Can I open my 2011/2012 ISA now?

foreversummer

Hi

Am I the only person to find the ISA rules so complicated? Maybe I am a dimwit! lol

I have been paying into an ISA this year 2010/2011. I now want to open one for 2011/2012 and I like the rates on the Santander Flexible ISA.

Can I open it now or do I have to wait until 6th April?

Many thanks
Foreversummer

birkee

You have to wait.

SecLender

birkee wrote: »

You have to wait.

Pretty sure you don't have to wait. You can open the account now as long as you don't fund it.

Some ISA providers ask you to fund it with minimum amount when you open it. If Santander wants you to do that then you have to wait.

p00hsticks

SecLender wrote: »

Pretty sure you don't have to wait. You can open the account now as long as you don't fund it.

Some ISA providers ask you to fund it with minimum amount when you open it. If Santander wants you to do that then you have to wait.

Another sticking point is that most ISA applications will ask you to confirm that you have not already contributed to an cash ISA in this tax year - and this poster isn't going to be able to do that with honesty.

foreversummer

OK. Thank you for the replies. Looks like I should just wait until 6th April.

Ta
Foreversummer

mr_jrt

Bear in mind though that they cut the rate around the 6th last year. If you can, open now.

cing0

You can apply to Santander online now. You get the option of how you want to fund it without making any payment. Just make your deposit next month.

Santander pulled new applications for there highest interest rate ISA product soon after the tax year started and added all sort of hoops to jump (such has current account with 2 direct debits) to get one after.

sscott5581

i opended a santander loyalty isa today in branch for next tax year. apparently a lot of customers are doing this to ensure the 3.50% rate.

Nine_Lives

mr_jrt wrote: »

Bear in mind though that they cut the rate around the 6th last year. If you can, open now.

So what good is it opening now then if they cut the rate anyway? Or do they only cut it for new customers (i.e. if you open now at 4% (random figure) then you'll get your 4% beyond 6th April, whereas someone opening on 6th April will only get the reduced rate of 3%)?

Nine_Lives

K_P83 wrote: »

So what good is it opening now then if they cut the rate anyway? Or do they only cut it for new customers (i.e. if you open now at 4% (random figure) then you'll get your 4% beyond 6th April, whereas someone opening on 6th April will only get the reduced rate of 3%)?

Anyone have a response to the above?

I can't see the benefit of opening early. If they cut the rate, then they cut the rate, whether you open on the 4th or 6th, surely?

I suspect i'm wrong, but i don't know.

ses6jwg

K_P83 wrote: »

Anyone have a response to the above?

I can't see the benefit of opening early. If they cut the rate, then they cut the rate, whether you open on the 4th or 6th, surely?

I suspect i'm wrong, but i don't know.

It depends whether they just cut the rate or release a new Issue.

Last year the Flexible ISA Issue 1 paid 3.5%. This was withdrawn on April 6th and replaced with the Issue 2 paying 3.2%.

It's likely they will release a new issue rather than cut the rate.