Icesaver introducing ISA from tomorrow

kirsty99

I am being thick here, but can I just check that if I set up a transfer now, for my YBS ISA to be transferred into my Icesave ISA account that YBS will include all interest owing to date? I am paid interest annually and I'm not sure if I need to wait until end of March when my interest is usually credited before transferring out.

bristolleedsfan

kirsty99 wrote: »

I am being thick here, but can I just check that if I set up a transfer now, for my YBS ISA to be transferred into my Icesave ISA account that YBS will include all interest owing to date? I am paid interest annually and I'm not sure if I need to wait until end of March when my interest is usually credited before transferring out.

Yes, Yorkshire will pay the interest up until the time they release your ISA funds to Icesave. ( always worth asking Yorkshire to transact and post on "a" monday to minimise risk of loss of interest over a weekend, unless Icesave backdate interest like Nationwide do to ensure that no loss of interest is lost on ISA transfers.)

Does anybody know what Icesaves policy is on when they start paying interest on ISA transfer ins ? :think: Ive seen the 7 days to clear thing. ( is 6 maximum now under 2,6,6 system)

http://www.chequeandcredit.co.uk/faqs/-/page/120/

I know Loughborough BS start paying interest on "all" cheque receipts on 1st working day following receipt. ( im gonna ask Loughborough BS when they start paying interest on ISA transfers in being as Loughborough have a high paying ISA)

firsttimetom

Maybe I'm being impatient, but I applied for the Icesave ISA the day after this thread was started. Got everything in the post first class the same day, but my ISA is not showing in my Icesave account and its still with the Halifax.

Do these things take longer than 7 days? I'm guessing i need to hold fire for a bit longer.

jem16

firsttimetom wrote: »

Do these things take longer than 7 days? I'm guessing i need to hold fire for a bit longer.

The generally accepted timeframe is 30 days. Some take less and some take longer.

I recently transferred to Ruffler Bank and the whole thing took 10 days - I considered that extremely fast. My last transfer took almost 30 days and an aborted attempt to transfer from Halifax to Abbey took 3 months and I gave up at that point.

masonic

firsttimetom wrote: »

Do these things take longer than 7 days? I'm guessing i need to hold fire for a bit longer.

Outside of the March/April mad rush for ISAs, I've generally found transfers get done in about a week. However, transfers are permitted to take up to 30 days to be completed.

planemad

My ICESAVE ISA has shown up on my account log in along with my other accounts that I have with them with £0 funds
I'm just waiting for them to transfer the funds from ING within the next few weeks.
It looking good already so I'm hoping for a real smooth transaction with no phone calls to ICESAVE OR ING.

poppy10_2

FT: Warning over Icelandic banks.

Stormy

poppy10 wrote: »

FT: Warning over Icelandic banks.

Surely not a problem as long as you don't have more than 35k with them? I must admit I am very tempted to consolidate my Nationwide, Egg and B&B ISAs with Icesave.

My only concern is that they 6.1% might be a very short lived rate and drop to the 0.3+ base rate gaurentee quicker than we would all like.

Mike

masonic

poppy10 wrote: »

FT: Warning over Icelandic banks.

I'm not sure I understand the relevance of this article, poppy10. This credit rating applies to the Icelandic economy as a whole, and the warning mentioned seems to relate to foreign lending, whereas Landsbanki seem to be focused on attracting foreign deposits.

I don't think you can make the assumption that all banks in Iceland have the same problems, just like you can't assume all UK banks share the same sub-prime lending issues.

dreamalittle

My transferred ISA funds (transferred from Smile) have appeared in my Icesave account today. I sent the form off on the first day, so it's taken two weeks in total. Not bad going!