Applying for Icesave ISA online?

Buster_Danog

I've just been through the application process twice and then cancelled before confirming it because it is not clear whether they will try to transfer funds from my current Barclays Tax Beater ISA as part of the current financial year or the 08/09 financial year.

At the beginning of the process it does ask me if I have already opened an ISA in the 07/08 year, but at the end of the application it states that the Icesave ISA will be opened for the year 07/08 and subsequent years unless instructed otherwise.

Nowhere does it confirm the account and any balance transferred will count towards the 08/09 year. It's driving me up the wall.

it'smeinit

I know what you mean. I have been trying to phone them all day with a similar question,but after hanging on for ages i'm then disconected.

jem16

Franco78 wrote: »

I've just been through the application process twice and then cancelled before confirming it because it is not clear whether they will try to transfer funds from my current Barclays Tax Beater ISA as part of the current financial year or the 08/09 financial year.

It doesn't matter. It's likely to be the new tax year before the transfer is complete but the funds will not be counted as part of your 08/09 allowance as they were subscribed in the 07/08 tax year to Barclays. That's what counts. So you will still have your full 08/09 allowance available.

At the beginning of the process it does ask me if I have already opened an ISA in the 07/08 year, but at the end of the application it states that the Icesave ISA will be opened for the year 07/08 and subsequent years unless instructed otherwise.

That's standard procedure. You can safely ignore that.

Nowhere does it confirm the account and any balance transferred will count towards the 08/09 year. It's driving me up the wall.

It does not count. You will still have your full allowance.

You can safely go ahead. Just be aware that Icesave are taking longer to process applications just now as they are so busy. My son applied about 12 days ago and still hasn't received anything from them.

Buster_Danog

Thanks for that. I completed the application and downloaded the transfer form. However, the form asks for a transfer date - this being the date you want your funds to be transferred from your current ISA account to the Icesave ISA.

It states that "If the Mini Cash ISA you are transferring from has a notice period, please ensure the date of transfer provides sufficient time otherwise your provider may charge an early withdrawl penalty."

So does anyone know if Barclays will fine me for putting a transfer date of less than 30 days? Or should I make the transfer date more than 30 days away to allow for the time it takes Icesave to send Barclays the paperwork?

jem16

It's normally only fixed rate ISAs that require notice.