Icesaver introducing ISA from tomorrow

Stompa

edda wrote: »

Even beats the NS&I rate at the moment

Though bear in mind that NS&I have dropped their rates since the last BoE cut, whereas Icesave have not (yet).

thumshie

Stompa wrote: »

I've already opened a Mini Cash ISA this year. Am I permitted to open a second one with Icesave that will only be funded by transfers in from other providers (i.e. no new cash)?

I've been unable to find the answer to this on the HMRC website.

Thanks

Stompa

You should be allowed 'transfer only', I've done this in the past and tax man not came knocking...yet! If you follow the application for ice save isa the first two questions(depending on answers) are:

1. Have you subscribed to a Mini Cash ISA in the current tax year 2007/08? -answer [yes]
2. Would you like to transfer your current Mini Cash ISA(s) held with another provider to our Easy Access ISA?

Edit...But just noticed this on the icesave website, http://www.icesave.co.uk/easy-access-isa-open-account.html

I have not contributed to, or opened another, Mini Cash ISA or Maxi ISA during this tax year

Bad wording me thinks.....

Stompa

thumshie wrote: »

You should be allowed 'transfer only', I've done this in the past and tax man not came knocking...yet! If you follow the application for ice save isa the first two questions(depending on answers) are:

1. Have you subscribed to a Mini Cash ISA in the current tax year 2007/08? -answer [yes]
2. Would you like to transfer your current Mini Cash ISA(s) held with another provider to our Easy Access ISA?

Edit...But just noticed this on the icesave website, http://www.icesave.co.uk/easy-access-isa-open-account.html

I have not contributed to, or opened another, Mini Cash ISA or Maxi ISA during this tax year

Bad wording me thinks.....

I've just given HMRC a call and they assured me that it was OK as the second ISA was not receiving any new money - so in effect you're not 'opening' a new ISA. So I agree it does look a problem with the terminology. I think I'll query it with Icesave to see what they say.

Thanks

james3333

VERY interested in the icesave ISA. ( but not very good with transfers, legal jargon, etc)
can i just make sure i have this correct.

A. i can transfer in £4,000 i have in a halifax ISA that i HAVE paid into this tax year ( this ISA is now maxed out for the year)
B. if i do put this money into the icesave ISA, when i want to get any money out, can i do it online and without forfeit to any interest gained?
C. the % rate seems almost too good to be true, is there ANY hidden issues i should be aware of?

cheers.

poppy10_2

A. Yes
B. Yes
C. Not really, compared to other ISAs available this is fairly clean and uncomplicated.

The base rate guarantee is what appeals most to me, I'm too busy to keep chasing the best rates all the time, I'd like to be able to deposit and forget about it for a few years.

blizeH

Couple of questions:
1) How much hassle will it be to transfer from my Halifax account, to my Icesave one?
2) I'm already pretty much at the FSA gaurantee limit with Icesave, but this account is awesome, and I've been really happy with them so far. Just how risky is it going to be to put all of my money in there with them?

Thanks

polomint_2

I saw a thread on this and search as i might i lost it ..

Said you can transfer old isa,s into it..

BUT

In anycase..when i looked on the site it said this

Before you get started, please check that you agree with the following:

• I'm aged 18 or over and a UK resident (excluding Channel Islands and Isle of Man)
• I have regular access to a PC with internet connection and a personal email address
• I have a personal bank or building society current account with Direct Debit facilities
• I have not contributed to, or opened another, Mini Cash ISA or Maxi ISA during this tax year
• I have £1,000 to open my account with

So I am confused...

can i open it and tranfer my previous years isa into (its a woolcich one transferd over to barcleys when woolwich closed)?

Or can i not as i have a barcleys tax beater isa opened already for this year?

Thanx in advance

Mikeyorks

You would have found it on the separate ISA forum - top of the list (at the moment);)

http://forums.moneysavingexpert.com/showthread.html?t=680371

can i open it and tranfer my previous years isa into (its a woolcich one transferd over to barcleys when woolwich closed)?

..... Yes. Provided you put no further funds into the ISA once it's transferred (assuming you have funded the Barclay one this year?) .. until after 5.4.08

polomint_2

i have one from this year and one from last year...this years one is ok at the moment and i am happy with the inrest its last years one i want to transfer but it says aslong as you havent contributed to one this year!?:wall:

masonic

polomint wrote: »

i have one from this year and one from last year...this years one is ok at the moment and i am happy with the inrest its last years one i want to transfer but it says aslong as you havent contributed to one this year!?:wall:

Those last two guidelines only apply where new money is contributed, not transfers. Most providers neglect to mention the procedure for transfers when advertising ISAs, but many accept them.