MSE News: Santander closes best buy cash ISA early

edited 30 November -1 at 1:00AM in Savings & Investments
16 replies 2.8K views
Former_MSE_DanFormer_MSE_Dan
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edited 30 November -1 at 1:00AM in Savings & Investments
This is the discussion thread for the following MSE News Story:
MSE Web Editor, mainly responsible for looking after, and keeping up-to-date, ‘hard-core’ financial articles such as credit cards, savings and loans.

If you spot a rate change that we haven't already mentioned or added into articles or tips, Please send me a PM about it




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  • MilarkyMilarky Forumite
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    This seems a bit bizarre. In effect it was for 'new' 2009/10 money - thus ruling out the 'real' new money in April. Perhaps they are intending to relaunch but at at lower rate for the new tax year?
    .....under construction....
  • curlygirl1971curlygirl1971 Forumite
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    There are a couple of other threads floating round regarding this. Some people contacting the call centres have been told that the rate will be changing to BOE + 2.7% (down from + 3%).
  • Oh noes :(

    I must admit, I'm quite disappointed.
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  • edited 29 March 2010 at 11:39PM
    curlygirl1971curlygirl1971 Forumite
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    edited 29 March 2010 at 11:39PM
    0800 587 2764

    If you still want it then try ringing the above (the number I used yesterday). Open until 9pm. I had to queue for about 15 mins and it was quick to open - ensure you ask for Flexible ISA at 3.5% for whatever tax year you want (now or next)

    Sounds wierd but my sister did same about 2 hours after me and was told 'no'. She rang back - got through to a different call centre and was told 'yes' - so if at first you don't succeed. The 'yes' for me and my sister came from a scottish call centre
  • WobblydebWobblydeb Forumite
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    Seems sensible to me. After the debacle at Barclays for two years running (when people didn't get their accounts opened for weeks/months) it seems that Santander have taken the more sensible route and acknowledged the limits of their resources.
    I've got a plan so cunning you could put a tail on it and call it a weasel.
  • edited 29 March 2010 at 7:41PM
    elektraelektra Forumite
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    edited 29 March 2010 at 7:41PM
    Just opened one on the phone - only a few minutes to get through.

    Already a customer so no problem with security/identity checks.

    Must say it was much easier than making an appointment in branch.

    As a non taxpayer this will be the first time in recent years that an ISA is paying more than best instant access.
  • StevieJStevieJ Forumite
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    Are we saying that I will not be able to add to the one I have just opened in the new tax year?
    'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher
  • curlygirl1971curlygirl1971 Forumite
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    From the Santander website -

    "- If you use your Flexible ISA for your 2009/2010 Cash ISA allowance you can use the same account for your 2010/2011 Cash ISA allowance"
  • ArthurianArthurian Forumite
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    From the Santander website -

    "- If you use your Flexible ISA for your 2009/2010 Cash ISA allowance you can use the same account for your 2010/2011 Cash ISA allowance"

    But with a reduced rate of interest, right?
  • curlygirl1971curlygirl1971 Forumite
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    Well I can't say for certain obviously, but I would presume that if the account was opened whilst the rate offered was BOE + 3.00% then if additional funds are deposited into that same account, it would be at that rate rather than the new rate they are going to be offering on new accounts?
This discussion has been closed.
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