ICESAVE ISA - delays in transferring in

EalingSaver

Anyone else had problems with speed of transfer into ICESAVE ISA. I opened one end of Feb and transferred in a Halifax and IF ISA. The halifax one got credited, the IF one still has not. ICESCVE told me mid week that they had the cash from IF but it hadn't yet been credited: blamed overload due to popularity. Gave assurances it would be credited ASAP. Still not showing.

Not had problems before with ICESAVE. Anyone else experienced this problem?

Stormy

I think its down to the transferring bank. I have 3 transfers, Egg, Nationwide and B&B. The Egg and Nationwide ones went through in a week.

For some reason Bradford and Bingley are dragging their feet by the looks of it to the maximum 30 days. Annoying indeed but not much I can do about it. Stinks really. I wrote twice to B&B who just keep telling me its "being processed in line with the 30 days HMRC guidelines".

Whats also annoying is B&B have dropped their rates, no doubt by the time my money gets to Icesave they will drop their rates too. lol

Mike

sheslookinhot

People need to chill. only if the transfer is not complete by 30 days should they get excited.

realaledrinker

Yep. YBS wrote to tell me they had sent a cheque to Icesave on 4 March. Finally credited by Icesave yesterday (14th) co-incidentally after an e-mail chase up from me. it was obviously sitting in someone's in-tray for over a week. I have e-mailed back asking for the deposit to be backdated.

EalingSaver

realaledrinker wrote: »

Yep. YBS wrote to tell me they had sent a cheque to Icesave on 4 March. Finally credited by Icesave yesterday (14th) co-incidentally after an e-mail chase up from me. it was obviously sitting in someone's in-tray for over a week. I have e-mailed back asking for the deposit to be backdated.

Umm. Not good. I guess I need to find out when IF sent the cheque to ICESave. Thanks for the info

scottish_lassy

I thought it was just me!!! I opened and ICESAVE mid Feg (I must be near the 30 days!) and the money still has not transfered from the Bank of Scotland. I thought maybe an end of financial year thing!

gowgowuk

Same here: applied for the transfer in mid-January. Icesave waited about 3 weeks to act on it and send the request to my old provider, who acted very quickly (one week), so, the funds were finally on my Icesave account a little bit more than a month after me request. Unfortunately, Icesave also forgot to send my UserID, and therefore I could not access my account online to make more deposits. It took another entire month with many many false calls and broken promises before yesterday I finally received it and could deposit the rest of my ISA allowance which was sitting on my current account for all this time.

frankie

Have trouble with transferring into Icesave too. My wife and I set up transfers from our individual NS&I ISAs in early Feb. Took ages for a letter from Icesave to let me know that my transfer was going through. Contacted Icesave via e-mail last week to express concern over time being taken and no notification about my wife's transfer. Received a reply to say not to worry as both transfers are under way. I received end statement from NS&I saying account closed on 12 March, nothing about my wife's account. Phoned Icesave following day, turns out wife's transfer details 'lost' and she is now having a ding dong and trying to get a fast track transfer done. My money from NS&I still not in Icesave, will chase to ensure that deposit back dated to 12 March once I see funds have transferred. No idea when my wife's transfer will be completed. My impressions of Ice save are not good to say the least.

Is this the price to be paid for getting a decent interest rate? Ice save clearly very busy to the point of not being able to handle work efficiently.

JamesPond

I did two transfers to Icesave from Yorkshire and Leeds and the transfers were completed in 30 days and 31 days. The timeline was something like this:-

5th Feb Icesave receive letter from me to request transfers
22nd Feb Icesave send letters to yorkshire and Leeds
29th Feb Funds leaves Yorkshire and Leeds
6th & 7th Mar Transfers arrives in Icesave account

Lavendyr

I must have been really lucky with my transfer from NS&I. I think I was one of the first to apply for the Icesave ISA - applied on 16th or 17th Jan, Icesave initiated the transfer with NS&I on the 27th January, NS&I closed my account with them and sent off the cheque to Icesave on 1st Feb, money was in my Icesave account on 3rd Feb. I would guess it's simply that demand for the Icesave ISA would have been very high and they have got slower and slower as more applications have poured in. Doesn't help those who are suffering because of it

I expect they would backdate interest between receipt of cheque and cashing of cheque, since they say in their FAQs that the interest is earned from the second business day after they *receive* the cheque, not from when they *cash* it:

When will I start earning interest on deposits?
By initial cheque deposit
You will earn interest on initial deposits made by cheque from the second business day after we receive the cheque.

http://www.icesave.co.uk/easy-access-isa-questions.html

Paul_Herring

EalingSaver wrote: »

Not had problems before with ICESAVE. Anyone else experienced this problem?

Yup. I have. Got interest back-dated however; see http://forums.moneysavingexpert.com/showthread.html?t=765539