MSE News: Santander Cash ISA now closed to ALL customers

Former_MSE_Dan

This is the discussion thread for the following MSE News Story:

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Santander Cash ISA now closed to ALL customers

lolarentt

I managed to open one online with Santander and the paperwork has come through and I have transferred the money into it (quick transfer system from another bank).

My partner, who applied in the same way a few days later (in fact on the 16 March) had acceptance online with temporary reference number but has had nothing through since, and so at the moment has no sort code or account number into which to transfer her funds - if these don't arrive by Thursday then we miss the deadlines - she tried phoning Santander to chase up but they refused to talk about it as it was an online application, and told her she'd have to query online! SO the dilemma - wait the last 2 days or go ahead with an alternative quickly so she doesn't miss the deadline for this year?

emphatiC_hanK

I opened the 3.5% Flexible ISA account over the phone last week, and was accepted and have received all the paperwork and have also set up online access successfully.

When I applied, I was upfront, and said that I had already invested my 2009/10 allowance elsewhere, and was opening the account in readiness to fund it for the next financial year.

I was assured during the application process that this was OK.

However, I am starting to wonder now if they have made a mistake and won't allow me to fund this account next Tuesday with my 2010/11 allowance?

Mickygg

emphatiC_hanK wrote: »

I opened the 3.5% Flexible ISA account over the phone last week, and was accepted and have received all the paperwork and have also set up online access successfully.

When I applied, I was upfront, and said that I had already invested my 2009/10 allowance elsewhere, and was opening the account in readiness to fund it for the next financial year.

I was assured during the application process that this was OK.

However, I am starting to wonder now if they have made a mistake and won't allow me to fund this account next Tuesday with my 2010/11 allowance?

I went into branch on saturday to do this - and I had confirmed it was possible to open now and pay in for the next tax year. Unfortunately they were fully booked up and I missed the boat

user200

I opened an account today having made an appointment when the 3.5% rate was still on offer. The manager outright refused to honour the rate claiming that A&L had reserved the right to withdraw it.

I proceeded to open the account anyway due to the hassle that getting to that point had involved.

Can anyone point me towards a public statement confirming the intention to honour the advertised rate? This might be helpful. I will give A&L one chance to amend the rate. Failing that I'll be going straight to the FSA.

jazzconfused

i managed to put money in my ISA today and they told me i can just continue it for the next financial year. does it mean i managed to get that 3.5% interest for 2010-2011?

blueberrypie

jazzconfused wrote: »

i managed to put money in my ISA today and they told me i can just continue it for the next financial year. does it mean i managed to get that 3.5% interest for 2010-2011?

Possibly - the 3.5% is on balances up to £5,100. I haven't looked to see what will happen to balances over that amount.

Tatterdemalion

I would also like to know what interest rate would be applied to funds added to this account now that we have entered a new tax year.

Is it really the case that you can't contact the Alliance & Leicester/Santander via their website or e.mail to ask this (or any) question ?

blueberrypie

A&L interest rate webpage has been updated and now says the rate is 3.5% on balances up to £10,200 - so you'll get 3.5% on this year's as well as last year's funds.

intalex

blueberrypie wrote: »

A&L interest rate webpage has been updated and now says the rate is 3.5% on balances up to £10,200 - so you'll get 3.5% on this year's as well as last year's funds.

So if I opened one in the last year with £3,600, can I simply add this year's entitlement (£5,100) to it in the next couple of days, and expect to receive 3.5% on the whole lot (£8,700)?

Tatterdemalion

Quoting from the "Closed Accounts" section of the Alliance & Leicester site :

"Tax Efficient Accounts

Flexible ISA (accounts beginning with 897, 898)

Annual Gross Gross p.a./AER tax free £1 - £10,200 3.50% 3.50%
Rates effective from 22 February 2010. For 12 months the rate will be 3.00% above the Bank of England base rate, but is guaranteed not to drop below 3.50% for 12 months. From 6 April 2010 the annual Cash ISA limit is £5,100."

I would also like to know if this definitely means that TWO YEARS' worth of Cash ISA allowance can be placed in this account with the ENTIRE SUM benefitting from at least 3.5% for a full year from the date of the account being opened.