Icesave ISA

In message of Fri, 21 Nov 2008, judith writes

Yes. It's been talked about in this group.

Don't understand the question.

If you transfer the isa funds you should not loos the tax status. Move it as a 'cash' sum and you do.

Careful though!! You must wait for the letter from the FSCS, verifying, to the receiving bank, that it is bona-fide ISA money. I haven't received that letter yet.

GPG

I will try again.

Has anyone received money from an Icesave ISA yet - I have not seen anyone who has said they have.

Has anyone successfully transferred this money in to another bank's ISA account yet?

How did you do this?

According to:

1. Will I lose the tax status on my ISA? The money you held in your ISA will not lose its tax-free status if you follow this process. An ISA certificate will follow by post to allow you to reinvest that sum in an ISA with another provider by 5 April 2009. [/quote]

The way I read it was that you take the ISA cash and put it in your nominated bank account. They send you a certificate of the tax free status. You apply for a transfer to another provider and then send the new provider the cash (cheque or whatever) and the certificate, but that must be done before 05 April 09.

Yes, like the TESSA maturity certificate in the past. Sometimes I wish there were a similar procedure for ISA transfers in general, as some providers take ages to make the transfer while they are quite capable to send the money to your account in 3 days if you close your ISA.

In message of Sat, 22 Nov 2008, Gio writes

Sorry! - missed reading the 'Subject line'

Has anyone found any bank or BS that have a published procedure on how they will handle it.

I have tried Abbey and NatWest and got unconvincing answers.

I agree - I am surprised that there are not any adverts : "Move you ex-Icesave ISA to us using our simple process and get a whacking 6% (or whatever) interest"

There must be loads of people out there who would go for it.

Why should they want to attract obvious rate tarts?

Why should someone who has an amount of money to be invested in an ISA be described as a rate tart?

(Clue - they are not switching just to get a better rate)

Because all Icesave savers were previously chasing every little percentage point on their savings, regardless of risk, even if it meant pouring their money into tiny little overseas countries with nothing behind them except cod.

And the difference between Northern Rock and its collapse was ?

Behind Northern Rock were 60 million people who could afford to buy it up.

Yeh! Taxpayers put up every penny.

Did anyone yet say that they had received the certificate of conformance (or whatever) from the FSCS? I certainly haven't.

GPG

Paying 6% to rate tarts may be preferible to paying 12% to Gordon Brown.