don't know if thats a good idea now anyway but it's good to know I wouldn't lose a few years worth of the tax free status.

SammenForLivet2

calypso_rhapsody wrote: »

Anyone else finding the account opening process very slow? Sent my application form off a week ago and they say they still have not got it .. am pondering stopping the cheque!

BTW the answer to the password question is that the one that is printed out is an initial password and will be changed once account open. Still a little worried about the very clunky customer interface!

Yes, it took three weeks for my account to be opened, but they back date interest to receipt.