Icesaver introducing ISA from tomorrow

realaledrinker

Stompa wrote: »

Do all providers handle transfers this way?

Pretty sure that this is HMRC rule.

Also a word of caution as everyone piles in...remember the opening accounts fiasco as Icesave were overwhelmed when they first opened up. I may wait until April, pay in my £3,600 & maybe transfer exisiting YBS ISA at that point.

masonic

Stompa wrote: »

They say: "It will typically take your current provider(s) at least 30 days to complete all the checks that are required,

They got this bit wrong. ISA providers must complete the transfer within 30 days.

Stompa

Mikeyorks wrote: »

Yes. It forms the basic agreement between ISA managers.

Strange that they should implement it in such an antiquated manner.

Mikeyorks wrote: »

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?

True enough, assuming that everything goes smoothly.....

blizeH

Do I have to create an account with Icesave, then contact Halifax, or do I have to contact Halifax first? Cheers

KTF

Open the Icesave account first then transfer in the Halifax one.

edda

HMRC is responsible for some of the confusion surrounding ISAs and their transfers.

If you don't put money into an ISA every year, it lapses under HMRC rules. So you are treated like a new customer - even if you are paying into an existing ISA that you last added to 3 years ago. (Hence, the Icesave declaration about paying in every year, I think).

You don't have to pay new money into the Icesave ISA to open one. Just set it up - they will open it with a zero deposit for you. Then print off the transfer form - one for each ISA provider you have that you want to put into Icesave.

The transfer form does ask you for the date you want to put your money into the ISA. So, if you need to give notice, take this into account. E.g. 60 days notice from 16th January gives you access on 16th March which is a Sunday. Transfer into Icesave on 17th March - 1st working day you can access the money.

All ISA transfers are by cheque - partly to satisfy money laundering rules and partly to benefit the banks etc who gain from our lost interest! (Cynical, I know).

Bisoy

This is really a good rate from ICESAVE and being one of the first customers who opened with them I'm glad that they have come up with ISA as well.

I'm just wondering if ICICI will come up with their own ISA as well!;) I used to have an account with ICICI but has lost total confidence in them that I moved my emergency savings to ICESAVE. And so far so good and have full confidence in them.

Back to ICESAVE ISA I would perhaps wait for the reaction of other banks before I join the queue. It looks like that we are expecting "rate cut" in February but with the guarantee ICESAVE has it can't be denied that it's hot at the moment.

Bisoy

I would also gave planemad special mention for bringing up the topic last 25/12/07. Perhaps ICESAVE management have read it as we all knew that they are a big fan of moneysavingexpert.com.;)

wombat42_2

Bisoy wrote: »

This is really a good rate from ICESAVE and being one of the first customers who opened with them I'm glad that they have come up with ISA as well.

I'm just wondering if ICICI will come up with their own ISA as well!;) I used to have an account with ICICI but has lost total confidence in them that I moved my emergency savings to ICESAVE. And so far so good and have full confidence in them.

Back to ICESAVE ISA I would perhaps wait for the reaction of other banks before I join the queue. It looks like that we are expecting "rate cut" in February but with the guarantee ICESAVE has it can't be denied that it's hot at the moment.

ICICI said in an interview a few months ago that they wil launch an ISA.

thumshie

Bisoy wrote: »

but with the guarantee ICESAVE has it can't be denied that it's hot at the moment.

Am I just being cynical thinking the the guarantee is currently 0.3% lower than what it's currently at??

Personally, I'm going to wait and see if NS&I renew their +0.55 guarantee before moving over current subscriptions. As for previous isas, I'm tempted to look at say the 1yr fixed with halifax....