Icesave Isa?

Bisoy

Hi guys,

I am not going to be put off by all the bad publicity ICESAVE received in the press this past few weeks and I am considering opening an E-ISA with them. As I hold already a savings account with them so hopefully it will be just straight forward.

My question is that will it be worth transfering my previous year's ISA (which is languishing with YBS 5.55% eISA)? And if it's worth doing it, just want to know experiences from those who have YBS eISA who transferred to ICESAVE? How long before the transfer being completed?

cheers

debbie42

I haven't done it myself but there was a thread on it here.

oldagetraveller

Don't let the "expert" scaremongering put you off. I transferred my NS&I isa to Icesave in February to beat the rush and just topped it up with this years maximum. The transfer was fast, 7 days, with no hassle whatsoever.
I've also recently opened one of their fixed rate products on top of original Icesave savings.
Every confidence.

Bisoy

It looks like reading on their FAQ that they will pay interest the day they receive the funds from previous ISA providers. If it's 30 or 40 days before the funds will be appear in my ICESAVE account then it will be huge loss in interest considering my YBS eISA holding is around £13,000.

Anyway I've opened one for this year 2008-2009 and have not decided if I'll tranfer my previous ISA. Hopefully no problems as it says that I can view my new ISA account within 2 business days.

My other question is that my wife and I hold a joint savings account with them, Am I right in saying that she can also open a separate eISA this year? sorry if it's a stupid question.

cheers

debbie42

Bisoy wrote: »

My other question is that my wife and I hold a joint savings account with them, Am I right in saying that she can also open a separate eISA this year?

Yes, the ISAs are individual accounts.

AntiLochus

Bisoy wrote: »

It looks like reading on their FAQ that they will pay interest the day they receive the funds from previous ISA providers. If it's 30 or 40 days before the funds will be appear in my ICESAVE account then it will be huge loss in interest considering my YBS eISA holding is around £13,000.

Anyway I've opened one for this year 2008-2009 and have not decided if I'll tranfer my previous ISA. Hopefully no problems as it says that I can view my new ISA account within 2 business days.

My other question is that my wife and I hold a joint savings account with them, Am I right in saying that she can also open a separate eISA this year? sorry if it's a stupid question.

cheers

I transferred my £13k ISA from YBS last month no problems - YBS closed my account, sent the cheque to Icesave and they opened my new ISA with no trouble. Interest was back-dated to the day Icesave received the cheque from YBS. Have just topped up with another £3.6k and I am not going to think about it for another year (unless the interest rate changes dramatically - which I don't think will happen).

Lavendyr

I have opened an ISA with them having previously opened an Easy Access Saver, it was absolutely straightforward, and my transfer of 07/08 allowance from NS&I was really easy too, around 16-17 days total. There are a lot of reports of slower transfers than that currently though. it might be worth opening the ISA now for your 08/09 allowance, but waiting a month or so for them to calm down until you transfer your other ISA.

Bisoy

I have checked my ICESAVE account today and has now shown my easy access ISA account and also wife has opened one. We just need it to cool down and would request to move our previous ISA's.

We would also be interested what the BOE will do this Thursday but my guess is that they will keep the rate this month and cut it by 0.25% or maybe 0.5% next month.

Jeannine

Why move to Icesave (although nothing wrong with them - I have savings withthem) when it might be more straightforward staying with Yorkshire and transferring to their fixed rate anniversary ISA at 6%. I've just done that...:j