Icesaver introducing ISA from tomorrow

THX

My current ISA which I would like to transfer to Icesave is with Yorkshire BS. From looking at their website I don't think they need 30 or 60 days notice but could anyone confirm that for me?

Thanks

Stompa

They've just confirmed that they will accept the transfer in of a TOISA.

Lavendyr

thumshie wrote: »

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

No, I agree with you - I reckon they've pitched it there to make it appear above NS&I and the others at 6.05%.

thumshie wrote: »

Personally, I'm going to wait and see if NS&I renew their +0.55 guarantee before moving over current subscriptions.

My own view is that NS&I are not going to offer such a guarantee again. They have dropped the interest rates on almost all other products apart from this one in the last few months, because in the wake of the Northern Rock situation they can play up their 100% Treasury backed status and hook more people in that way. So I would be surprised if they do offer another rate that's as good as the last year's.

Mikeyorks

Stompa wrote: »

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

The system's 25 years old ... so where does 'implement' fit in? They haven't found a more foolproof system - so they continue it that way on the premise of 'not broke .. don't fix'.
Icesave have to fit into the existing process, which will presumably continue (as its endorsed by HMRC) until the generality of ISA managers decide otherwise.

Stompa

Mikeyorks wrote: »

The system's 25 years old ... so where does 'implement' fit in? They haven't found a more foolproof system - so they continue it that way on the premise of 'not broke .. don't fix'.
Icesave have to fit into the existing process, which will presumably continue (as its endorsed by HMRC) until the generality of ISA managers decide otherwise.

Sorry, I didn't mean why does Icesave implement it in that manner, rather why the system in general was (still) done that way.

TomJ

thumshie wrote: »

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

A little; despire only guaranteeing 0.25% above base, their Easy Access Savings acct has been higher than that for as long as I can remember...

stevedb11

THX wrote: »

My current ISA which I would like to transfer to Icesave is with Yorkshire BS. From looking at their website I don't think they need 30 or 60 days notice but could anyone confirm that for me?

Thanks

Hi, I've just posted the Icesave ISA transfer form,
I'm Tranferring frome the Yorkshire BS E-ISA.I've dated my Transfer for 21st Jan 2008.
here's what it says in the E-ISA terms.
Withdrawals The minimum amount you can withdraw is £10, and you must maintain a minimum balance of £10. Funds withdrawn earn interest up to, but not including, the day of withdrawal.
You will not be able to withdraw against your initial cheque deposit until the first working day after 4 working days (not including the day the cheque is credited to your account) has elapsed. If the cheque is returned unpaid, we will deduct the amount from your balance even if we have allowed withdrawals against it.
Withdrawals will only be allowed either by:

• logging onto our website to transfer to your nominated bank or building society account or a nominated account held with us, or
• arranging a transfer to another ISA provider.

In the case of transfers to another account held with us, the funds will normally be credited the next day. Transfers to an account at another bank or building society could take up to 5 working days to be credited.
Hope this Helps, Steve

oldagetraveller

I've sent off the form to Icesave for my NS&I ISA to be transferred to them. I'm taking a chance that NS&I will not offer any form of guarantee or bonus after 5 April and moving before the exodus which could happen then as a result.
However, I 'phoned NS&I to obtain the correct sort code for their Direct ISa (required for I/Save form) after explaining my intention. I was told that if I transferred I would lose the tax free advantage by doing so!!?? Are NS&I telling people this I wonder to frighten them off doing a transfer out?

poppy10_2

oldagetraveller wrote: »

I've sent off the form to Icesave for my NS&I ISA to be transferred to them. I'm taking a chance that NS&I will not offer any form of guarantee or bonus after 5 April and moving before the exodus which could happen then as a result.
However, I 'phoned NS&I to obtain the correct sort code for their Direct ISa (required for I/Save form) after explaining my intention. I was told that if I transferred I would lose the tax free advantage by doing so!!?? Are NS&I telling people this I wonder to frighten them off doing a transfer out?

Nonsense. You don't lose the tax free status if you are transferring your money to another ISA provider, only if you are withdrawing your money from the ISA.

Lavendyr

oldagetraveller wrote: »

I've sent off the form to Icesave for my NS&I ISA to be transferred to them. I'm taking a chance that NS&I will not offer any form of guarantee or bonus after 5 April and moving before the exodus which could happen then as a result.
However, I 'phoned NS&I to obtain the correct sort code for their Direct ISa (required for I/Save form) after explaining my intention. I was told that if I transferred I would lose the tax free advantage by doing so!!?? Are NS&I telling people this I wonder to frighten them off doing a transfer out?

What *is* the sort code, out of interest? Haven't filled out my form yet