Icesaver introducing ISA from tomorrow

SirSaveALot_2

MoneyMac wrote: »

When we transfer into Icesave from our Nationwide ISA's do we transfer the whole lot or leave £1 in to keep the accounts open?

Only leave £1 if you have some reason for wanting to keep the account open (I can't think of one) .

Furthermore, if you've put money in during this tax year, you have to transfer all of this year's contributions to comply with the ISA regulations (for some reason or other).

Be sure to get the new ISA provider (Icesave) to carry out the transfer using the ISA transfer form, don't try to transfer the money yourself as you will lose the ISA status of the money. Sorry if you already know that, but it's not obvious...

Hope this helps
SirSaveALot

SirSaveALot_2

jonisin wrote: »

I was going to open an Icesave ISA but am concerned at the declaration that I have to agree to. Does anybody have any explaination what the last part means? Surely I dont have to buy one from them every year, if this is the case then they are being a bit underhand after all some other comapny might have better rates next year so I will not be investing in Icesave if this is so.

"I apply to subscribe for a Mini Cash ISA for the tax year 2007/08 and each subsequent year until further notice".

I have emailed Icesave but I dont know when I will get a reply.

Hi

By all means, get clarification but I think it is just so that you don't have to fill out the ISA application forms every new tax year. If you don't contribute (or contribute to another ISA) for a tax year, you normally have to re-open an ISA whereas if you contribute each tax year to the same ISA, your initial declaration stands and you don't have to re-apply.

Regards
SirSaveALot

Lavendyr

SirSaveALot is right, it doesn't mean you have to keep contributing each year or that you can't transfer to a different provider or even that you can't open a new ISA next tax year. Don't worry

h5djr

I just opened an Icesave ISA, just need to transfer in my funds from NS&I now, so we will see how long that takes.

Can you transfer from NS&I?

According to IceSave's website you can...
Transfer your current Mini Cash ISA to Icesave from NatWest, Halifax, HSBC, LloydsTSB, Barclays or Nationwide.

No mention of NS&I

KTF

You can transfer from any ISA to the Icesave one. They mention the ones from the main banks to highlight how their rate is better than them.

jonisin

Thanks SirSaveALot, your explaination sounds right

Stompa

They say: "It will typically take your current provider(s) at least 30 days to complete all the checks that are required, however, during peak times it can take longer. Once your current provider(s) have completed all these checks they will post us a cheque for the Mini Cash ISA balance that you have selected to transfer to the Icesave Easy Access ISA." - I don't much like the sound of the words 'cheque' and 'post' which will probably equate to quite a few days lost interest.

Do all providers handle transfers this way?

polomint_2

That was my same question..

.[URL="javascript:toggle_visibility(22);"]When will I start earning interest on deposits?[/URL]

• By initial cheque deposit
  You will earn interest on initial deposits made by cheque from the second business day after we receive the cheque.

So thats lost intrest in the mean time between the cheque leaving your currant provider and in the hands on the second day of icesave! Hmmm days or weeks!? It could be a bit pot luck.

Mikeyorks

Stompa wrote: »

Do all providers handle transfers this way?

Yes. It forms the basic agreement between ISA managers.

Mikeyorks

polomint wrote: »

So thats lost intrest in the mean time between the cheque leaving your currant provider and in the hands on the second day of icesave! Hmmm days or weeks!? It could be a bit pot luck.

Your previous provider pays interest to the date (and include it in) the cheque they send. Which is by 1st class post. Icesave credit interest from the 2nd working day after receipt ..... so it's not exactly a long time?