Santander 3.3%/3.5% Flexible ISA i3

rb10

joyceyjo wrote: »

If she opened flex isa today 23/3/11 £5100, then the rate would run out in 1 year. If she deposited £5340 6/4/11 into the same flex isa then again she would only get the 3.3% on the £5340 from 6/4/11- 23/3/12- not a full year.

But she'd still earn interest on the £5340 from 23/3/12 to 6/4/12 - she'd just have transferred it elsewhere, so it wouldn't be Santander paying the interest, it would be someone else.

bruirn

As mentioned elsewhere I had a A&L (Santander) last year that I have just transferred to a Halifax ISA. After April 6 I was going to put my full 2011/12 cash allowance into the Halifax ISA. Could I instead set up a new Santander 3.3 Flexible ISA and put the money in there after April 6? Hope this makes sense.

Sammiec0108

Bruirn, this is the exact same thing as me, my rate for 2010/11 Santander ISA has dropped and I am looking to transfer to Halifax at 3%. However as Santander is offering 3.3 in their flexible it makes sense to put my 2011/12 allowance in there.

When transferring my 'old' 2010/11 allowance into the Halifax ISA it says i need to deposit at least £1 (does this mean 'new' money or is the transfer enough), do I need to be careful about this, if i deposit this would it mean I wouldnt be able to open another Santander ISA?

Im looking to get this out the way asap if I open Santander I wouldnt deposit anything until April 6th i.e.: 2011/12 allowance, it seems this is OK?

donquine

Quick question.

OH had a fixed rate ISA with Santander which has now matured. The loyalty flexible ISA says it doesn't accept transfers in - I assumed that meant from other banks. Can he change his ISA to this type, or is the best ISA at Santander he can access really just the Direct ISA paying a piddly 0.5%?:eek:

bruirn

Sammiec0108 wrote: »

Bruirn, this is the exact same thing as me, my rate for 2010/11 Santander ISA has dropped and I am looking to transfer to Halifax at 3%. However as Santander is offering 3.3 in their flexible it makes sense to put my 2011/12 allowance in there.

When transferring my 'old' 2010/11 allowance into the Halifax ISA it says i need to deposit at least £1 (does this mean 'new' money or is the transfer enough), do I need to be careful about this, if i deposit this would it mean I wouldnt be able to open another Santander ISA?

Im looking to get this out the way asap if I open Santander I wouldnt deposit anything until April 6th i.e.: 2011/12 allowance, it seems this is OK?

I'm pretty sure the transfer of the money from my A&L ISA has been taken by Halifax as the £1+ deposit as it is all set up now and is showing as an account online.

Hopefully someone will be come to our aid soon to just clarify!

adonis10

Is it likely that the rate will remain the same for the 2011/12 isa? Have already paid my full allowance into mine this year so unable to open it yet.

dip86

Thank you very much rb10 for confirming how it all works. I feel much more confident with isa's now. Tbh i've should've done this last year as i've had a bit of money festering in a low interest nationwide account..oh well-don't think i've missed out on tons of interest over the past year with the way interest rates have been. I predict the bank of england rate will rise soon, so this santander isa sounds ideal! Thanks again

rb10

bruirn wrote: »

As mentioned elsewhere I had a A&L (Santander) last year that I have just transferred to a Halifax ISA. After April 6 I was going to put my full 2011/12 cash allowance into the Halifax ISA. Could I instead set up a new Santander 3.3 Flexible ISA and put the money in there after April 6? Hope this makes sense.

Yes, you can put your 2011/12 allowance (up to £5340) into either the existing Halifax ISA, or into a new Santander ISA.

Sammiec0108 wrote: »

When transferring my 'old' 2010/11 allowance into the Halifax ISA it says i need to deposit at least £1 (does this mean 'new' money or is the transfer enough), do I need to be careful about this, if i deposit this would it mean I wouldnt be able to open another Santander ISA?

The transfer will count as the opening balance; you don't need to put £1 in initially.

Sammiec0108 wrote: »

Im looking to get this out the way asap if I open Santander I wouldnt deposit anything until April 6th i.e.: 2011/12 allowance, it seems this is OK?

Yep, certainly does seem ok.

donquine wrote: »

Quick question.

OH had a fixed rate ISA with Santander which has now matured. The loyalty flexible ISA says it doesn't accept transfers in - I assumed that meant from other banks. Can he change his ISA to this type, or is the best ISA at Santander he can access really just the Direct ISA paying a piddly 0.5%?:eek:

The 0.5% rate is the best available for existing ISAs at Santander, unless you have £14K(?) or more.

He'll need to transfer it to another bank. Find the best ISA that accepts transfers in, open it, and ask the new bank for an ISA transfer form. They'll then sort out the transfer.

adonis10 wrote: »

Is it likely that the rate will remain the same for the 2011/12 isa? Have already paid my full allowance into mine this year so unable to open it yet.

Who knows ... Santander reduced their rate last year.

If your 2010/11 allowance was with Santander, then you can fill out a paper application form in a branch. This will guarantee you the higher rate, and they'll open the account on 6th April.

If your 2010/11 allowance wasn't with Santander, you can open one now. You get the rate guaranteed as long as the account is funded within 30 days of the date you open it.

mr_jrt

rb10 wrote: »

If your 2010/11 allowance was with Santander, then you can fill out a paper application form in a branch. This will guarantee you the higher rate, and they'll open the account on 6th April.

If your 2010/11 allowance wasn't with Santander, you can open one now. You get the rate guaranteed as long as the account is funded within 30 days of the date you open it.

FYI, I put my 2010/2011 money into the Santander ISA, and I opened up one online last week for 2011/2012, to be funded in April.

rb10

mr_jrt wrote: »

FYI, I put my 2010/2011 money into the Santander ISA, and I opened up one online last week for 2011/2012, to be funded in April.

Ok ... that proves me wrong then!

I was just going under what I was told in a Santander branch.