MSE News: Santander kicks off Isa rate war

ses6jwg

emeraldbugle wrote: »

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.

Account opening.

fatbob10

Think I'll b giving it a miss after a poor experience with this lot a few months ago - I'll need to hear lots of positive santander feedback before they get their hands on any more of my dosh. Once bitten .....

planemad

I have just transferred out of Santander due to their poor customer service and the dreaded foreign call centres that I had to endure on many occasions.
I have nothing against them and they do seem to be extremity polite but I prefer to talk about my banking matter with someone who can understand what I say without repeating myself over and over again only to feel that I'm being spoken to from a script.

I would not move back to this rubbish establishment what ever they offer.

poppy10_2

Wouldn't go with Santander even if they were paying 6%. Truly awful customer service.

LilithsBrother

So much for loyalty...i have been banking with Santander for the past ten years and i have had an ISA with them for the past eight years....they then troop out a loyalty ISA that i can't transfer in to....goodbye Santander.

shuze

Can anyone confirm if the 3.15% also applies if you opened the same type of ISA recently? I asked at my local branch today and was told that it doesn't, and I cannot do an internal transfer, but MSE's news page says otherwise:

"If you took out this account since Oct 2010), you'll get the rate increase from 24 February, until your 12 month anniversary"

ETA: I always wondered if people were being a bit over the top when they slated Santander's service but it really is as poor as they warned me...

Svenena

I just found out that I can get the Loyalty ISA through my employer, without having to hold any other products with them (although I have to make an appointment with the manager to get one, so no doubt they'll try to flog me loads of other products). At 3.3%, and tied to the base rate, it seems too good to miss, even with the terrible customer service. I don't intend to stick with them for longer than a year though...

Spivved1987

I am going to transfer my 09-10 cash ISA from Santander elsewhere to avoid having money stolen by the joke rates after the first year. What I am wondering is whether I have to leave the money with them for a whole calendar year (I made the deposit 15 April 2010) to get the rate quoted ie is their product structured so that the 'bonus' element is an annual bonus received only if the product is held for a whole year? Or has the ISA been accruing the full rate of interest and even if transfer happens a few days before the calendar year is up, I will still have accrued the full rate of interest?

I wouldn't trust Santander not to have structured their product so that it resembles the 'terminal bonus' on an endowment policy.......

Consumerist

Spivved1987 wrote: »

. . . What I am wondering is whether I have to leave the money with them for a whole calendar year . . .

You don't have to leave the money with them for a whole calendar year to get the bonus rate. Given their latest Flexible ISA rate, however, you might want to consider an internal ISA transfer.

From the Santander website :-

Transferring an existing Santander Cash ISA to another Santander cash ISA
If you wish to transfer an existing Santander Cash ISA to another Santander Cash ISA this can be done simply by going into any Santander branch or by calling 0845 600 0181. You will not need to complete a new online application form.
As an existing Santander Cash ISA customer you will continue to be able to use all other details of your account including your existing card, PIN and any telephone and on line banking etc., as normal.

I get the impression that not too many Santander ISA holders are aware of this option.

bubblesbonbon

Consumerist wrote: »

You don't have to leave the money with them for a whole calendar year to get the bonus rate. Given their latest Flexible ISA rate, however, you might want to consider an internal ISA transfer.

From the Santander website :-
I get the impression that not too many Santander ISA holders are aware of this option.

Also according to their web site, the Flexible ISA does not accept transfers in so this option is not available.
Quote

"Flexible ISA (Issue 3)

Never earn less than 3.15% AER tax free (variable) for a year. For 12 months the rate will remain 2.65% above Bank of England base rate and guaranteed never to drop below 3.15% AER tax free (variable). This limited offer Flexible ISA (Issue 3) does not accept transfers from any existing cash ISAs"