ICESAVE ISA- Transfer Sucess

diggingdaddy

Problem with Icesave from the info I can gather is it seems like you have to draw the interest rather than letting it compound and adding your yearly ISA allowance. If this is the case then it's going to be a serious disadvantage!

ajaxgeezer

tanith wrote: »

I have a really basic question but I can't seem to find an answer anywhere.. I want to transfer my previous years Cash Isa to Icesave. In Icesaves info it says you need to open the account with £1000 but I can't do that as this years allowance is already used 2007/8. So can I open an Icesave ISA now using just the transferred in money from my previous years? Or do I have to wait till April and open with next yrs 2008/9 which will I believe be £3.600?

.....on the Icesave site you follow the path of opening the account with a transfer from another provider.

ajaxgeezer

diggingdaddy wrote: »

Problem with Icesave from the info I can gather is it seems like you have to draw the interest rather than letting it compound and adding your yearly ISA allowance. If this is the case then it's going to be a serious disadvantage!

......no, the option is there to have it paid into the ISA account.

diggingdaddy

ajaxgeezer wrote: »

......no, the option is there to have it paid into the ISA account.

Are you absolutely sure about this?
I got two boxes and the choice to tick just one, one of them said "Have the interest paid into this account" and the other box next to my current account details, now even though I ticked "Have the interest paid into this account" and not the one next to my current acount details down the line I got this message with my current account details and it definately seems to me the interest would be paid into the nominated account!! I've done this twice now and no way signing up unless absolutely sure.

"The account you have nominated is shown below. Once your Easy Access ISA account is open you will be able to use your nominated account to transfer money and for the payment of interest.
If these details are correct, please click "Next" to continue with you application. If they are not, to change your details please click "amend"."

Lavendyr

Yes, absolutely sure, you can have the interest paid into the Icesave ISA rather than anywhere else (although you can also opt to have it paid elsewhere i.e. as an income).

ajaxgeezer

diggingdaddy wrote: »

Are you absolutely sure about this?
I got two boxes and the choice to tick just one, one of them said "Have the interest paid into this account" and the other box next to my current account details, now even though I ticked "Have the interest paid into this account" and not the one next to my current acount details down the line I got this message with my current account details and it definately seems to me the interest would be paid into the nominated account!! I've done this twice now and no way signing up unless absolutely sure.

......well, it still reads plain enough to me but then I'm not clued up. Two boxes - one is the nominated current account, one is the ISA.

planemad

Lavendyr wrote: »

Yes, absolutely sure, you can have the interest paid into the Icesave ISA rather than anywhere else (although you can also opt to have it paid elsewhere i.e. as an income).

I can second this, I'm having the interest paid directly into the ISA account.
I had the option upon opening the account online.:beer::beer:

diggingdaddy

ajaxgeezer wrote: »

......well, it still reads plain enough to me but then I'm not clued up. Two boxes - one is the nominated current account, one is the ISA.

Yes it's obvious that the box next to the current account is for the interest to be paid into the current acount but the other box only says "this account" although I did tick the "this account" box I still got the impression that they were going to pay the interest into "the nominated account" I've been on their question and anwers and it does say interest can be paid into the ISA so I'll take the chance and sign up. Very confusing sign up process though, they should sign up normally, default interest automatically paid into the ISA with the option of paying the interest elswhere! Quote from their questions and answers....
"You can choose to have your interest paid monthly or annually. Interest can be paid:
- To your Easy Access ISA
- To an Icesave Easy Access Savings Account
- Direct into your nominated account in your name(s)"

ajaxgeezer

diggingdaddy wrote: »

Yes it's obvious that the box next to the current account is for the interest to be paid into the current acount but the other box only says "this account" although I did tick the "this account" box I still got the impression that they were going to pay the interest into "the nominated account"

.......I didn't get that impression. Sorry to say the same thing over again but it was very clear to me. Two boxes, one for the nominated account, one for "this account". As no other account had been mentioned, "this account" could only be the ISA. The resulting extra text didn't make it any more confusing to me either to be honest.

diggingdaddy

ajaxgeezer wrote: »

.......I didn't get that impression. Sorry to say the same thing over again but it was very clear to me. Two boxes, one for the nominated account, one for "this account". As no other account had been mentioned, "this account" could only be the ISA. The resulting extra text didn't make it any more confusing to me either to be honest.

The confusion arises later in the signup prosess when it comes up with this statement even after ticking the "this account" box, noticed the "and for the payment of interest" this read to me that the interest would be going in the nominated account.

"The account you have nominated is shown below. Once your Easy Access ISA account is open you will be able to use your nominated account to transfer money and for the payment of interest.
If these details are correct, please click "Next" to continue with you application. If they are not, to change your details please click "amend"."