Santander flexible e-isa for next tax year

jjlothin

I was under the impression from what I'd read somewhere in the forum that I could open a Santander Flexible E-ISA now - while the rate's still 3.30% - but not pay into it till next tax year.

I went into my local branch on Saturday and asked to do that but was told I couldn't and that I'd been 'misinformed'.

Can anyone advise differently? Or corroborate the branch clerk's assertion?

Thank you!

MrsMillar

Not very helpful, I guess, but I was told the exact same thing on the telephone, as the advisor said that the rate was likely to drop before the next tax year, so opening now was her recommendation. Haven't actually tried to open, so can't add anything further.

psychic_teabag

I don't know for sure, but I have just gone through the online application process.

It starts off with "I apply to subscribe for this tax year and all following years" but it clarifies that you are not committed to funding any any specific year - I was okay with that, since I don't plan to fund it this year but in a subsequent year.

One of the questions asked is "how to you intend funding it this tax year" with options including "cheque", "transfer from existing account", "I don't intend funding it this year". This may have been a trick question, such that saying you don't plan to fund it means you don't get the account. You could also say to do it by cheque but then not quite get round to sending the cheque until after April 5th. In another thread, someone said you have 60 days to pay the minimum opening deposit of £1.

At the start of the application, it says you can only apply if you don't already have a cash ISA this year, but if you ignore that and complete the form, the declaration at the end doesn't actually require you to confirm that - only that you won't subscribe to this ISA in the same year as another ISA (which is fine, since I don't plan to subscribe in this year).

In short, I got to the end of the application and I don't think I've lied at any stage.

margheritaboh

Just to let folks know that on the phone the customer advisor at Santander said I could upgrade last year's isa issue 2 to an issue 3 and get the new rate of 3.3. Went to the branch, as he told me to - with all the paper and clear black on white instructions. They did not take the paper, said they would upgrade me then sent a letter saying I was upgraded to an issue 7 - with no other info,. I checked online and it's a 0.5%.
I have filed a complaint as they have deliberately misled me into upgrading - by lying through their teeth.
I have asked that they find the conversation where the guy advised me I could definitely get that rate if I went to the branch.
Meanwhile I've requested a transfer to Halifax.
Next year I'm not going to even ask Halifax if I can get a decent rate, I'll just move it elsewhere.
I recall a similar thing happening a few years ago where my own bank of ten years told me if I topped up my isa I would get a bonus of 1% - and as soon as I did they then denied it and said that was for topping up the following year. It seems they are trained in conning people and I'm pretty disgusted.

the_seer

Thanks "psychic teabag". I'm going to try the same thing before the online deadline of 31st March. It's definitely not breaking any ISA rules as long as I don't fund it before 6th April. The worst that can happen is they'll refuse to open my account, in which case I'll just go elsewhere.
I'm pretty sure that they droppped their rate on 6th April last year.

goRt

psychic_teabag wrote: »

I don't know for sure, but I have just gone through the online application process.

It starts off with "I apply to subscribe for this tax year and all following years" but it clarifies that you are not committed to funding any any specific year - I was okay with that, since I don't plan to fund it this year but in a subsequent year.

One of the questions asked is "how to you intend funding it this tax year" with options including "cheque", "transfer from existing account", "I don't intend funding it this year". This may have been a trick question, such that saying you don't plan to fund it means you don't get the account. You could also say to do it by cheque but then not quite get round to sending the cheque until after April 5th. In another thread, someone said you have 60 days to pay the minimum opening deposit of £1.

At the start of the application, it says you can only apply if you don't already have a cash ISA this year, but if you ignore that and complete the form, the declaration at the end doesn't actually require you to confirm that - only that you won't subscribe to this ISA in the same year as another ISA (which is fine, since I don't plan to subscribe in this year).

In short, I got to the end of the application and I don't think I've lied at any stage.

I did this 2 weeks ago and have still not had any paperwork, confirmation emails or anything.
But then again that's the form for Santander

jjlothin

Thanks for all the very helpful replies - I know this isn't the MoneySavingExpert spirit exactly, but I am soooooooo off Santander that I think I'll just transfer my current ISA to Nationwide and go with their 3.1% rate (which I'm hoping they'll let me do, given that I do still have a FlexAccount from before I transferred to First Direct - even if there is virtually nothing in it!)

junglejim2

I did this 2 weeks ago and have still not had any paperwork, confirmation emails or anything.
But then again that's the form for Santander

Me too, don't bother with Santander they do not deserve the business.

Sammiec0108

Seems like this is a common occurance. I had my 2010/11 cash isa with A&L (now santander), the rate has dropped so i ditched it and have applied to transfer it to Halifax at 3%. I now wanted to open a new Santander ISA to fund my 2011/12 allowance, however I completed the online application (i was honest and ticked i dont intend to fund it this year and also that i have a previous santander ISA) and have heard nothing (granted its only been 5 days).

I havent used the whole of my 2010/11 allowance, but am aware that you cant pay into more than on ISA each year. As i have been paying into my old A&L ISA does this mean i cant pay anymore into the 'new Santander one' even if I would be under the allowance limit?

If i could pay into the new one i could fund it with say £5 this year, would that increase the chances of being able to open the new ISA with Santander as i have a feeling i have been rejected due to the lack of reply. Would it hurt to re-apply online and see if they get back to me this time?

cing0

goRt wrote: »

I did this 2 weeks ago and have still not had any paperwork, confirmation emails or anything.
But then again that's the form for Santander

I applied online for a Satnader flexible ISA (Issue 3) Saturday and mine is open an available online right now. No email confirmation of opening though! Already a Santander customer so that may explain things.

psychic_teabag

Oh - I never thought to look. Yes, my ISA has also already appeared in my online banking :-) I applied on Sunday. No email, though I suppose there could be something on its way through the post.