Icesaver introducing ISA from tomorrow

PatelA

Am I the only one with reservations about sticking a lumpsum in one of their accounts? The whole concept of saving with a foreign bank with higher rates than everyone else seems a little fishy to me... but I am a pessemist.

bristolleedsfan

PatelA wrote: »

Am I the only one with reservations about sticking a lumpsum in one of their accounts? The whole concept of saving with a foreign bank with higher rates than everyone else seems a little fishy to me... but I am a pessemist.

Reason Icesave etc can offer higher rates is because they have no branches = lower overheads.

Also they offer a tiny product range so can offer top rates on the products that they do offer.

edda

Stormy wrote: »

Arrrgh really? Grrrr. I have done three transfers, one from Egg, one from B&B and one from Nationwide but I respected the 60 days on the Bond! Oh well.

Edit: Just checked the terms and conditions on my Members ISA Bond and it says:

Taking money out

You can make one withdrawal in each tax year at any Nationwide branch but you must give us 60 days’ notice or lose 60 days’ interest if you need instant access to your money. Remember, you can transfer funds to a Nationwide Instant Access ISA to avoid losing your ISA benefit. (This will count as a withdrawal and will also be subject to 60 days’ notice or loss of interest.)

So not sure why you said that doesnt apply? I can't see anything in the small print to suggest otherwise or allowing transfers to other providers without notice?

Mike

I know - hard to believe but the written Ts&Cs do not reflect Nationwide's policy. I thought I would have to wait 60 days (having been told that by someone at my local branch and Swindon head office).

But - we have one very on-the-ball lady at our local Nationwide branch. She saw my request for 60 day notice withdrawal, got onto their ISA centre and confirmed no notice needed for a transfer. Both I and my partner have now moved our money in a little over 2 weeks.

But you really have to persist - and I can't understand why it isn't written down more clearly.

PatelA

bristolleedsfan wrote: »

Reason Icesave etc can offer higher rates is because they have no branches = lower overheads.

Also they offer a tiny product range so can offer top rates on the products that they do offer.

Ah right I get you... thanks!

Finally bit the bullet and transferred 3k to IceSave this morning... :d

Stormy

edda wrote: »

But you really have to persist - and I can't understand why it isn't written down more clearly.

Ah well its too late for me, I didnt even visit my *local* Nationwide branch as its a bit of a trek for me, so just filled the Icesave forms in and I have already sent them and respected the 60 days for the Nationwide account. So I will just have to wait for that one. Be interesting to see how B&B and Egg respond in terms of speed to the requests.

ta

Mike

steviehud37

I have just read martin tips this week and am thinking of swapping my Current years ISA and last years ISA into icesave.Is the transfer system easy?

When i log on and register for the first time,what are the first steps?I cant give a deposit cause i have used my allowance this year.

masonic

steviehud37 wrote: »

I have just read martin tips this week and am thinking of swapping my Current years ISA and last years ISA into icesave.Is the transfer system easy?

When i log on and register for the first time,what are the first steps?I cant give a deposit cause i have used my allowance this year.

It's pretty easy. After you apply, you fill out a transfer form and send it to Icesave. They do the rest.

Lavendyr

Transfer is very easy. Fill in a form for each ISA you want to transfer and send to Icesave (freepost address). They contact your ISA providers who have 30 days to transfer the funds. Funds are transferred by cheque to Icesave and will start earning interest again as soon as Icesave receive the cheque.

edda

Stormy wrote: »

Ah well its too late for me, I didnt even visit my *local* Nationwide branch as its a bit of a trek for me, so just filled the Icesave forms in and I have already sent them and respected the 60 days for the Nationwide account. So I will just have to wait for that one. Be interesting to see how B&B and Egg respond in terms of speed to the requests.

ta

Mike

You could always ask Nationwide to trigger the transfer and 'push' the ISA through to Icesave - rather than waiting the remainder of the time for Icesave to pull it.

I had also put the 60 day date on the original transfer document to Icesave.

frivolous_fay

Ok... it's a tempting rate... but I'm wringing my hands a bit about taking the plunge.

I don't tend to take a great deal of notice when it comes to the base rate, (all my accounts are fixed rate) but a brief google has told me that it's currently 5.5%. So the cynic in me wants to know: why is there no mention of an introductory rate, and when will 6.1% slump to 5.8%, leaving me potentially worse off than I was before switching?