Icesaver introducing ISA from tomorrow

poppy10_2

It could go down to 5.8% any time - they only guarantee to be 0.3% above base rate, which is currently 5.5%.


However reducing it that much would make them uncompetitive and lose them business.

patrickbateman

Hi,

Just after a little reassurance / advice please.

I am considering transferring my ISA into this account, but the balance currently stands at 28K plus interest to date this year. I am concerned that I am getting close to the limit at which I would be protected, and due to the credit crisis am concerned about investing with relatively small companies who may be suffering liquidity problems.

With this is mind and the knowledge that my risk profile is low, am I advised to transfer my ISA into this account??

Thanks for your help:)

masonic

patrickbateman wrote: »

With this is mind and the knowledge that my risk profile is low, am I advised to transfer my ISA into this account??

You are still several years off reaching the compensation limit if you don't add any further contributions to this ISA. I believe there was talk of the compensation limit being increasing annually, so you may not need to reduce that balance to keep within it. If you have not contributed to your ISA this tax year or already used up your allowance, you could open a second ISA with another provider for the current/next tax year onwards.

codetown

patrickbateman wrote: »

Hi,

Just after a little reassurance / advice please.

I am considering transferring my ISA into this account, but the balance currently stands at 28K plus interest to date this year. I am concerned that I am getting close to the limit at which I would be protected, and due to the credit crisis am concerned about investing with relatively small companies who may be suffering liquidity problems.

With this is mind and the knowledge that my risk profile is low, am I advised to transfer my ISA into this account??

Thanks for your help:)

Patrick,
you are protected 100% up to 33k pounds, but in case of real crisis even the protection might be insufficient to get your funds out quickly.
I applied for this product, but have seen on this same forum a better one coming out just a few days ago: a fixed rate ISA with lloyds at 6.5% rate for a year. That is from a much larger and more reassuring company and overall a better deal given the current climate expecting reduction in rates!

Lavendyr

100% up to £35k now, actually.

Boltonlass

patrickbateman wrote: »

Hi,

Just after a little reassurance / advice please.

I am considering transferring my ISA into this account, but the balance currently stands at 28K plus interest to date this year. I am concerned that I am getting close to the limit at which I would be protected, and due to the credit crisis am concerned about investing with relatively small companies who may be suffering liquidity problems.

With this is mind and the knowledge that my risk profile is low, am I advised to transfer my ISA into this account??

Thanks for your help:)

I had a similar problem so I transferred some of my Icesave savings out of my Easy Access account into a new First Save account. I am now down to £2000 in Icesave and am in the course of transferring some TOISA's out of First Direct into Icesave, to bring that balance back up.
I also have an ICICI account; all of the three accounts (Icesave, First Save & ICICI) give good interest rates and I can now move money around between them to keep my limits below £35,000 in each account and at the same time avail myself of the best rates on offer.
I also tried to open a Kaupthing Edge account but came unstuck when they insisted on my sending them an ORIGINAL bank statement from my nominated bank; this being Smile, I was unable to obtain original statements without a charge, as it is a paperless bank. I don't 'do' bank charges so kicked Kaupthing into touch!

ROMENA

Please read the article below by the Times before you invest.

http://business.timesonline.co.uk/tol/business/money/savings/article3340734.ece?&EMC-Bltn=9AQEM8

Looks like Icesave are at risk of going under.

Lavendyr

Romena, that topic has been discussed in very many places on these forums. I'd suggest you read the Moody's report before leaping to conclusions based on press reports.

tradetime

ROMENA wrote: »

Please read the article below by the Times before you invest.

http://business.timesonline.co.uk/tol/business/money/savings/article3340734.ece?&EMC-Bltn=9AQEM8

Looks like Icesave are at risk of going under.

:rotfl: :rotfl: :rotfl: It just never stops, I'd look a lot closer to home for the next busted bank.

bristolleedsfan

ROMENA wrote: »

Please read the article below by the Times before you invest.

http://business.timesonline.co.uk/tol/business/money/savings/article3340734.ece?&EMC-Bltn=9AQEM8

Looks like Icesave are at risk of going under.

What ive noticed is that increasing no of people are joining the forum and instantly slagging off the Iceland Banks. :rolleyes: