Transfering Santander flexible ISA advice

chopperward

My flexible ISA (Issue 2) is due to mature on the 6th April and just want some advice.

I want to transfer it over as the interest rates will go down to .50%

What I want to know is are there any penalties on the interest if I send the form from Nationwide now?

There is an option on the Nationwide 'request to transfer cash ISA...' that says 'serve the full notice period before the transaction can be processed.'

Would you tick this box or leave it blank with a chance of getting penalised?

StevieJ

I am in a similar position (although mine has dropped to 2.5%, over 8k approx), as far as I am aware it is flexible so can be transferred at any time.

bermary

Sent mine off today to be transfered,

rb10

There is no penalty for transferring out, so get the transfer form to Nationwide asap.

bermary

I have recieved a summary of a isa account i opened with santander,I paid £5100 into this account on 21 May 2010 and the summary is up to the 5th March 2011 the interest rate is 3.2% and in this time it as made £125.19 in interest anyone tell me if this is correct,seems a bit low to me.

Stompa

bermary wrote: »

I have recieved a summary of a isa account i opened with santander,I paid £5100 into this account on 21 May 2010 and the summary is up to the 5th March 2011 the interest rate is 3.2% and in this time it as made £125.19 in interest anyone tell me if this is correct,seems a bit low to me.

Seems a bit low to me too. A full year would be £163.20. You've had it in there 319 days, so might expect around £163.20 x (319/365) = £142.63.

£125.19 would only equate to 280 days worth of interest.

bermary

That is what I thought stompa.I just worked it out same as you at £163.20 for the twelve months and the figure they are quoting does appear low

the_seer

@bermary
I think the interest on that account was paid on 1st March (I have the same account myself).
By my calculations, you have been credited with 280 days interest (125.19/163.20*365)
21st May 2010 - 1st March 2011 is 285 days inclusive, so the missing five days may be down to a delay in paying interest due to allow time for cheque clearance or something similar (21st May was a Friday, so that would include the weekend as well).
Yeah, interest rates are rubbish these days

Siobhan789

bermary wrote: »

I have recieved a summary of a isa account i opened with santander,I paid £5100 into this account on 21 May 2010 and the summary is up to the 5th March 2011 the interest rate is 3.2% and in this time it as made £125.19 in interest anyone tell me if this is correct,seems a bit low to me.

hi there

well it all depends how u put the money in to the account but lets go with it being cleared funds on the 21st of may.
10days between 21 -31st may ( u dont get interest on day of the funds being deposited)
june sep n nov 30 each
july aug oct dec n jan 31 each and feb 28 so total 284 days
so times 5100 by 3.2% then divide 365 and times 284 that equals £126.53

but if u take away 3 days then you get the figure you got which would make sense if you did bacs transfer or cheque in to the account.

hope that helps and in case you wonder about the not getting interest the day you deposit in to the account that is because you get it on the day you take it out of the account. oh and the reason you i never added in the 1st is cos the interest is calcualted on the 1st march so that is y its not included that will be on you next interest payment

Siobhanx

ulysses76

I was in my local branch & queried the interest received on my Flexible Isa & was told they calculated it up till 5th March & that I would still get interest paid up till when my Isa matures (19th April)
When I asked about whether I could transfer last year's Flexible Isa to another Santander Isa, I was told I could transfer to their 2year Fixed rate Isa (3.7%) but not this next year's Flexible Isa
They also had a hand written sign on the door stating that their new Flexible Isa is now 3.7% for account holders.

Siobhan789

ulysses76 wrote: »

I was in my local branch & queried the interest received on my Flexible Isa & was told they calculated it up till 5th March & that I would still get interest paid up till when my Isa matures (19th April)
When I asked about whether I could transfer last year's Flexible Isa to another Santander Isa, I was told I could transfer to their 2year Fixed rate Isa (3.7%) but not this next year's Flexible Isa
They also had a hand written sign on the door stating that their new Flexible Isa is now 3.7% for account holders.

That's strange cos I work for Santander and I sell saving account on the phone and we have not been told that's as far as we know it's 3.5