Transferring Providers

Question:

Dear Steve

I had a cash Isa with Icesave. I now have the money in my savings account and a reinstatement certificate.

How can I reinvest this as all the Isas I have looked at require a minimum of £1 investment? I have already put in this years allowance and the funds have to be reinstated by 5th Aptil 2009.

I would appreciate your advice.

Many thanks

Jan

Answer

Hi, I assume the IceSave ISA was from a previous tax year and therefore would not have any impact on this years ISA allowance as this would technically be an ISA transfer, I think this is why they have given you a reinstatement certificate so you don’t lose the ISA status. All ISA providers should accept this but just be aware the people in the bank may not be aware of this. I personally did an ISA transfer and my own bank (HSBC) told me initially I couldn’t do it, I was very firm with them, said I’m a financial adviser and I know you definitely can do this and the person came back rather sheepishly about 5 minutes later and admitted I was right and they were wrong. If you could send me a copy of the reinstatement certificate I can check exactly what you have.

If the Icesave ISA was from this tax year and you have already used up your ISA allowance with another provider you may have to wait until next tax year. Please find enclosed my contact details if you wish to discuss this or anything else in the future, or if you’re based outside of London I can put you in contact with a local adviser if you so wish, thanks, Steve


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