Are any better rates likely to be offered after the 5th?

Noktok

My current cash ISA is with Santander which dropped to 2.5% as of 1st April. I hear that I can get 3% with Halifax. Should I transfer now or is there a chance that better rates might be offered when the new tax year starts?

opinions4u

Personal view is that rates won't show any significant improvement in the short term. Last year the market fell a little after 6th April. There's possibly a little bit of space for upward movement of fixed term ISAs.

If rates turn against you, just transfer out of Halifax Reward - it's an easy access ISA.

Nadia

According to Santander's web site you can transfer your current ISA with them to the new flexible ISA which has a rate of 3.3%. This is better than Halifax's ISA rate.

"Transferring an existing Santander cash ISA to another Santander cash ISA

If you wish to transfer an existing Santander cash ISA to another Santander cash ISA this can be done simply by going into any Santander branch or by calling 0845 600 0181. You will not need to complete a new online application form.

As an existing Santander cash ISA customer you will continue to be able to use all other details of your account including your existing card, PIN and any telephone and on line banking etc., as normal."

I transfered my ISA from Santander to Halifax last week not knowing I could transfer to the new higher rate so lost 0.3% interest . That would teach me to research all the options and not make assumptions.

Nadia

Lokolo

nadia wrote: »

according to santander's web site you can transfer your current isa with them to the new flexible isa which has a rate of 3.3%. This is better than halifax's isa rate.

....

Santander_Website wrote:

the flexible isa does not allow cash isa transfers in

fyi

Nadia

Lokolo wrote: »

Originally Posted by Santander Website
the flexible isa does not allow cash isa transfers in


fyi

From their website I believe this applies to transfer in from other banks/building societies but not from another Santander ISA. Either way I think it is worth contacting the bank to confirm this.

Nadia

Lokolo

Nadia wrote: »

From their website I believe this applies to transfer in from other banks/building societies but not from another Santander ISA. Either way I think it is worth contacting the bank to confirm this.

Nadia

No it won't mean this.

ISA accounts can either be for new money only or allow existing ISAs to be transferred into it.

If someone has already used their allowance for this year they will unable to use the Santander ISA until next day year, even if their existing ISA is with Santander.

blueberrypie

Nadia wrote: »

From their website I believe this applies to transfer in from other banks/building societies but not from another Santander ISA. Either way I think it is worth contacting the bank to confirm this.

No, it means that if the ISA you've chosen allows transfers in, you can make the transfer by calling them or going into a branch. It doesn't mean the terms and conditions of the ISA are changed. If the ISA doesn't allow transfers in, it doesn't allow transfers in.