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MSE News: Santander kicks off Isa rate war

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MSE News: Santander kicks off Isa rate war

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
30 replies 4.8K views
MSE_GuyMSE_Guy MSE Staff
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I've been Money Tipped! Newshound! Chutzpah Haggler
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
This is the discussion thread for the following MSE News Story:

"The Spanish giant is offering at least 3.15% interest on its Flexible Isa for a year, that comes with easy access ..."
Read the full story:
Santander kicks off Isa rate war


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Replies

  • LokoloLokolo Forumite
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    No transfers in! How disappointing.
  • NiksanNiksan Forumite
    309 posts
    Santander! How dissapointing.

    But if this results in others hiking then it's no bad thing.
  • emeraldbugleemeraldbugle Forumite
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    Is there a reason why I can't open the 'Loyalty' one online?

    Can I open it now, but not fund it till next tax year 11/12?
  • I think you missed a bit off the end of that sentence:The Spanish giant is offering at least 3.15% interest on its Flexible Isa for a year, that comes with easy access ... and abysmal customer service.
  • rb10rb10 Forumite
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    Is there a reason why I can't open the 'Loyalty' one online?

    I imagine that their system does not automatically recognise those people who are eligible for the Loyalty ISA, so their require someone to give it the all clear.
    Can I open it now, but not fund it till next tax year 11/12?
    santander wrote:
    Minimum opening deposit £1.

    It would appear that you can't do this - this quote implies that you'd have to pay £1 in at the time of opening the account.
  • I have opened this ISA by phone today as an existing customer with my "main account" with Santander. Process was smooth, took about 10 minutes - mostly filled with dull recorded messages and uplifting hold music! It showed on my online banking within minutes.
    rb10 wrote: »
    It would appear that you can't do this - this quote implies that you'd have to pay £1 in at the time of opening the account.

    Although this appears in the conditions, I was given the option of funding on the phone or online when the account appeared so now have the account open without paying in. However I did have to agree to the declaration that I hadn't funded an ISA so far this tax year (which is true for me) so don't know how this will affect those attempting to secure the rate for next year's allowance.

    I know many will be put off this ISA by Santander's bad customer service record, the fact that the rate will increase in line with any base rate increase (as is widely forecast for later in the year) swayed me.
  • mac2008mac2008 Forumite
    266 posts
    I'd rather gouge my eyes out with a rusty spoon than bank with them, but hopefully this will encourage other banks to offer something competitive.
    My PV system: South West England, 10x 250Wp Trina Solar panels, Fronius Inverter, South facing roof, 35° pitch with no shading.
  • A_Flock_Of_SheepA_Flock_Of_Sheep Forumite
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    Santander HAVE to offer something to get people to go with them.

    They peddle £100 to reel in mugs for their current account and spout 3.15% for an ISA for some more poor sodz.

    Santander Customers.... There's one born every minute.
  • millermiller Forumite
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    Niksan wrote: »
    Santander! How dissapointing.
    In the last ISA round they couldn't even post me an application form.

    I would want them to offer 10% before I'd even consider going with them.
  • emeraldbugleemeraldbugle Forumite
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    Does anyone know when the 12 months 'bonus' start from? Is it from account opening or from the day it is credited?

    I can't see anything in their terms about it.
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