Santander 3.3%/3.5% Flexible ISA i3

tallulah

does anyone know when the interest will be credited for 10/11 tax year....

i have full allowance and need to use some of it but have not been credited my interest yet..

I assume if i withdraw i will not be paid interest on the full amount....

any info would realy help

thanks

rb10

tallulah wrote: »

does anyone know when the interest will be credited for 10/11 tax year....

i have full allowance and need to use some of it but have not been credited my interest yet..

I assume if i withdraw i will not be paid interest on the full amount....

any info would realy help

thanks

Interest is calculated daily, so it makes no difference when you make the withdrawal.

FYI, interest for 2nd March 2011 to 1st March 2012 will be paid on 1st March 2012.

spikyone

davidlizard wrote: »

I opened a Flexible ISA with what was then Alliance and Leicester back in April 2010, and it currently has just over 5k in it.

I want to take advantage of their Flexible ISA again this year and put another £5k in.

However, concerning interest: Do I get the 3.3% on the full £10k this year, or will it just be on the £5k I have deposited this month, with the £5k deposited last year getting just a minimal amount of interest?

OK, since no-one else has replied...

Your Flexible ISA is about to go down to 0.5% interest, if it hasn't already. The account you have will be an Issue 2, whereas the account with the 3.3%/3.5% rate is Issue 3. So whatever you pay into your current (Issue 2) ISA will accrue interest at the lower rate, 0.5%.*

To maximise your money, you will need to transfer your existing balance to a better-paying account that accepts transfers. Halifax ISA Direct Reward is the best rate at 3.0% (3.2% for existing customers - see the discussions elsewhere). Open this and fill in their transfer form, and they'll do the rest. But don't deposit any other money into this account.

To get the best rate on your other £5k, open a Flexible ISA Issue 3 and deposit into this. This account doesn't accept transfers in, which is why you need the Halifax account.

As a general rule, make sure you know the exact name of the account(s) you have, including issue numbers - many accounts have introductory rates, and are replaced by a new issue paying decent interest at around the time the introductory rate ends. If your bank advertises a new rate for an account with a similar name, check the issue number to make sure you're getting the best rate.

*As an aside, I got a letter suggesting that if I kept something like £8.5k in the old Santander ISA, its interest would be 2.5% - but as you can see, you'll get a much better rate by splitting your money.

Wammer

I opened a Flexible ISA for both of us online on Sat, 26 March. When I hadn't heard anything after 5 days I called on Monday and tried to open one by phone. I was told that they couldn't do that, but they could get someone to call me on Friday during the day, which wasn't convenient as I would be at work.

I called yesterday to chase my application and was told the ISA had been opened on 31 March, but I had had nothing by email or post. I was told they couldn't give me the account number over the phone or by email, but would send it by post.

Today I have receive a cash card and my account number is on the letter, but no sort code. They have also given me a middle initial when I don't have a middle name. I also received the first letter with details to access the account online.

Just about to call them to see if I can get the sort code so I can get some money into it.

Wammer

Forgot to mention, Santander also do a credit search when you apply for an ISA.

MiserlyMartin

On the 30th March I opened a new ISA online (3.3%). I am not fully subscribed in the last tax year, so I filled in the bit to fund it from my Santander current account with £1. My plan was then to subscribe fully in this new tax year around the 6th April.

I've heard nothing from them since and no new ISA has appeared linked to my online banking.But yesterday I recieved new online banking details. Strange, I thought, but maybe they send a new set of details to access a new ISA? When I tried to log in the details wouldn't work. I phoned the online access people as the ISA bit is shut today. The helpful Irish guy found out on the system that they opened the ISA on the 31st, and then shut it the next day!!!!

How stupid is this? I've had many problems with Santander in the past, last year they lost my money. I think the only reason people are bothering with this dreadful bank is the top rate. I'm thinking is it really worth all the stress and hassle of dealing with them? As it turns out I could have opened an account with a decent bank by now and the money would be in there. Instead I've lost 4 days and counting. Santander grrrrrrr.

Inforapennyinforapound

Dasa wrote: »

Once you close the account you cannot then put it into a new one,if you have already used that years allowance or intend to, it has to be a transfer from one ISA to another. I have just transferred out of my ISA from an old account with Santander into one with them at 3%, and have also taken out a new one for last tax year at 3.5% with that years allowance.

I'm having trouble getting my head round this.

I have 2 isa's with santander and need to move money etc. but firstly i cant see one for 3% that accepts transfers in and secondly how do you take out a new one for LAST tax year at 3.5% AND USE last years allowance?

Perhaps i need to wake up? can someone please help explain,thanks

freddysmith

I can't explain it either, maybe Dasa can.
Ths link might help to decide
https://forums.moneysavingexpert.com/discussion/401374
if you need to transfer an ISA

zaphan58

I have a ISA with HSBC credited with a grand total of 1p at the moment that hasn't been used in about a year and a half. Since the Santander ISA says "no transfers in" does that mean I can't transfer from the HSBC account to this?

Munro_Bagger

Hi Zaphan58 - I had a similar issue. I had a Halifax ISA (2010/11) and wanted to make use of Santander's 3.3% rate. Unfortunately, no transfers means just that! You need to look for another provider, that will accept transfers. That should take care of your old 'transferred' ISA. In the meantime, look at opening a new ISA for this year (2011/12).

In the end, I took my old Halifax ISA, and transferred it to the new Halifax ISA (that accepts transfers), and opened my new ISA with Santander. Next year, I'll look to do the same!