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Santander Direct ISA: Interest rate for £8998?
harrykchris
Posts: 2 Newbie
Does anyone know if I transfer £8998 of old ISA money to Santander Direct ISA, will I be eligible for the 2.75% interest rate rather than 2% rate? (Assuming that the interest earned being calculated on a daily basis will push it over 9k mark in few days/weeks even though it will only be paid next year!) Am I making any sense?
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Wouldn't have thought so. It might be calculated daily, but it's only applied annually. A bit of a Sod's Law situation you're in :P
Have you opened a new money ISA for this year yet? You could pay some money into a new ISA, then transfer it in full to Santander to get you over the 9K threshold.
EDIT: You can pay into this ISA, right? Does the 8998 comprise of previous years + 5100 for this year?Target Cash Net Worth: £25K by January 2012
Progress May-08 19.0%; May-09 40.0%; May-10 63.0%; May-11 58.4%; Jun-11 58.5%; Jul-11 58.9%; Aug-11 58.7%; Sep-11 59.0%
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No. Its actually 8998 prev years into Direct ISA with no new money and 5100 at 3.2% in Flex ISA Santander. (Ofcourse if the interest rate goes up then Flex ISA rate will too>>Hence thought it might work better!!??)0
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sods law indeed you should have kept back just £3 from this years allowence.Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0 -
harrykchris wrote: »No. Its actually 8998 prev years into Direct ISA with no new money
When you do the transfer there will be accrued interest with it? Have you taken that into account?DarkConvict wrote:sods law indeed you should have kept back just £3 from this years allowence.
For what purpose? You can't split the allowance between separate cash ISAs ..... not even £3.If you want to test the depth of the water .........don't use both feet !0 -
When you do the transfer there will be accrued interest with it? Have you taken that into account?
If the £8998 already includes the interest to date, what about the Nationwide one at 2.75%?
http://www.nationwide.co.uk/savings/cash_isa/eisa/default.htm?source=nationwide&campaign=homepage&execution=eisa_slot1_info_190420100
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