Icesave and ISA Limits

ossian

Howdy and Heeeelp :mad:

I tried to pay into my Icesave ISA on the 7th of April 08 but they rejected it saying the maximum cash ISA allowance is GBP3000 I thought it was GBP3600 this year. Anyone understand why they are imposing this limit?

Here is the transaction record:

"
Payment Date: 07/04/08
Frequency: Once


Status: Rejected
Rejection reason: ISA limit exceeded - £3000.00 available
"

I am in the USA at the moment so it is difficult to phone them.

Thanks,
Ossian

Ximian

Did a transfer this morning with no problems - the full £3600
I was wondering if there would be any issues with me paying in the full £3600 but I confirmed the maximum allowable limit on the following page first:
http://www.icesave.co.uk/cash-isa.html

You could always send them an email, usually takes about 3 working days for a reply though.

ossian

Has your transfer successfully completed? Did you make it via their website which i thought takes a few days to process?

Thanks,
Ossian

Lavendyr

I set mine up to go through today as well (from Icesave Easy Access Savings acct to Icesave Easy Access ISA) with the full £3600, just checked and it's gone through and completed absolutely fine.

molar

I have exactly the same problem. I followed their own instructions inviting me to setup a direct debit with todays date on 07/04/08 for the maximum amount £3600.

Today I have logged in to find the same error message as yourself.

ISA limit exceeded - £3000.00 available.

:mad:

Lavendyr

Molar, are you transferring from an external source or from an Icesave savings account, out of interest? My transfer was Icesave->Icesave and was fine, so could it be the external provider that's the problem perhaps?

molar

Hi Lavendyr, my transfer was scheduled to be from another bank by direct debit. Since they actively encouraged us to setup a transfer on todays date, I can't believe they have made an error of this magnitude!

ossian

molar wrote: »

Hi Lavendyr, my transfer was scheduled to be from another bank by direct debit. Since they actively encouraged us to setup a transfer on todays date, I can't believe they have made an error of this magnitude!

I'm in exactly the same situation. I had set up the transfer to happen at the start of the new FY so that I wouldn't have to make financial transactions when on holiday in the USA. Instead I end up spending my holiday emailing Icesave. Oh well lets hope they sort it out.

Thanks,
Ossian

mattcafc

I logged in today and did the transfer from a Halifax bank account. It seems to be fine so far, but doesnt complete until the 10th, so we shall see

Paul_Herring

Sounds like you tried to do it too close to the start of the tax year, and the transfer actually initiated before the start, hence the 'block' (even though the end result was dated in the new tax year.)

Simply initiate another transfer for the remaining £600. If they block that one, then start emailing them.

molar

The first £3000 didn't go through either. I have gone to Alliance and Leicester instead now who offer 6.25%. :j